A MELBOURNE-primarily based residence financial commitment group has improved its profile from the Geelong current market using an off-industry purchase truly worth greater than $7 million.
Up Assets secured the significant business property on Belmont’s Significant St inside a deal that netted much more than $seven million for an area household.
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Colliers Intercontinental, Geelong agent Ben Youthful facilitated the sale of 107-123 Significant St, Belmont, where by Tasman Meats is the anchor tenant.
“The purchaser, Up Assets, is looking to capitalise on the booming Geelong market and specifically the modern development all through Belmont and bordering places,†Mr Youthful explained.
“The boutique Melbourne-primarily based assets financial commitment team focuses on both equally household and industrial residence and at present owns quite a few assets all through the Geelong location, such as the six.4ha previous CSIRO site at Belmont, demonstrating their assurance within the Geelong market.â€
The assets features a land element of in excess of 5000sq m functioning southeast from the corner modo property real estate agents of Large St and Wyuna Parade.
“Using a frontage of a lot more than 80m to Significant St and vacant residentially zone land for the rear with the here house totalling all around 1400sq m, This web site undoubtedly ticked plenty of packing containers for Up Residence, who want to maintain and Enhance the retail tenancies together Substantial St,†Mr Youthful explained.
Household land close to High St has grown to be scorching residence not too long ago, with a number of developments underway in places running parallel for the retail strip, together with in Church St, in which developers which include Biscan Developments and Trevor Residences have jobs underway.
Mr Youthful said the sale signifies An impressive final result for the region.
“Coming hot around the heels from the latest sale in the Belmont Village Searching Centre, there is not any doubt that the Belmont assets sector is continuous to reinforce and is firmly over the radar for buyers.â€
The home has a single vacant tenancy, a 520sq m space having an asking lease of $a hundred and twenty,000 a 12 months.
Mr Youthful despite the vacancy, the making returned over $four hundred,000 a calendar year, which was even more proof of the strengthening investment sector.
Mr Youthful mentioned desire for retail investments through Geelong was on the rise, with Melbourne and Sydney-primarily based investors progressively aiming to Geelong searching for larger rental yields when compared to the cash cities.
Up Property’s other Geelong passions incorporate Geelong’s Belchers Arcade, The Inn Hotel and 126-128 Tiny Malop St, exactly where a creating transformation is underway to host tenants the Geelong Advertiser and Barwon Well being.