A MELBOURNE-primarily based residence financial commitment team has increased its profile in the Geelong industry with an off-market place invest in really worth much more than $7 million.
Up Property secured the sizeable professional residence on Belmont’s Significant St in a very offer that netted a lot more than $seven million for an area family.
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Colliers Intercontinental, Geelong agent Ben Youthful facilitated the sale of 107-123 Substantial St, Belmont, wherever Tasman Meats will be the anchor tenant.
“The purchaser, Up House, is looking to capitalise within the booming Geelong marketplace and in particular the current development all through Belmont and encompassing areas,” Mr Youthful claimed.
“The boutique Melbourne-based mostly assets financial commitment team concentrates on the two household and professional house and presently owns quite a few property throughout the Geelong region, including the 6.4ha former CSIRO web-site at Belmont, demonstrating their self esteem within the Geelong market place.”
The assets features a land part of in excess of 5000sq m running southeast from your corner of Substantial St and Wyuna Parade.
“That has a frontage of more than 80m to High St and vacant residentially zone land at the rear from the property totalling all-around 1400sq m, website This web site definitely ticked many containers for Up House, who want to preserve and improve the retail tenancies along Superior St,” Mr Younger said.
Residential land all-around Substantial St is now very hot residence not too long ago, with a number of developments underway in regions running parallel on the retail strip, including in Church St, the place developers which include Biscan Developments and Trevor Homes have tasks underway.
Mr Young mentioned the sale represents an outstanding result for the area.
“Coming scorching within the heels in the modern sale on the Belmont Village Browsing Centre, there is no question that the Belmont property market is constant to bolster and it is firmly on the radar for traders.”
The home has one vacant tenancy, a 520sq m space with the inquiring hire of $120,000 a 12 months.
Mr Young despite the vacancy, the developing returned in excess of $400,000 a 12 months, which was more proof of a strengthening investment decision industry.
Mr Youthful said demand from customers for retail investments all through Geelong was on the rise, with Melbourne and Sydney-primarily based investors read more ever more planning to Geelong in search of larger 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, exactly where a creating transformation is underway to host tenants the Geelong Advertiser and Barwon Wellness.