Geelong transport hub could be in developers’ sights
The freehold site of a Geelong transport hub is expected to deliver a large future development opportunity for circling investors.
Members of the McColl family, which founded the McColls transport company in 1952, are selling the strategic 22,462sqm South Geelong property via an executors’ expressions of interest campaign, which could net about $5 million.
Darcy Jarman, Geelong West agents Tim Darcy and Simon Jarman are marketing the property,
92-96 Barwon Tce & 57 Wood St, South Geelong, which generates an annual rental income of more than $400,000 from tenants McColl’s Transport and Allied Pickfords.
But Darcy says the size of the site and its corner position mean it is open to future development opportunities to leverage more value from the property.
“Both properties are encumbered with leases but it’s a substantial land holding,” Darcy says.
“The combined landholding over both sites provides over 2.2ha of land on a corner in the heart of South Geelong, which is one of our most sought-after industrial precincts.”
The strategic landholding was open to more intense development once the lease agreements expired.
McColls holds a three-year lease, with a further five-year term, while Allied Pickfords is 18 months into a seven-year lease, with two further five-year terms.
“It’s going to suit investors, speculative investors and investors-come-developers.
“They’ve got the ability to buy and enjoy the income for a period of time and look to create a development scheme where you could completely redevelop the sites in time,” he says.
Stuart and June McColl established McColl’s Transport in 1952 with a single vehicle transporting milk around Geelong, later diversifying into general freight and bulk chemical haulage as the country’s largest independent carrier.
The business relocated to the Barwon Tce site in 1981.
The McColl family sold the business in 2005. Australian investment club Fresian acquired it in 2018.
The Barwon Tce truck depot comprises a service and maintenance and administration buildings, while the neighbouring property holds a lofty clear span transport storage and dispatch warehouse.
Offers close June 18 at 4pm.
This article from The Geelong Advertiser originally appeared as “