Archive for November 2019

Archive for November 2019

High life awaits in Torquay

A PRIME in-fill site with planning approval for a rare four-storey development has hit the market in central Torquay.

Two shopfronts and 10 residential apartments are part of the approved permit that would reshape the streetscape at 3 Zeally Bay Rd.

The 809sq m commercially zoned site is within the town centre, opposite Taylor Park and just a few doors down from the foreshore.

Darcy Jarman, Geelong agent Tim Darcy is seeking expressions of interest by December 5, with the price tipped to be around the low $2 million range.

Mr Darcy said planning approval for a four-storey development was almost unheard of in Torquay and offered developers a walk-up start.

He said the proponents had secured the fourth level through VCAT after the Surf Coast Shire originally approved a three-level building on the site.

“It’s a quite unique DA (development approval) because in Torquay historically there has been nothing over two or three levels,” he said.

“There are very few existing, maybe one or two, properties that are four levels.”

The approved plans include eight three-bedroom apartments and two four-bedroom penthouse apartments sitting above two retail spaces, plus carparking.

The two larger apartments would have ocean views and the others a park aspect.

Mr Darcy said the property appealed to both developers looking to run with the plans and those seeking a premium home site in old Torquay.

“The first thing is the geographic location. It’s very much in a pivotal and central part of old Torquay, the part of Torquay that’s pretty sought
after,” he said. “The second part of it is the current DA.

“It presents an opportunity for those that are looking to buy a premium parcel of plan with a DA in place and the ability for some commercial
space and there are eight three-bedroom apartments and two four-bedroom apartments that you can build.”

Only two apartments remain in the neighbouring Zeally One development under construction next door at 1 Zeally Bay Rd.

The three-level building offers a mix of one, two and three-bedroom apartments and ground floor office suites.

 

Prime Spot for Development

A LARGE residential block with approved plans for an eight-dwelling development has been listed for sale in Highton.

The 1705sq m property at 45 South Valley Rd is sched­uled to be auctioned on November 23 with price hopes of $11 million to $1.2 million.

Permits are in place for the medium-density development, which can replace the existing weatherboard house on the property.

Darcy Jarman, Geelong West selling agent Tim Darcy said the development approval allowed eight single and two­ storey, two and three-bedroom apartments on the property.

The block is close to Hight­on Village, schools and parks.

It won’t be the first of Highton’s original big blocks to be the target of developers, with Geelong builder Biscan Developments completing a complex of eight townhouses at 114 South Valley Rd.

“Given where it is and what it is with the DA in place, there is a pent-up level of demand for these smaller type ameni­ties.” Mr Darcy said. “They’re a more convenient, low-main­tenance way of living.

He said buyers could con­sider other developments for the site, including a medical or childcare centre.

“It’s on the doorstep of Highton shopping centre and it’s easy to get to Waurn Ponds shopping centre,” he said.

“‘It’s a pivotal spot for major amenities and a whole heap of other recreation.”

He said the vendor obtained permits for the development but decided not to proceed.

It is the second develop­ment site currently offered in the neighbourhood.

A 9410sq m property at 2 Morven Court occupies a general residential zone 2 and has price hopes of $3 million.

COFFEE CULTURE’S INDUSTRIAL EXPANSION

GEELONG workers’ craving for great coffee and good food is creating a niche for cafe operators in the city’s industrial estates.

Darcy Jarman, Geelong West agent Tim Darcy said the city’s transition from manufacturing to a service economy is driving the trend, as more commercial and warehouse properties open for business in areas like Breakwater and Drysdale, where two food-based investments go to auction next week.

The property at 1/6-10 Apparel Close, Breakwater, goes to auction on November 14 at noon.

Meanwhile, 1/34 Murradoc Rd, Drysdale will be auctioned on November 15 at noon.

The former is leased to Cafe Palat on a new three-plus-three year $27,012 net lease expiring in 2025, while Ground Zero at Drysdale is leased to 2023, generating $29,7378 a year.

“They present a really good opportunity for smaller investors or self-managed super funds,” Mr Darcy said.

“They’re in good locations, good quality buildings and have tenants in situ for a while”.

Both properties are priced in the $500,000 to $550,000 range, making them affordable investments with good returns.

The converted clear-span warehouses are in Industrial 1 and Commercial 2 zones.