Investors could clean up at Geelong industrial site

111-121 Mornington St, North Geelong is on the market.

Geelong commercial property investors can expect to clean up on a versatile industrial facility in North Geelong’s employment precinct.

The 7008sqm site at 111-121 Mornington St, North Geelong, contains two warehouses on individual titles.

The total building area measures 3052sqm, plus a canopy of nearly 700sqm.

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The property is leased to the commercial division of waste management contractor Cleanaway, which is paying a net annual rental of more than $178,000, with a lease expiring on June 30, 2021.

Cleanaway currently occupies the site.

Darcy Jarman, Geelong West agent Tim Darcy says it’s a fairly impressive and versatile industrial amenity.

He puts price expectations broadly between $2 million and $3 million.

“It’s two warehouses on two separate titles but they are adjoining,” Darcy says.

“There’s an ingress and an egress point between the two sites, but Cleanaway occupies the site in its entirety.”

111-121 Mornington St, North Geelong.

Darcy says the property has more than 100m of frontage to Mornington St, which has easy access to the Princes Highway near Separation St.

“It’s all clear span, the majority of it is prefab concrete panels, so it’s excellent quality and it is surrounded in its entirely by concrete hardstand on all the external areas,” he says.

He says the lease, which doesn’t expire for more than two years, allows the buyer an immediate investment opportunity. However, the expiry gives owner occupiers the opportunity to plan how to use all or some of the site.

“Cleanaway has been the in situ tenant since 2009 but it provides the opportunity for either an investor in regards to long-term investment, or someone who might want to occupy and hold all or part, given the current lease expires in a bit over two years,” he says.

The site offers quality warehousing.

The size and location will make it an in demand property.

“It’s 3000 sqm of quality warehousing, the availability of which in the Geelong region is rare — you can’t find it, particularly in the more sought after locations,” he says.

“This is in the northern part of Geelong but it’s right on the doorstep of Princes Highway, so it’s very much a convenient and accessible location.”

The property is listed for private sale.

This article from the Geelong Advertiser originally appeared as “