Site neighbouring Little Creatures brewery sells for $3.5m-plus
A Geelong development syndicate has paid more than $3.5 million for a 7000sqm ribbon of prime industrial land behind the Little Creatures brewery.
The sold sticker went up this week on the property at 158 Fyans St and 67 Barwon Tce, South Geelong, after Colliers International, Geelong agent Ben Young negotiated the deal with the local developers.
Young says the syndicate bought both titles on offer, which measure 7446sqm and 8993sqm respectively and have a street frontage of 61.5m to Fyans St and 102m to Barwon Tce.
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“They’ve got a couple of ideas at the moment,” Young says.
“They are in discussions with planning with what they can and can’t do at this stage.”
Young says the sale price is within a range of $3.5 million to $4 million.
Initial price expectations for the entire site were around $4 million when the property was listed last August, the Advertiser reported.
158 Fyans St and 67 Barwon Terrace, South Geelong, has sold to local developers.
The site is wedged between Little Creatures and the large industrial sheds and factories on Fyans St and Barwon Tce.
Agents say Geelong’s council allowed the subdivision of the property to go ahead on condition that a drain adjacent to the usable land be reinstated.
Young says the buyers had been on the lookout for their next project when negotiations started.
“There is no more land available in South Geelong now. The two streets helps for access and they drive past the site every day — it kept staring at them in the face,” he says.
The sale comes after another industrial property at 11 Strong St, South Geelong, sold just before Christmas.
Geelong Commercial agent Neville Richards says the buyers are planning an industrial development on the 1485sqm site adjacent to the railway reserve after securing the sale for an undisclosed price.
Accessed from Swanston St, the property would suit a warehouse development, Richards says.
This article from the Geelong Advertiser was originally published as “Development plans afoot for South Geelong site after sale”.
