Belmont on the Up as High St shops net $7m-plus

Melbourne-based property investment group Up Property has purchased 107-123 High St, Belmont, in a deal worth more than $7 million.
Melbourne-based property investment group Up Property has purchased 107-123 High St, Belmont, in a deal worth more than $7 million.

A Melbourne-based property investment group has increased its profile in the Geelong market with a purchase worth more than $7 million. 

Up Property secured the substantial commercial property on Belmont’s High St in a deal that netted more than $7 million for a local family.

Colliers International, Geelong agent Ben Young facilitated the sale of 107-123 High St, Belmont, where Tasman Meats is the anchor tenant.

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“The purchaser, Up Property, is looking to capitalise on the booming Geelong market and in particular the recent growth throughout Belmont and surrounding areas,” Young says.

“The boutique Melbourne-based property investment group focuses on both residential and commercial property and currently owns several assets throughout the Geelong region, including the 6.4ha former CSIRO site at Belmont, demonstrating their confidence in the Geelong market.”

Tasman Meats is the anchor tenant in the High St complex which has one vacant tenancy.

The property has a land component of more than 5000sqm running southeast from the corner of High St and Wyuna Parade.

“With a frontage of more than 80m to High St and vacant residentially zone land at the rear of the property totalling around 1400sq m, this site certainly ticked a lot of boxes for Up Property, who are looking to maintain and improve the retail tenancies along High St,” Young says.

Residential land around High St has become hot property recently, with a number of developments underway in areas running parallel to the retail strip, including in Church St, where developers including Biscan Developments and Trevor Homes have projects underway.

Up Property is the developer for the ‘Lume’ residential estate on Belmont’s former CSIRO site in Henry St.

Young says the sale represents an outstanding result for the area.

“Coming hot on the heels of the recent sale of the Belmont Village Shopping Centre, there is no doubt that the Belmont property market is continuing to strengthen and is firmly on the radar for investors.”

The property has one vacant tenancy, a 520sqm space with an asking rent of $120,000 a year.

Young says despite the vacancy, the building returns more than $400,000 a year, which is further evidence of a strengthening investment market.

Vicinity Centres offloaded the Belmont Village for $58 million recently.

Young says demand for retail investments throughout Geelong is on the rise, with Melbourne and Sydney-based investors increasingly looking to Geelong in search of higher rental yields than the capital cities.

Up Property’s other Geelong interests include Geelong’s Belchers Arcade, The Inn Hotel and 126-128 Little Malop St, where a building transformation is underway to host tenants the Geelong Advertiser and Barwon Health.

This article from the Geelong Advertiser originally appeared as “$7M-plus off-market deal lands Belmont retail and homes site for property group”.