Melbourne-based property investment group Up Property has purchased 107-123 High St, Belmont, in an off-market deal worth more than $7 million.
A MELBOURNE-based property investment group has increased its profile in the Geelong market with an off-market purchase worth more than $7 million.
Up Property secured the substantial commercial property on Belmont’s High St in a deal that netted more than $7 million for a local family.
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Tasman Meats is the anchor tenant in the High St complex which has one vacant tenancy.
Colliers International, Geelong agent Ben Young facilitated the sale of 107-123 High St, Belmont, where Tasman Meats is the anchor tenant.
“The purchaser, Up Property, is looking to capitalise on the booming Geelong market and in particular the recent growth throughout Belmont and surrounding areas,” Mr Young said.
“The boutique Melbourne-based property investment group focuses on both residential and commercial property and currently owns several assets throughout the Geelong region, including the 6.4ha former CSIRO site at Belmont, demonstrating their confidence in the Geelong market.”
Up Property is the developer for the ‘Lume’ residential estate on Belmont’s former CSIRO site in Henry St.
The property has a land component of more than 5000sq m running southeast from the corner of High St and Wyuna Parade.
“With a frontage of more than 80m to High St and vacant residentially zone land at the rear of the property totalling around 1400sq m, this site certainly ticked a lot of boxes for Up Property, who are looking to maintain and improve the retail tenancies along High St,” Mr Young said.
Residential land around High St has become hot property recently, with a number of developments underway in areas running parallel to the retail strip, including in Church St, where developers including Biscan Developments and Trevor Homes have projects underway.
Vicinity Centres offloaded the Belmont Village for $58 million recently.
Mr Young said the sale represents an outstanding result for the area.
“Coming hot on the heels of the recent sale of the Belmont Village Shopping Centre, there is no doubt that the Belmont property market is continuing to strengthen and is firmly on the radar for investors.”
The property has one vacant tenancy, a 520sq m space with an asking rent of $120,000 a year.
Mr Young despite the vacancy, the building returned more than $400,000 a year, which was further evidence of a strengthening investment market.
Mr Young said demand for retail investments throughout Geelong was on the rise, with Melbourne and Sydney-based investors increasingly looking to Geelong in search of higher rental yields than the capital cities.
Up Property’s other Geelong interests include Geelong’s Belchers Arcade, The Inn Hotel and 126-128 Little Malop St, where a building transformation is underway to host tenants the Geelong Advertiser and Barwon Health.