I stayed at the Chipchase Bed and Breakfast on Christmas Eve 2004. My boyfriend and I were going to Melbourne to visit family and wanted to stay in Geelong for a night first because the town is pretty nice.
Chipchase is a beautiful renovated old mansion. The family who owns it live upstairs, with the bottom floor being dedicated for guests. There are only two suites, one is a honeymoon suite with a spa bath, the other, which we had, has a double bed, sitting area, and separate private bathroom (with ye olde style fittings etc).
We were the only people staying there, so we got to all the downstairs to ourselves. Apart from the two suites, there is a kitchen (a big breakfast is provided) and a large living room with stereo and cds and fireplace.
The furnishings are purposely 'old fashioned' - in the style of when the house was built. It was very clean and very quiet, despite the B&B being right near the middle of Geelong and on a pretty busy road. The rooms are set at the back of the house.
I recommend this place for people who want to visit Geelong and stay in very nice and very reasonably priced accommodation. It was and still is around $100 per night for the room. The quality you get for that price is awesome.