Cotton On subsidiary sell North Geelong industrial investment

The site at 111-121 Mornington Street, North Geelong (circled). is near Cotton On’s owner-occupied distribution centre.

A subsidiary of clothing retail giant Cotton On has sold a major North Geelong industrial investment.

The 7000 square metre holding at 111-121 Mornington Street is trading for about $3 million to a potential owner-occupier speculated to be interests associated with food distributor, Bidfood.

With a 3052 sqm warehouse and 688 sqm canopy, the property is rented to Cleanaway on a lease expiring in mid-2021.

Cleanaway pays annual rent of 178,340.

On that basis, the property is selling on an approximate 5.9 per cent passing yield.

Darcy Jarman marketing agents Tom Darcy and Simon Jarman declined to comment about any part of the campaign.

Cotton On owner Nigel Austin paid $21.5 million for 1 Towers Road, Toorak, in 2013. The home was once owned by ex-Elders-IXL director John Elliot, and later, JP Morgan Australian chairman Brian Watson.

The sale comes a day after we reported that Centuria Industrial REIT paid $22.8 million for an industrial investment on 3.8 hectares at 75-105 Corio Quay Road, North Geelong, opposite Geelong Port.

Leased to Quiksilver as its Asia Pacific distribution centre, Centuria’s deal was struck on an 8.2 per cent passing yield.

In 2013, Cotton On owner Nigel Austin made headlines buying one of Toorak’s most significant homes – 1 Towers Road – for $21.5 million (pictured, right).

This mansion, on the north-east corner of Orrong Road, was once owned by ex-Elders-IXL executive and former Carlton Football Club president John Elliott, and after that, JP Morgan Australia chairman Brian Watson.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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