04 Aug 2017
A MELBOURNE developer has secured a row of commercial properties on High St, Belmont, in a well executed pre-auction raid.
The buyer paid $1.3 million for the retail premises at 132A, 132B and 134 High St, Belmont, CoreLogic reported.
Darcy Jarman agent, Tim Darcy, said the buyers made their push to take the property off the market before it went to auction last Friday.
“It was subject to a fairly overzealous approach from a Melbourne buyer,” Mr Darcy said.
“As a result, our vendors were furnished with an opportunity to sell prior to auction.”
Mr Darcy said sale was at the “top end of the price range” for the property, which was marketed with $2 million-plus expectations.
“The vendors were happy to deal with the cash, conditional offer.”
Mr Darcy said he expected the developers would proceed with a plan to redevelop some of the property.
It was the first time the developers had bought property in Geelong.
“Geelong is perceived to be a good strong vibrant growth market,” he said.
Mr Darcy previously told the Advertiser that Geelong Travel, which occupies 134 High St, had a long-term lease in place, with another five years of guaranteed income, while a newsagent and hairdressing salon had monthly tenancies in place.
They currently return $62,593 a year in rent.