07 Aug 2019
A SUBSIDIARY of listed wholesale food service distributor BidFood has secured potential future premises for its Geelong operations in a deal speculated to be worth about $3 million.
The company emerged as the buyer for the 7000sq m industrial warehouse facility at 111-121 Mornington St, North Geelong.
Darcy Jarman selling agent Tim Darcy said the property was leased to Cleanaway, which is paying a net annual rental of more than $178,000, with a lease expiring in June, 2021.
“We’ve ended up selling it to a potential end-user, a subsidiary to BidFood, who are a food-related business, a public company out of Sydney,” Mr Darcy said.
“With the growth of Geelong they needed to get into a higher grade level of amenity to what they’ve currently got in this region, so it has provided them with the opportunity to do so,” he said.
“There’s a lease in place until June 21, so they’ve bought it with a long-term view.”
The property has more than a 100m of frontage to Mornington St, which has easy access to the Princes Highway near Separation St.
The site contains two warehouses with a total building area measuring 3052sq m, plus a canopy of nearly 700sq m.
During the campaign Mr Darcy put price expectations broadly between $2 million and $3 million.