Baker’s Delight cooks up major interest in Lara strip
A shopping strip in Lara has sold well over reserve to a local investor.
No. 48-50 The Centreway sold under the hammer for $3.46 million with competition from Melbourne assisting in driving the price up.
Colliers International, Geelong, agent Ben Young says the crowd had a strong Melbourne representation.
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“We had three bidders, two from Melbourne, with a local investor who ended up buying the property,” Young says.
Bidding started at $3 million and the final sale price shows a yield for 3.7%, leased for a little over $200,000 per year.
The site has recently been refit, and other tenancies include The Smoke Shop, Berkeley Nails, Hair and Beauty, Señor Manny’s Cantina and the 7 Grams Cafe.
“The major appeal is the key tenant, Baker’s Delight, and the property being in the main position on the main street of Lara. It’s right by the entrance of Woolies, Coles, all the town’s amenities, and only a short walk from public transport,” Young says.
Lara has a forecast population growth of 2% annually, according to the City of Greater Geelong, and the advent of Lara West will bring another 10,000 residents to the area.
This article from The Geelong Advertiser was originally published as “A shopping strip in central Lara has sold to a local investor who fended off Melbourne competition”.