Edgewater ‘gloom’ gives way to tenant purchases

Andrew Mathieson
A TENANT who painted a gloomy picture of business at Geelong’s waterfront Edgewater complex paid a seven-figure sum for two of its retail premises during a receiver’s auction last Friday.
Panache cafe and Blis Ice Cream operator Mark Oates said buying his shopfronts would save his businesses.
Mr Oates told the Independent two weeks ago that high rents and limited passing trade meant operating a business at Edgewater was “hard work”.
This week he was more optimistic.
“We’re really taking a big punt but that is how much faith I have got in it down here,” Mr Oates said.
“I really, really want it to remain for kids and their families on the waterfront.
“The rental needs to be affordable and now it can be. It’s going to take a few hard years…but at least we can control that.”
Mr Oates said he had felt forced into buying his ice cream shop premises when anticipating how its rent would otherwise be “catastrophic in a few years”.
“If all tenants could do that then down the track it would be a good investment if you business is viable and you are your own tenant.”
Administrators began selling Edgewater apartments and commercial premises after developer Solid Investments went into liquidation last year.
A series of the commercial premises sold at auction last Friday, including The Edge bar, for more than $9 million.
Selling agent Grant Sutherland, of Sutherland Farrelly, said the final sales were a good sign for Geelong’s waterfront.
“I thought they were good results,” he said.
“What was expected by the vendor is a different thing.”