$7M-plus off-sector offer lands Belmont retail and homes internet site for property team

A MELBOURNE-based house expenditure group has elevated its profile within the Geelong market using an off-sector acquire worth a lot more than $7 million.

Up House secured the significant industrial home on Belmont’s Large St in the deal that netted more than $seven million for a local loved ones.

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Colliers International, Geelong agent Ben Younger facilitated the sale of 107-123 High St, Belmont, the place Tasman Meats may be the anchor tenant.

“The purchaser, Up Residence, is trying to capitalise to the booming Geelong marketplace and particularly the new growth during Belmont and surrounding places,” Mr Young mentioned.

“The boutique Melbourne-based mostly house investment team focuses on each household and business house and at the moment owns various property through the entire Geelong location, including the six.4ha previous CSIRO web-site at Belmont, demonstrating their assurance from the Geelong market place.”

The home includes a land part of greater than 5000sq m jogging southeast from your corner of Higher St and Wyuna Parade.

“By using a frontage of more than 80m to Large St and vacant residentially zone land for the rear from the house totalling all-around 1400sq m, This website absolutely ticked loads of packing containers for Up Property, who are looking to preserve and improve the retail tenancies together High St,” Mr Youthful claimed.

Residential land close to Large St is now sizzling property not long ago, with many developments underway in spots jogging parallel read more on click here the retail strip, which includes in Church St, exactly where builders such as Biscan Developments and Trevor Households have assignments underway.

Mr Youthful mentioned the sale signifies An excellent outcome for the area.

“Coming sizzling on the heels on the the latest sale in the Belmont Village Procuring Centre, there is absolutely no doubt the Belmont assets market is continuing to strengthen and it is firmly about the radar for traders.”

The home has one particular vacant tenancy, a 520sq m Place by having an asking hire of $a hundred and twenty,000 a yr.

Mr Young Regardless of the vacancy, the constructing returned a lot more than $400,000 a 12 months, which was even further proof of a strengthening investment decision marketplace.

Mr Youthful explained demand for retail investments in the course of Geelong was on the rise, with Melbourne and Sydney-centered buyers ever more seeking to Geelong in search of larger rental yields than the money metropolitan areas.

Up Residence’s other Geelong pursuits contain Geelong’s Belchers Arcade, The Inn Resort and 126-128 Minor Malop St, where by a developing transformation is underway to host tenants the Geelong Advertiser and Barwon Wellbeing.

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