Bells Beach Backpackers sites sells to private investor in $2.15m deal
The demand for commercial property on the Surf Coast continues unabated after a recent sale in Torquay.
Investors, developers and builders were seeking to ride a boom in population growth within the Surf Coast, with the Bells Beach Backpackers site selling for $2.15 million to a private investor recently.
The 1463sq m Surf Coast Highway property achieved a 4.1 per cent yield.
The three-level building with ocean views occupies two prime adjoining development sites at 51-053 Surf Coast Highway.
The property is 50m to Coles and the Torquay Village retail plaza as well as several other Torquay attractions.
Cushman & Wakefield agents Lukas Byrne and Marcus Neill managed the sales campaign on behalf of a local private vendor.
The property sold with a passing income of $90,000 a year until September 2023.
The high profile main road site carries a flexible general residential zone and offered buyers the potential for multiple uses, including commercial or residential development.
“Given the huge potential to either improve the existing backpackers accommodation and multiple development opportunities under the commercial or residential zoning, the site was highly sought after,” Mr Neill, the director for middle markets, said.
Mr Byrns said there is a wave of capital entering the Surf Coast Shire.
“Demonstrated by the fact that we received 120 inquiries and seven offers for this property from a range of high net-worth investors and local and interstate builders and developers,” Mr Byrns said.
“Aside from an expected uplift in intrastate travel once restriction ease, Torquay has one of the highest population growth rates in Victoria, expanding by 24 per cent between 2016 and 2020.
“The forecast is likely supported by continued interested in regional areas as people see to relocate amid the pandemic.”
Recent sales in Torquay include the Bunnings Warehouse site for $20 million, the car wash site at 48-50 Bell St, Torquay for $2.2 million, and the home of Torquay’s Mitre 10 for $4 million.
Last year Torquay’s stand-alone Woolworths supermarket sold for $25.1 million.