Record sale for vacant serviced lot as industry drives demand along Geelong Ring Road
Industrial land within the Geelong Ring Road Employment Precinct at 148-158 O’Briens Rd, Corio, has sold in an off-market deal that’s set a record land rate.
Demand for industrial land within the Geelong Ring Road Employment Precinct has driven a new record in an off-market deal within the northern suburbs development zone.
Colliers agent Chris Nanni managed the campaign to sell the 4ha site at 148-158 O’Briens Rd for more than $16m.
The last vacant Industrial 1 zoned serviced lot in the commercial precinct transacted for over $410 per square metre, a record rate for similar parcels of land, Mr Nanni said.
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The site features 40,058sq m of industrial-zone land, with highway frontage and is strategically located among some of the area’s largest industrial users such as Timbertruss, Riordan Grain, Thornton Engineering, Richie Bros, Hanlon, PFD Foods, Bidfood and OneSteel.
Industrial land within the Geelong Ring Road Employment Precinct at 148-158 O’Briens Rd, Corio, has sold in an off-market deal that’s set a record land rate.
“The vendors approached us for an opinion of the value of selling the property but wanted to keep the campaign off-market,” Mr Nanni said.
“Colliers’ extensive network both locally and nationally created a fantastic pool of potential buyers and we also worked closely with key industry groups to ensure we targeted all relevant parties,”
“It was a discussion with one of the local industry groups that connected us with a buyer who had a mandate similar to our listing,” Mr Nanni said.
The 500ha GRREP is Geelong’s largest designated growth area for industrial development with a capacity to deliver 10,000 local jobs in manufacturing, commercial sales, logistics and other uses.
Industrial land within the Geelong Ring Road Employment Precinct at 148-158 O’Briens Rd, Corio, has sold in an off-market deal that’s set a record land rate.
It’s development is a by-product of the freeway bypassing Geelong and enhances the city’s position as a pivot between western Victoria, Melbourne and beyond through road, rail, sea and air freight connections.
“A lot of industries are supporting the growth of the Port of Geelong and businesses that need to use highway to get further west or back up to Melbourne,” Mr Nanni said.
“We’re even seeing some businesses out of the west of Melbourne take up some smaller space down in Geelong to have a secondary hub.
Mr Nanni said interest in real estate within the precinct has accelerated over the past give years.
“You’ve got a lot of land that’s sitting there that’s been purchased a long time ago. Some developments that are occurring there now are really sparking some interest from local and statewide, maybe even national occupiers and tenants.”
Stage 1 construction is on track to be completed in July at the Wilmac Corio industrial development at 128-146 O’Briens Rd, Corio.
He said the Wilmac development next door has driven demand, while further subdivision is expected along Heales Rd later this year as landowners are now starting to activate their sites.
Colliers’ Geelong agency has now managed five campaigns in the north of Geelong involving sites over 1.5ha, equating to more than 11ha of industrial land selling to owner-occupiers and developers.
The Geelong Port provides close to 12 million tonnes of cargo and 600 vessel visits per year. It supports major industries including agriculture, construction and the energy sections, all of which rely on the Geelong Ring Road Employment Precinct either directly or indirectly.
The sale follows developer L Bisinella Developments signed 10-year lease agreement with Velocity Truck Centres for a $10m 3600sq m industrial factory complex.
