Geelong industrial investment with Olympic Games connection sells for c$6 million

The Breakwater property sold two weeks before the close of an expressions of interest campaign.

Another commercial investment property on Victoria’s Surf Coast has sold.

The warehouse, in Breakwater (pictured top, left and bottom), four kilometres south-east of Geelong, is speculated to be trading for about $6 million reflecting a passing 6.5 per cent passing yield.

A local investment group acquired the property from Helen Popescu, the widow of Alex Popescu, the founder of Belmont Timber, two weeks prior to the close of an expressions of interest campaign.

It was within a 4978 square metre industrial property on this 1.2 hectare site that boat builder Sykes built vessels used by competitors to win Olympic gold medals in 1992, 2004 and 2008.

Sykes is committed to a lease at 65-67 Tucker Street ending in 2023, paying current annual rent of $394,628. It then has the option to renew for five years.

West Geelong-based agents Tim Darcy and Simon Jarman of Darcy Jarman marketed the industrial facility purpose-built for Sykes which relocated there from Newtown nearly 10 years ago.

Last month we reported Melbourne-based investor IP Generation paid more than $15 million for a modern asset purpose-built for Quiksilver. Leased until 2021 to the surf brand, this two hectare site at 27 Baines Crescent offered redevelopment potential.

An aerial view showing the site (outlined) in relation to central Geelong.

Marc Pallisco

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

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