Cash from coffee, markets draws local buyer to Geelong landmark
The Newcomb home of Amazing Mill Markets and Bean Squeeze at 114-116 Bellarine Highway.
The lucrative rental income drawn from the Amazing Mill Markets and Bean Squeeze has attracted a local buyer to snap up the high-profile property.
The 7461sq m property on the Bellarine Highway at Newcomb has sold for $4.4m after an expressions of interest campaign for the tenanted investment drew a range of bidders.
The established local tenants generate a more than $260,000 combined annual net income from the property, with further options and annual rent increases offering the buyers a secure, long-term investment, Colliers Geelong agent Chris Nanni said.
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“The tenants have both been there long term,” Mr Nanni said.
“Bean Squeeze is a very long term, stable Geelong brand and that location has been a very successful site for them. The Amazing Mill Markets is a bit of an icon for Geelong.
“The long-term leases, and the long-term options in the leases are signs for a secure investment and that’s why we had some good interest.”
Geelong drive-through coffee success story Bean Squeeze, which has grown to 14 stores across the city, has occupied the site since 2008.
The Amazing Mill Markets, a treasure trove of vintage furniture and clothing, moved into the 2080sq m showroom four years later 2012.
About 1400sq m of vacant land at the rear of the commercial 2 zoned site, which is part of the Bean Squeeze lease, could be further developed.
The Newcomb home of Amazing Mill Markets and Bean Squeeze at 114-116 Bellarine Highway.
The Amazing Mill Markets has operated at the site since 2012.
But Mr Nanni said development was not really an option, unless the owners were thinking long term.
“It’s probably a long, long term development option once you can get your hands on the land at the rear,” he said.
The site had potential as a warehouse or showroom development.
“You would need to way for those leases to run out and their options to expire before you can do anything.”
The Bellarine Highway is becoming a key thoroughfare for commercial property investors, with an expanding population on the Bellarine Peninsula sending more than 29,000 cars past the property each day.
“It’s got local big brands like Maccas and KFC and it’s a bit of a hot spot,” Mr Nanni said.
“Particularly with Leopold and Drysdale and the suburbs a bit further out that are still growing and you’ve got a lot of land still being unlocked for a residential play.
“Those areas could still increase the population over the next five to 10 years, so the Bellarine Highway is only going to get busier.”
Mr Nanni said there was interest from interstate buyers, Melbourne.
