Real Estate

aussie rowingaes olympic gold medal factory sells to geelong investors

Written by The ReReport

Duncan Free and Drew Ginn won a Gold medal in a Sykes Mould 23 craft at the 2008 Beijing Olympics.

THE Geelong home of the boat builder that’s turned out craft which have secured 75 per cent of Aussie rowing’s Olympic medals since 1992 has found new owners in a quick sale.
A Geelong-based group has found a gold medal investment in the Breakwater home of internationally renowned boat builder Sykes.
The 12,140sq m Industrial 1 property at 65-67 Tucker St was snapped up well ahead of its private sale deadline of November 1.

The Breakwater factory of boat builder Sykes has sold to a local investment group.

Industry sources said the property sold for around $6 million.
Since the 1992 Barcelona Olympics, 75 per cent of Australian rowing medals have been won by competitors using Sykes craft, including Drew Ginn, who took back-to-back gold medals in the men’s coxless pairs with James Tonkin in 2004 and Duncan Free in 2008.
Darcy Jarman, Geelong West agent Tim Darcy said the investment-grade property was underpinned by the 1.2ha of industrial land in the tightly-held Breakwater estate.

The Breakwater factory of boat builder Sykes has sold to a local investment group.

Sykes’ five-year lease runs through to 2023, with a five year option. The rental income is $394,628 a year, plus GST.
The purpose-built industrial facility includes a 4978sq m warehouse and office complex which holds Sykes’ state-of-the-art manufacturing facility which turns out advanced rowing boats for the Australian, Japanese and US markets.

Mr Darcy said the factory was developed by late Geelong businessman Alex Popescu for Sykes, which relocated from Riversdale Rd, Newtown, in 2009.
His wife, Helen Popescu, was selling the property, he said.
As well as supplying Australian Olympians, Sykes is a major supplier to the club and school rowing community.

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