$7M-as well as off-current market offer lands Belmont retail and houses website for residence group

A MELBOURNE-primarily based home financial commitment team has amplified its profile within the Geelong marketplace with the off-industry invest in value a lot more than $seven million.

Up Property secured the sizeable professional home on Belmont’s Higher St in a very offer that netted greater than $7 million for a neighborhood relatives.

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Colliers Global, Geelong agent Ben Young facilitated the sale of 107-123 Superior St, Belmont, where by Tasman Meats is definitely the anchor tenant.

“The purchaser, Up Residence, is planning to capitalise around the booming Geelong market and specifically the recent expansion all through Belmont and encompassing spots,” Mr Youthful stated.

“The boutique Melbourne-based mostly assets expenditure group concentrates on equally residential and business house and presently owns various assets all through the Geelong area, including the six.4ha former CSIRO web-site at Belmont, demonstrating their self confidence during the Geelong market.”

The home provides a land part of much more than 5000sq m operating southeast from the corner of High St and Wyuna Parade.

“With a frontage of a lot more than 80m to Large St and vacant residentially zone land on the rear from the click here residence totalling all around 1400sq m, This web site definitely ticked many bins for Up House, who need to preserve and Increase the retail tenancies along Large St,” Mr Youthful reported.

Residential land around High St happens to be sizzling assets lately, with many developments underway in locations functioning parallel for the retail strip, together with in Church St, the place developers like Biscan Developments and Trevor Households have initiatives underway.

Mr Younger mentioned the sale represents An impressive consequence for the area.

“Coming scorching over the heels of your current sale from the Belmont Village Buying Centre, there is not any question the Belmont home current market is continuing to bolster and is particularly firmly around modo property the radar for buyers.”

The property has a single vacant tenancy, a 520sq m Room with an asking hire of $a hundred and twenty,000 a year.

Mr Young despite the vacancy, the setting up returned much more than $four hundred,000 a calendar year, which was further more proof of the strengthening investment decision market.

Mr Youthful said demand from customers for retail investments throughout Geelong was rising, with Melbourne and Sydney-based buyers ever more wanting to Geelong in search of bigger rental yields than the money cities.

Up Residence’s other Geelong pursuits incorporate Geelong’s Belchers Arcade, The Inn Hotel and 126-128 Minimal Malop St, the place a setting up transformation is underway to host tenants the Geelong Advertiser and Barwon Wellness.

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