A MELBOURNE-centered assets investment decision group has enhanced its profile in the Geelong market with an off-sector obtain truly worth greater than $7 million.
Up Property secured the sizeable business home on Belmont’s Substantial St inside of a offer that netted in excess of $7 million for a neighborhood relatives.
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Colliers International, Geelong agent Ben Young facilitated the sale of 107-123 Significant St, Belmont, in which Tasman Meats could be the anchor tenant.
“The purchaser, Up Residence, is seeking to capitalise over the booming Geelong industry and particularly the the latest expansion all through Belmont and surrounding spots,” Mr Young said.
“The boutique Melbourne-based house financial investment group concentrates on the two residential and professional assets and at this time owns quite a few belongings all over the Geelong area, including the six.4ha former CSIRO web site at Belmont, demonstrating their assurance within the Geelong industry.”
The assets contains a land element of over 5000sq m operating southeast from the corner of Superior St and Wyuna Parade.
“By using a frontage of greater than 80m to Large St and vacant residentially zone land within the rear on the assets totalling close to 1400sq m, This great site absolutely ticked many bins for Up Property, who want to sustain and improve the retail tenancies alongside Superior St,” Mr Young stated.
Residential land about more info Higher St is now scorching property not too long ago, with several developments underway in locations running parallel into the retail strip, like in Church St, where builders which includes Biscan Developments and Trevor Homes have projects underway.
Mr Younger stated the sale represents an outstanding outcome for the region.
“Coming sizzling over the heels from the modern sale of your Belmont Village Shopping Centre, there is absolutely no doubt which the Belmont house current market is constant to improve and it is firmly to the radar for buyers.”
The residence has one particular vacant tenancy, a 520sq m space by having an asking hire of $one hundred twenty,000 a 12 months.
Mr Young despite the vacancy, the constructing returned over $four hundred,000 a yr, which was further evidence of the strengthening expenditure marketplace.
Mr Young said desire more info for retail investments all through Geelong was rising, with Melbourne and Sydney-dependent traders increasingly trying to Geelong seeking larger rental yields compared to money cities.
Up Property’s other Geelong interests involve Geelong’s Belchers Arcade, The Inn Lodge and 126-128 Tiny Malop St, exactly where a constructing transformation is underway to host tenants the Geelong Advertiser and Barwon Health and fitness.