17 Aug 2016
TWO shopfronts in Geelong’s most sought-after retail precinct are on the market.
Both 8/240 Pakington St, and 5/188-190 Pakington St, Geelong West have long-term leases in place with national franchises, operating as Brazilian Butterfly and KX Pilates respectively.
Selling agent Simon Jarman from Darcy Jarman said both could be lucrative for buyers.
“These two properties are extremely secure investments given that they are both in Geelong’s premier shopping strip off Pakington St,” he said.
Mr Jarman said either property would suit self-managed superannuation fund or investors looking to snap up Commercial 1 zoned property.
The Brazilian Butterfly shopfront is leased for just under $48,000 a year for another seven years, with the tenant having been in place since 2008. Options continue until 2038.
The property is set to go under the hammer on September 2. Mr Darcy predicts it will sell somewhere above $850,000.
The KX Pilates shopfront at 5/188-190 Pakington St nets $30,000 a year and is supported by the ANZ Bank, Gloria Jeans Coffee and is opposite Dan Murphys, Baker’s Delight, Geelong Fresh Foods and Gazman.
“They’ve got a five year lease from March, 2014, with two options of five years thereafter,” Mr Jarman said.
The price expectation for the studio space is around the mid-to-high $500,000s, with offers closing 3pm, September 7.