Metricon-anchored business park delivers for local group in South Geelong

Investors creating a business park in South Geelong have more than made back their initial investment on the property after selling another five warehouses recently.

The modern industrial warehouses at 15-19/158 Fyans Street sold for a combined $3.87m to complete the second of the three-stage development.

The sales, which Darcy Jarman agent Tim Darcy said were well above expectations, achieved an average building rate of $3733 per sq m, underlining the level of interest in the asset class.

Four investors and an owner-occupier secured the properties.

“The units were complete and enabled purchasers immediate occupancy upon settlement, which drove investors and owner-occupiers to compete,” he said.

“Four of the five were from spec investors who remain extremely active in the Industrial market in Geelong.”

Further development work is already underway on the remaining portion of the site, where another 14 warehouses will be built.

The warehouses are part of a business park developed on land stretching between Fyans St and Barwon Tce immediately behind the Little Creatures brewery.

A Geelong development syndicate paid more than$3.5m for the 7000sqm ribbon of industrial land in 2018.

Volume builder Metricon’s Geelong head office and Studio M selection centre is the anchor tenant at 1/158Fyans St.

That site sold off-market to a local private investor for$6.25m last year, while other parts of the first two stages have sold previously for a combined $2.2m, CoreLogic records show.

Mr Darcy said Routleys would occupy a cafe site within the first stage of the development.

Metricon will host a free open house event at Studio M next Saturday.

The “customer inspiration and design centre” will be open from 11am to 1pm.

Door prizes include a RGX Robotic Vacuum, by Tekaworth $1499, special guest appearance from Pearl the Dulux Dog and a free cooking demonstration in the Residentia kitchen.

The event will include mood boarding workshops from Metricon’s top design experts and a children’s colouring competition.

Metricon regional west manager Simon Taylor said the builder was thrilled to be able to showcase what it has on offer at the design studio.

“Visitors will be welcomed with an array of fun activities, expert advice, and the opportunity to experience first-hand the process of design selection.

“There are so many choices when building your new Metricon home. We felt it was important to not only display product, but to also build small-scale installations and now members of the public will get to feel, see and touch products in a way that brings them to life.

“There’s nowhere else in Geelong where you’ll find this variety of product under one roof.”