A MELBOURNE-based mostly house expense group has improved its profile while in the Geelong current market using an off-marketplace order value over $seven million.
Up Assets secured the substantial industrial residence on Belmont’s Higher St in a very offer that netted more than $7 million for a neighborhood spouse and children.
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Colliers Global, Geelong agent Ben Young facilitated the sale of 107-123 High St, Belmont, where by Tasman Meats is definitely the anchor tenant.
“The purchaser, Up Residence, is trying to capitalise on the booming Geelong current market and particularly the the latest progress throughout Belmont and surrounding parts,” Mr Youthful stated.
“The boutique Melbourne-based mostly assets expenditure group focuses on each residential and professional assets and presently owns numerous assets through the entire Geelong region, such as the six.4ha former CSIRO site at Belmont, demonstrating their confidence within the Geelong marketplace.”
The assets provides a land element of greater than 5000sq m functioning southeast with the corner of Large St and Wyuna Parade.
“With a frontage of a lot more than 80m to Superior St and vacant residentially zone land within the rear of your residence totalling close to 1400sq m, This great site undoubtedly ticked many packing containers for Up Property, who are looking to preserve and improve the retail tenancies alongside Large St,” Mr Youthful reported.
Residential land around Significant St has become sizzling property recently, with a number of developments underway in parts functioning parallel more info for the retail strip, which include in Church St, where builders together with Biscan Developments and Trevor Houses have projects underway.
Mr Young mentioned the sale represents An excellent final result for the area.
“Coming very hot over the heels of the recent sale of the Belmont Village Browsing Centre, there is not any doubt that the Belmont residence market is continuing to strengthen and it is firmly around the radar for buyers.”
The home has a person vacant tenancy, a 520sq m House having an inquiring lease of $one hundred twenty,000 a calendar year.
Mr Young Regardless of the vacancy, the developing returned over $four hundred,000 a calendar year, which was even more evidence of the strengthening financial investment industry.
Mr Youthful reported demand for retail investments in the course of Geelong was on the rise, with Melbourne and Sydney-dependent buyers read more significantly looking to Geelong seeking higher rental yields in comparison to the funds metropolitan areas.
Up House’s other Geelong interests incorporate Geelong’s Belchers Arcade, The Inn Hotel and 126-128 Small Malop St, where by a building transformation is underway to host tenants the Geelong Advertiser and Barwon Wellness.