A MELBOURNE-dependent residence investment decision team has improved its profile while in the Geelong industry having an off-current market purchase value more than $7 million.
Up Property secured the sizeable industrial house on Belmont’s Superior St inside a offer that netted in excess of $seven million for an area relatives.
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Colliers International, Geelong agent Ben Youthful facilitated the sale of 107-123 Substantial St, Belmont, where by Tasman Meats could be the anchor tenant.
“The purchaser, Up House, is planning to capitalise to the booming Geelong current market and specifically the current growth all through Belmont and encompassing areas,” Mr Younger said.
“The boutique Melbourne-based mostly home expenditure group concentrates on both household and business residence and currently owns numerous belongings all through the Geelong location, such as the six.4ha previous CSIRO web page at Belmont, demonstrating their self-confidence within the Geelong marketplace.”
The residence incorporates a land ingredient of much more than 5000sq m jogging southeast through the corner of Large St and Wyuna Parade.
“With a frontage of over 80m to Superior St and vacant residentially zone land on the rear of your assets totalling all around 1400sq m, This great site definitely ticked a great deal of containers for Up Property, who need to preserve and Increase the retail tenancies along Higher St,” Mr Younger said.
Residential land all over Large St happens to be very hot assets not long ago, with several developments underway in spots jogging parallel to the retail strip, like in Church St, where by developers including Biscan Developments and Trevor Homes have tasks underway.
Mr Youthful claimed the sale signifies An excellent outcome for the region.
“Coming incredibly hot about the heels in the current sale of the Belmont Village Purchasing Centre, there isn't a question that the Belmont house market place is continuing to reinforce which is firmly about the radar for investors.”
The property has a single vacant tenancy, a 520sq m Area with the inquiring rent of $a hundred and twenty,000 a 12 months.
Mr Young despite the vacancy, the constructing returned in excess of $four hundred,000 a year, which was further more evidence of the strengthening investment decision marketplace.
Mr Younger stated desire for retail investments all through Geelong was going get more info up, with Melbourne and Sydney-centered buyers increasingly aiming to Geelong searching website for better rental yields compared to the capital towns.
Up Residence’s other Geelong interests incorporate Geelong’s Belchers Arcade, The Inn Hotel and 126-128 Little Malop St, where a building transformation is underway to host tenants the Geelong Advertiser and Barwon Well being.