THE slow movement to develop industrial land in the growth areas south of Geelong have placed a premium on vacant properties in the city’s oldest industrial estates.
Leather St, Breakwater is a case in point where a 1534sq m site that was formerly used for a metal recycling business is going to auction in July.
Darcy Jarman, Geelong West, agent Tim Darcy is handling the executor’s auction for the property at 55 Leather St, Breakwater which is anticipated to sell for about $450,000.
Mr Darcy said the auction was a straightforward scenario offering a vacant allotment on Leather St with a small amount of improvement.
“It’s a serviced block selling with vacant possession and would suit either an end user as a depot or to develop to suit the needs of a particular business or it would suit someone who wants to develop something and hold it as an investment or to sell on”.
Mr Darcy said Leather St was popular by virtue of its location.
“A bit like South Geelong, (Breakwater) has very much strengthened in recent times,” he said.
“With the lack of availability of industrial land out in the south of Geelong in our growth areas, it has heightened the level of demand in areas like South Geelong and Breakwater.”
Mr Darcy said the block was not on fill and offered direct street frontage and street exposure.