Putting on The Ritz: Geelong eyesore relisted

Geelong's most notorious eyesore is on the market once more, after a 30 year development saga.

Tim Truong has relisted the vacant corner site at 10 Bellerine Street through KBL Commercial Real Estate.

The 1,548 square metre property, first opened as the Belle Vue Hotel in 1853, is listed with a $3 million to $7 million price guide.

Although Truong pulled the site off the market after less than a month last year, selling agent Michael Lewin told The Geelong Advertiser that this time, he was ready to sell.

"We have been dealing with the vendors for many years and he is a genuine seller,” said Lewin.

“We have an authority signed by the vendor to sell by way expression of interest.”

He also said that Truong's family was open to discussions about the price.

Months before last year's short-lived listing, Truong reportedly said he had plans to spend $40 million developing the property.

According to The Geelong Advertiser, Truong previously lodged plans to develop on the site with the council five times: in 1984, 1988, 2003, 2004 and 2006. It currently falls within the council's Activity Central Zone.

KBL Commercial Real Estate will accept expressions of interest until Thursday 31 July at 4pm.