Generational Belmont complex gains big interest
The substantial commercial property at 150 Barwon Heads Rd, Belmont, has sold for nearly $6m.
A local private investors moved fast to secure a substantial Belmont property described as the last of its kind in the suburb’s industrial precinct.
The 5747sq m commercial property at 150 Barwon Heads Rd, Belmont, sold for $5.788m after an expressions of interest campaign sparked strong interest for the property.
The high-profile site attracted a fierce contest from developers, investors and national owner-occupiers from across Australia who all recognised its rare position, outstanding exposure and long-term growth potential, Darcy Jarman Geelong agent Andrew Prowse said.
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The campaign led to five formal offers on the property, marketed by Mr Prowse and Tim Darcy, reflecting a broad mix of buyers and underscoring the ongoing demand for premium commercial sites in Geelong region.
Ultimately a local private investor moved swiftly to finalise the deal unconditionally within 24 hours of the expressions of interest deadline.
The result equates to a building rate of $2630 per square metre and a land rate of more than $1000sq m, demonstrating the strength in the market for well-located commercial assets.
The site offers a substantial future development opportunity.
The property represents a significant slice of the land constrained commercial precinct wedged between the newly duplicated Barwon Heads Rd and Settlement Rd.
It has a dual frontage to Barwon Heads Rd and Breakwater Rd and more than 2200sq m of stand-alone showroom and warehouse space, but also offered a rare infill development opportunity.
The property was offered with vacant possession.
“This campaign demonstrates the confidence that developers, investors, and occupiers continue to have in Geelong’s commercial property market,” Mr Prowse said.
More than 100m of street frontage is available to Barwon Heads Rd and Breakwater Rd.
“To achieve an unconditional outcome within 24 hours of expressions of interest closing highlights not only the competitive tension we were able to generate, but also the strategic importance of this location.”
The property will now be offered for lease, with agents anticipating strong interest from large-format retailers or national vehicle operators.
With no comparable opportunities currently available, the site is expected to secure a tenant quickly.
The property last traded in 2019 for $2.92m and follows recent sales in the area including the neighbouring showroom at 140 Barwon Heads Rd for $2.775m in May and at commercial development site at 2 Glen Ave for $2.37m in June.
