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

A MELBOURNE-based house expense group has amplified its profile during the Geelong industry with the off-current market purchase well worth much more than $seven million.

Up Assets secured the substantial professional residence on Belmont’s High St inside of a deal that netted much more than $seven million for a local spouse and children.

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

“The purchaser, Up Property, is trying to capitalise to the booming Geelong sector and particularly the recent advancement through Belmont and bordering regions,” Mr Younger said.

“The boutique Melbourne-primarily based property expenditure team concentrates on both equally household and professional assets and at present owns many property all through the Geelong location, including the six.4ha former CSIRO web site at Belmont, demonstrating their assurance inside the Geelong current market.”

The assets has a land ingredient of in excess of 5000sq m functioning southeast through the corner of Large St and Wyuna Parade.

“With a frontage of in excess of 80m to Substantial St and vacant residentially zone land in the rear with the assets totalling about 1400sq m, This great site surely ticked lots of containers for Up Residence, who need to maintain and Increase the retail tenancies along Substantial St,” Mr Youthful reported.

Residential land all over Significant St is becoming scorching assets a short while ago, with quite a few developments underway in regions functioning parallel to your retail strip, which include in Church St, the place builders such as Biscan Developments and Trevor Households have tasks underway.

Mr Young mentioned the sale signifies An excellent consequence for the world.

“Coming incredibly hot on the heels of the recent sale of the Belmont Village Shopping Centre, there's no question which the Belmont house market place is continuing to fortify and is particularly firmly to the radar for investors.”

The house has 1 vacant tenancy, a 520sq m House with the read more asking rent of $a hundred and twenty,000 a year.

Mr Youthful Regardless of the vacancy, the setting up returned over $400,000 a calendar year, which was additional proof of the strengthening expenditure sector.

Mr Younger claimed desire for retail investments all over Geelong was going up, with Melbourne and Sydney-based traders more and more read more seeking to Geelong looking for bigger rental yields compared to the funds metropolitan areas.

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

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