Locals trumped for Highton freehold

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Locals trumped for Highton freehold

MELBOURNE money has pushed out several Geelong buyers for a Highton commercial freehold.

A capital city investor was able to fend off three Geelong-based buyers for 2 Porter Ave.

The property was on the market at $640,000, but ended up selling for $737,500, according to Darcy Jarman, Geelong West, agent Simon Jarman.

“We were able to attract around more than a dozen buyers on the day. There was strong competition,” he said.

“We had the reserve set at $640,000, so it ended up selling almost $100,000 over.

“Four bidders took it to the end result, the purchaser was an investor out of Melbourne,” he said.

The property has a five-year lease in place, netting $34,320 per annum, with the tenant paying all outgoings.

There is also a fixed 3 per cent increase in place on the site, which is on a major thoroughfare through to Waurn Ponds.

Mr Jarman said the appeal was the secure, long-term investment.