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.
A DRIVE-through COVID-19 testing centre has ended a long search for a tenant for a landmark corner in Geelong’s inner west.
Australian Clinical Labs has opened the testing centre after signing a 12-month lease, with a 12-month option, on 241 Pakington Street, Newtown.
Darcy Jarman, Geelong West, leasing agent Denham Humphreys said the corner location at Aberdeen Street made it a walk-up start for the pathology firm.
“It’s a very high exposure corner, the amount of traffic that goes past there is amazing.”
The agents were seeking $80,000 a year in rent for the 541sq m property, achieving a price close to that, he said.
“The interest that we had was for the exposure side of things. It was good for Clinical Labs on that front. The access point from either side allowed for drive-through,” he said.
“They’ve set up a marquee out the front, so even if it was wet conditions, it can still be done quite well. They have full signage now, it’s very good exposure for them.”
Mr Humphreys said retail and particularly small warehouse space leasing was operating “surprisingly” well, considering the COVID-19 Stage 3 measures in Geelong.
“The leasing market is still ticking over really well. Surprisingly so. It went quiet during initial lockdown period,” Mr Humphreys said.
“The retail space tends to be moving and we’ve got good movement with warehouses, particularly small warehouses.”