$7M-in addition off-industry offer lands Belmont retail and houses site for assets group

A MELBOURNE-dependent property investment team has increased its profile within the Geelong marketplace having an off-current market invest in really worth more than $7 million.

Up Residence secured the substantial business property on Belmont’s Higher St inside a offer that netted in excess of $7 million for a neighborhood family members.

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Colliers Intercontinental, Geelong agent Ben Youthful facilitated the sale of 107-123 High St, Belmont, exactly where Tasman Meats would be the anchor tenant.

“The purchaser, Up Assets, is planning to capitalise to the booming Geelong industry and specifically the latest expansion through Belmont and surrounding places,” Mr Young stated.

“The boutique Melbourne-centered residence expenditure team concentrates on both of those residential and commercial residence and currently owns numerous property all over the Geelong location, such as the six.4ha previous CSIRO website at Belmont, demonstrating their self-assurance within the Geelong current market.”

The home contains a land component of in excess of 5000sq m operating southeast with the corner of Higher St and Wyuna Parade.

“By using a frontage of get more info more than 80m to Substantial St and vacant residentially zone land in the rear of your house totalling about 1400sq m, This website definitely ticked loads of containers for Up House, who need to sustain and improve the retail tenancies alongside Superior St,” Mr Younger claimed.

Household land around Higher St has grown to be warm assets not too long ago, with numerous developments underway in spots functioning parallel for the retail strip, together with in Church St, where by developers which include Biscan Developments and Trevor Houses have tasks underway.

Mr Younger reported the sale signifies An impressive consequence for the world.

“Coming scorching to the heels from the modern sale from the Belmont Village Procuring Centre, there is absolutely no question the Belmont residence sector is continuous to improve and is firmly about the radar for buyers.”

The residence has a single vacant tenancy, a 520sq m space by having an inquiring rent of $a hundred and twenty,000 here a 12 months.

Mr Younger despite the vacancy, the creating returned more than $400,000 a year, which was even more proof of the strengthening financial commitment market place.

Mr Youthful stated desire for retail investments throughout Geelong was increasing, with Melbourne and Sydney-centered traders significantly wanting to Geelong searching for better rental yields in comparison to the cash towns.

Up Assets’s other Geelong pursuits include things like Geelong’s Belchers Arcade, The Inn Resort and 126-128 Little Malop St, exactly where a developing transformation is underway to host tenants the Geelong Advertiser and Barwon Well being.

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