Belmont boom in tightly-held precinct

Geelong’s rapidly expanding southern boundary has provided a boon to commercial property investors in a tightly-held Belmont precinct.

The wedge of industrial land between Settlement and Barwon Heads roads is famously tightly held by investors and tenants alike.

However neighbouring properties, both with secure, long-term leases have hit the market concurrently.

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Gartland Property, Geelong agent Michael De Stefano listed the complex at 138 Barwon Heads Rd, Belmont earlier this year.

Split into two titles, the smaller portion of the complex that’s leased to food distribution wholesale PFD has recently sold, De Stefano says.

Inside 138 Barwon Heads Rd, Belmont.

The property at 1/4 Curtis St, Belmont, sold for $618,000 to a local investor, he says.

“They bought it purely on the location. There is virtually zero vacancy in that little industrial precinct,” he says.

“The nature of the property is such that if it does become vacant, that property is likely to have a replacement tenant straight away.”

That leaves the larger portion of the site at 138 Barwon Heads Rd on the market with $2.2 million price expectations.

140 Barwon Heads Rd, Belmont.

Meanwhile, Geelong commercial agents Colliers International have listed the neighbouring factory site at 140 Barwon Heads Rd with price expectations of $1.6 million.

Securely leased to B & B Aluminium on a five-year lease to 2023, the firm has further options to 2032. It provides income of $104,004 a year.

This article from the Geelong Advertiser originally appeared as “Commercial property investors seek out tightly held Belmont precinct”.