2 High St, Moolap, includes a house and several shops, including a popular local coffee shop, Rise & Grind.

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Income from a house and shops on a rare property in Geelong’s eastern fringe has attracted buyers to the opportunity.

But the question remains how will they unlock the true value of the property.

The 4096sq m property with a low density residential zoning holds a unique mix of a two-storey house and a commercial complex with three shopfronts (separated into two leaseholds), including a popular local coffee shop, Rise & Grind, which generate a combined $31,000 income per year.

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Gartland, Geelong agent Nathan Ashton said the $1.375m sale was a good result for the property.

“Everyone that looked at were essentially investors who were not knowing what they were going to do with it long term, wanting to take advantage of what it offered,” he said.

“It’s almost iconic for that area, those shops that are on the corner.

2 High St, Moolap, includes a house and several shops, including a popular local coffee shop, Rise & Grind.

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2 High St, Moolap, includes a house and several shops, including a popular local coffee shop, Rise & Grind.

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2 High St, Moolap, includes a house and several shops, including a popular local coffee shop, Rise & Grind.

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“The zoning for that area in current terms doesn’t allow for that, so you can’t subdivide on that size block so to have those shops as part of that property was very unique.”

Mr Ashton said the income between the shops and the house made it a fairly enticing investment for now.

“For a long-term proposition I’m sure in 10 years time they’ll be able to do something there.”

Mr Ashton said the property had remained in the same family for 50 years.

“The owner is the son of the original owners, so one family has owned it, and in 45 years (the shops) have never been vacant.

2 High St, Moolap, includes a house and several shops, including a popular local coffee shop, Rise & Grind.

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2 High St, Moolap, includes a house and several shops, including a popular local coffee shop, Rise & Grind.

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“They’re locked in which is good, the new buyer is going to be very keen to have them operating. And it should continue tocking along from there.”

The house has been leased to the same tenant for 15 years, he said.

“There is a lot you can do to improve the property – you can improve the house, you can put some shedding on it and even lease some shedding out separately and utilise that vacant land that’s in between the shop and the house a little bit better

“I’m sure it will be part of a long-term strategy.”