A MELBOURNE-primarily based property financial investment team has improved its profile during the Geelong market with an off-sector acquire value in excess of $seven million.
Up Residence secured the sizeable professional residence on Belmont’s Higher St inside of a offer that netted greater than $7 million for a local family members.
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Colliers Worldwide, Geelong agent Ben Youthful facilitated the sale of 107-123 Higher St, Belmont, where by Tasman Meats is definitely the anchor tenant.
“The purchaser, Up Assets, is aiming to capitalise about the booming Geelong industry and specifically the current expansion all through Belmont and encompassing spots,” Mr Youthful mentioned.
“The boutique Melbourne-centered property expense group focuses on equally household and professional assets and at present owns many assets through the entire Geelong region, including the six.4ha former CSIRO site at Belmont, demonstrating their confidence within the Geelong marketplace.”
The assets features a land ingredient of in excess of 5000sq m managing southeast from your corner of Substantial St and Wyuna Parade.
“By using a frontage of in excess of 80m to Superior St and vacant residentially zone land on the rear of the house totalling all-around 1400sq m, This web site definitely ticked lots of packing containers for Up Assets, who are looking to preserve and improve the retail tenancies together Large St,” Mr Younger explained.
Residential land around Higher St has become warm residence recently, with several developments underway in locations running parallel to the retail strip, like in Church St, where by developers together with Biscan Developments and Trevor Households have jobs underway.
Mr Young reported the sale signifies an outstanding end result for the region.
“Coming sizzling over the heels of the modern sale of your Belmont Village Buying Centre, there is no question the Belmont property market is continuous to strengthen and is firmly to the radar for investors.”
The property has a single vacant tenancy, a 520sq read more m space with the inquiring rent of $one hundred twenty,000 a year.
Mr Younger Regardless of the vacancy, the making returned much more than $400,000 a calendar year, which was even more proof of the strengthening financial investment market place.
Mr Youthful stated desire for retail investments throughout Geelong was increasing, with Melbourne and Sydney-dependent buyers increasingly get more info planning to Geelong in search of increased rental yields when compared to the cash metropolitan areas.
Up House’s other Geelong passions include things like Geelong’s Belchers Arcade, The Inn Resort and 126-128 Tiny Malop St, in which a building transformation is underway to host tenants the Geelong Advertiser and Barwon Wellness.