A MELBOURNE-based house investment decision group has elevated its profile while in the Geelong market place using an off-industry buy worth much more than $7 million.
Up Property secured the considerable commercial residence on Belmont’s Substantial St inside a deal that netted greater than $7 million for an area loved ones.
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Colliers International, Geelong agent Ben Young facilitated the sale of 107-123 Large St, Belmont, the place Tasman Meats is definitely the anchor tenant.
“The purchaser, Up Property, is trying to capitalise about the booming Geelong current market and specifically the new expansion in the course of Belmont and encompassing regions,” Mr Young said.
“The boutique Melbourne-based assets financial investment team concentrates on both of those residential and professional house and at present owns a number of belongings all through the Geelong location, including the 6.4ha previous CSIRO web site at Belmont, demonstrating their self-assurance in the Geelong market place.”
The property provides a land component of a lot more than 5000sq m running southeast through the corner of High St and Wyuna Parade.
“By using a frontage of much more than 80m to Large St and vacant residentially zone land for the rear of the home totalling all around 1400sq m, This great get more info site certainly ticked many packing containers for Up Assets, who need to manage and Increase the retail tenancies alongside Substantial St,” Mr Young mentioned.
Household land all-around Superior St happens to be warm residence not long ago, with quite a few developments underway in places working parallel to the retail strip, including in Church St, wherever developers together with Biscan Developments and Trevor Properties have projects underway.
Mr Younger said the sale represents An impressive outcome for the world.
“Coming hot to the heels from the new sale from the Belmont Village Searching Centre, there isn't any doubt the Belmont residence market is continuing to modo property real estate agents bolster which is firmly over the radar for buyers.”
The property has a single vacant tenancy, a 520sq m Room by having an inquiring lease of $120,000 a yr.
Mr Young Regardless of the vacancy, the setting up returned more than $400,000 a 12 months, which was more evidence of the strengthening financial investment sector.
Mr Younger mentioned demand for retail investments throughout Geelong was going up, with Melbourne and Sydney-based mostly buyers ever more planning to Geelong seeking greater rental yields than the money towns.
Up Home’s other Geelong pursuits contain Geelong’s Belchers Arcade, The Inn Resort and 126-128 Small Malop St, wherever a developing transformation is underway to host tenants the Geelong Advertiser and Barwon Health and fitness.