A MELBOURNE-based mostly assets expense team has greater its profile during the Geelong market having an off-current market acquire value a lot more than $7 million.
Up Property secured the considerable commercial assets on Belmont’s Significant St within a deal that netted more than $seven million for an area family.
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Colliers Intercontinental, Geelong agent Ben Younger facilitated the sale of 107-123 Higher St, Belmont, exactly where Tasman Meats will be the anchor tenant.
“The purchaser, Up Assets, is seeking to capitalise over the booming Geelong current market and in particular the new development all over Belmont and surrounding spots,” Mr Youthful mentioned.
“The boutique Melbourne-centered house expenditure team focuses on equally residential and commercial home and at present owns many assets all through the Geelong region, such as the 6.4ha previous CSIRO internet site at Belmont, demonstrating their self-confidence within the Geelong marketplace.”
The property features a land ingredient of in excess of 5000sq m managing southeast from your corner of Significant St and Wyuna Parade.
“With a frontage of a lot more than 80m to Superior St and vacant residentially zone land within the rear click here on the residence totalling around 1400sq m, this site surely ticked loads of boxes for Up House, who are looking to keep and Increase the retail tenancies together High St,” Mr Youthful explained.
Residential land around Substantial St has become very hot residence not too long ago, with a number of developments underway in spots working parallel into the retail strip, like in Church St, in which builders like Biscan Developments and Trevor Homes have jobs underway.
Mr Young claimed the sale signifies an outstanding end result for the world.
“Coming hot about the heels of your latest sale in the Belmont Village Browsing Centre, there's no question the Belmont property marketplace is continuous to improve and is particularly firmly around the radar for buyers.”
The home has a person vacant tenancy, a 520sq m House using an asking lease of $one hundred twenty,000 a calendar year.
Mr Young Regardless of the vacancy, the constructing returned in excess of $four hundred,000 a 12 months, which was further proof of a strengthening investment market place.
Mr Young explained demand for retail investments throughout Geelong more info was going up, with Melbourne and Sydney-based mostly buyers ever more seeking to Geelong on the lookout for greater rental yields when compared to the cash metropolitan areas.
Up House’s other Geelong passions involve Geelong’s Belchers Arcade, The Inn Resort and 126-128 Minor Malop St, wherever a making transformation is underway to host tenants the Geelong Advertiser and Barwon Health and fitness.