A MELBOURNE-based mostly property investment team has elevated its profile within the Geelong industry by having an off-industry invest in well worth in excess of $7 million.
Up Home secured the sizeable business property on Belmont’s Higher St in the deal that netted more than $seven million for an area household.
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Colliers Global, Geelong agent Ben Young facilitated the sale of 107-123 High St, Belmont, where Tasman Meats could be the anchor tenant.
“The purchaser, Up Property, is trying to capitalise over the booming Geelong sector and in particular the current progress all through Belmont and bordering parts,” Mr Younger explained.
“The boutique Melbourne-primarily based property investment decision team focuses on both of those residential and professional home and presently owns many property all through the Geelong region, including the six.4ha former CSIRO site at Belmont, demonstrating their confidence from the Geelong industry.”
The residence has a land element of in excess of 5000sq m jogging southeast from your corner of Substantial St and Wyuna Parade.
“That has a frontage of a lot more than 80m to Higher St and vacant residentially zone land within the rear of your house totalling close to 1400sq m, This website surely ticked a great deal of boxes for Up Home, who need to retain and improve the retail tenancies alongside High St,” Mr Younger claimed.
Residential land close to Significant St happens to be warm property not too long ago, with many developments underway in parts functioning parallel for the retail strip, together with in Church St, where by developers such as Biscan Developments and Trevor Households have jobs underway.
Mr Younger explained the sale represents an outstanding outcome for the world.
“Coming very hot about the heels on the the latest sale of the Belmont Village Purchasing Centre, there isn't a doubt which the Belmont assets marketplace is continuous to reinforce and is particularly firmly to the radar for buyers.”
The house has 1 vacant tenancy, a 520sq m Place with the inquiring hire of $one hundred twenty,000 a calendar year.
Mr Young despite the vacancy, the making returned website more than $four hundred,000 a yr, which was additional proof of the strengthening investment decision sector.
Mr Young reported demand for retail investments all through Geelong was on the rise, with Melbourne and Sydney-based traders increasingly aiming to Geelong on the lookout for larger rental yields in comparison to the money towns.
Up Residence’s other Geelong passions incorporate Geelong’s Belchers Arcade, The Inn Hotel and 126-128 Little Malop St, the place a creating transformation is underway to host tenants the read more Geelong Advertiser and Barwon Health and fitness.