Geelong Cash Converters Building Hits the Market as Retailer Prepares to Relocate

Rare Ryrie Street Showroom Creates an Opportunity for Owner-Occupiers and Value-Add Investors

A prominent former car showroom occupied by Cash Converters has entered the market in central Geelong. Offering vacant-possession potential, more than 1,000 square metres of versatile accommodation and Activity Centre zoning, the property demonstrates both the opportunities and risks involved in purchasing a large commercial building without long-term rental income.

The prominent commercial building occupied by Cash Converters at 50–52 Ryrie Street, Geelong, has been listed for sale as the retailer prepares to relocate elsewhere within the Geelong CBD.

The property is being offered through an expressions-of-interest campaign handled by CBRE agents Scott Hawthorne, Nathan Mufale and Alex Brierley. Expressions of interest are scheduled to close at 2:00 p.m. on Wednesday, 29 July 2026, with reported price expectations around $2 million.

Cash Converters remains the current occupant, with the existing lease term ending in October 2026. The property is therefore being marketed with vacant possession available following the expiry of that term.

The property listing describes a 953-square-metre Activity Centre-zoned landholding, more than 20 metres of street frontage, rear access through Cuzens Place and approximately 1,026 square metres of internal accommodation.

A Showroom with Automotive History

The building was originally created as an automotive showroom and was historically occupied by the Esler & Belton car dealership, which sold Chrysler and Valiant vehicles during the twentieth century.

Its broad glass frontage and largely open internal layout were designed to display vehicles prominently along Ryrie Street. Those characteristics later suited Cash Converters and may now appeal to businesses requiring a substantial showroom, customer-facing headquarters or flexible commercial premises.

Potential future uses identified in the campaign include a flagship showroom, medical facility, hospitality venue or corporate headquarters. Any change of use, redevelopment or major building work would remain subject to planning, building and other required approvals.

Why the Zoning Matters

The property is within the Activity Centre Zone, which supports a mixture of business, shopping, employment, residential, leisure, transport and community uses.

Victorian planning guidance describes activity centres as locations intended to accommodate a diverse and relatively intensive mix of uses while maximising existing infrastructure, public transport and pedestrian access.

Flexible zoning can expand the range of potential buyers. However, it should never be interpreted as automatic permission for every proposed business or development.

Purchasers must investigate overlays, heritage considerations, parking requirements, permitted uses, servicing capacity, building compliance and whether planning permission would be required for their intended concept.

Vacant Possession: Opportunity and Risk

A vacant building gives an owner-occupier the freedom to establish its own operation without inheriting a long lease.

For a value-add investor, it creates an opportunity to reposition the property, improve the presentation, redesign the internal layout or secure a new tenant at market terms.

However, vacant possession also removes immediate rental security. An investor may face holding costs, interest expenses, insurance, land tax, maintenance, incentives and fit-out contributions before earning income.

The feasibility assessment should therefore include more than the purchase price. Buyers need realistic assumptions for refurbishment costs, the leasing period, expected rent, incentives, operating expenses and the capital required to complete the strategy.

A Changing Geelong CBD Precinct

The building adjoins the Geelong Quarter development, which includes the 180-room Holiday Inn & Suites Geelong and a 114-apartment residential tower.

The wider precinct also contains major organisations and institutions including WorkSafe, the Transport Accident Commission, the National Disability Insurance Agency, GMHBA and Deakin University.

Reported leasing evidence cited during the campaign included ground-floor retail rates between approximately $515 and $677 per square metre in the neighbouring development, while a nearby dental clinic reportedly achieved rent above $600 per square metre.

Those examples may demonstrate demand for quality premises, but they should not be applied directly without considering the subject property’s size, condition, permitted use, fit-out, lease terms and tenant requirements.

Comparing Vacant and Leased Investments

A nearby ground-floor asset at 46 Ryrie Street reportedly sold for $2.78 million with a ten-year lease to a health-and-wellness operator.

That transaction offers an important contrast. The neighbouring purchaser acquired established income and lease security, while the buyer of 50–52 Ryrie Street would be acquiring greater operational flexibility but also accepting leasing and repositioning risk.

Neither model is automatically better. The correct choice depends on the purchaser’s capital, experience, financing, risk tolerance and intended holding period.