A stunning auction result has been achieved for a retail freehold in the heart of the vibrant Apollo Bay commercial centre, as the famous Great Ocean Road looks ahead to a rebound in tourist visitation.

Fitzroys’ Lewis Waddell, in conjunction with David Ellis of Great Ocean Properties, sold the vacant 133 Great Ocean Road for $1.453 million, smashing the reserve by $543,000.

An owner-occupier - a local restaurant operator - purchased the property at the hotly contested auction, winning out from a competitive field of five bidders that included owner-occupiers, investors and developers.

The property offered a commanding central position within the vibrant Appollo Bay commercial centre, opposite Apollo Bay Surf Life Saving Club and beach, on a substantial 419sqm site with a large 9.14m frontage to Great Ocean Road and rear access via right of way.

Zoned Commercial 1, the property has a single-level 132sqm building and offered a range of redevelopment and value-add outcomes given the underutilised land component.

“This was the premier Apollo Bay retail and commercial property opportunity offered to the market in recent times,” Waddell said.

“Its versatility and potential were reflected in the broad range of buyers from Melbourne and Victoria that vied for the property and the stunning result. This was a huge vote of confidence in the prospects of Apollo Bay.

“The property is ideally located to service the local community as well as benefit from the expected bounce back in tourist numbers and spending from this year.”

Despite lockdowns, the Great Ocean Road still managed to attract a yearly tourism overnight spending increase of $1.1 billion, higher than pre-COVID.