A MELBOURNE-based mostly property financial commitment group has greater its profile during the Geelong current market using an off-sector obtain truly worth over $7 million.
Up Residence secured the sizeable commercial home on Belmont’s Substantial St in a very offer that netted more than $seven million for an area family.
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Colliers International, Geelong agent Ben Youthful facilitated the sale of 107-123 Substantial St, Belmont, the place Tasman Meats would be the anchor tenant.
“The purchaser, Up Home, is seeking to capitalise on the booming Geelong sector and particularly the current advancement through Belmont and bordering regions,” Mr Youthful mentioned.
“The boutique Melbourne-based house expense team concentrates on each residential and business assets and at present owns quite a few assets all through the Geelong area, such as the 6.4ha former CSIRO web-site at Belmont, demonstrating their self-assurance from the Geelong market.”
The property includes a land element of in excess of 5000sq m functioning southeast from the corner of Higher St and Wyuna Parade.
“Having a frontage of over 80m to Large St and vacant residentially zone land with the rear on the assets totalling all-around 1400sq m, This great site absolutely ticked many containers for Up Home, who want to retain and improve the retail tenancies together Large St,” Mr Youthful stated.
Household land all over Significant St is now hot home a short while ago, with quite a few developments underway in locations jogging parallel towards the retail strip, which include in Church St, in which developers together with Biscan Developments and Trevor Houses have initiatives underway.
Mr Youthful said the sale represents an outstanding outcome for the realm.
“Coming incredibly hot on the heels from the modern sale with the Belmont Village get more info Procuring Centre, there's no doubt which the Belmont assets market is constant to fortify and is particularly firmly over the radar for traders.”
The house has one particular vacant tenancy, a 520sq m Room using an asking hire of $one hundred twenty,000 a year.
Mr Younger despite the vacancy, the setting up returned a lot more than $400,000 a yr, which was additional proof of the strengthening financial commitment industry.
Mr Youthful mentioned need for retail investments all through Geelong was rising, with Melbourne and Sydney-primarily based investors ever more seeking to Geelong on the lookout for increased rental yields than the money metropolitan areas.
Up Assets’s other Geelong interests contain Geelong’s Belchers Arcade, The Inn Resort and 126-128 get more info Minimal Malop St, exactly where a making transformation is underway to host tenants the Geelong Advertiser and Barwon Health.