Strategic plays near arterials

16 Sep Strategic plays near arterials

GEELONG buyers have made strategic plays for industrial and mixed use land fronting arterial roads in the city’s southeast.

Local interest placed a higher premium than Melbourne buyers on the sites fronting Portarlington Road, Moolap and Barwon Heads Road, Charlemont.

Darcy Jarman, Geelong West agent Tim Darcy said a local investor secured the home of Corio Waste Management at 41-49 Wills Crescent, Moolap.

The 11,441sq m industrial site had sold at the upper end of the $2.5m to $2.75m quoted price range, Mr Darcy said.

CWM has a new five-year lease with options to 2040.

“It was a secure investment, it was basically a good land bank with cash flow,” he said.

The site is near the eastern end of the planned Geelong Ring Road extension.

Geelong developers paid more than $1.5m for a 200m frontage to Barwon Heads Road at Charlemont.

The strategic nature of the 1.5ha property would become evident through the Marshall precinct structure plan, he said.

“When the plan gets rolled out they will look to develop that site,” Mr Darcy said.