Development potential sees $1.6m price tag for trio of Geelong sheds
The drawing power of the Federal Mills business park in North Geelong is raising the profile in industrial land north of the Corio Bay.
Wilsons, Geelong agent James Wilson says the Mackey St complex has opened the eyes of business owners and investors to the value proposition and connections available in the industrial estates of North Shore and Norlane.
“People that are getting priced out of areas closer to the city are seeing the value proposition (north of Geelong),” Wilson says.
Commercial Insights: Subscribe to receive the latest news and updates
“The ability of getting in at a decent price point, even though (Federal Mills) is a progressive development, has allowed people who once would have looked at the CBD as their only proposition.”
The Federal Mills star power has created a new opportunity for owners and investors on a nearly 5000sqm site on three titles at 8-16 Station St, Norlane.
Wilson says the site has been owned and occupied by the Canny Group for 30 to 40 years and is being offered for private sale with a $1.6 million price guide, plus GST.
The site is divided into some general warehousing and office spaces, plus some vacant land.
“There are a couple of tenancies, but predominantly it’s been owner occupied by the Canny Group who are moving premises to the Federal Mills,” he says.
“The fact the Canny Group has occupied the site for 30 to 40 years showed that it still has a good profile. It’s easy to operate from.”
Future prospects for the site include investment and development options.
Wilson says the northern industrial estates remained a strong precinct largely due to the position close to the Ring Road and Princes Highway.
Zoned Industrial 1, Wilson says the property lends itself to a development site, while some potential buyers were considering breaking up it up into several tenancies.
This article from the Geelong Advertiser originally appeared as “Buyers are open to northern exposure as big Norlane site hits the market”.