Standalone Salvos store sold off-the-plan
Brix Property Group has sold an undeveloped building at the Armstrong Creek Town Centre after pre-committing the Salvation Army for seven years.
The standalone property, 18 Rivernook Street, collected $3.44 million from a private investor – a 5.15 per cent initial passing yield.
Construction recently commenced with handover expected in May.
The site spreads 597 sqm near quick service retail product occupied by, amongst others, KFC, McDonald’s and Red Rooster, a Coles, Woolworths, childcare centre and library.
Armstrong Creek is 10 kilometres south of Geelong’s CBD.
It is the same direction north of Torquay.
Salvation Army moves to growth corridor
The Salvation Army has three five year options (continues below).
“We identified the need for a store within Armstrong Creek to service the growing population in this region and saw this opportunity along the highway, with great exposure, as the perfect location for our next store,” regional manager, Lorena Hutchings, said.
The Armstrong Town Centre is exposed to over 10 million vehicles a year, Colliers’ Chris Nanni, who brokered the lease and sale, said.
“The recent off-the-plan sale of the Salvos stores-tenanted property to a local private investor demonstrates the strong demand for quality investment opportunities in high-growth corridors,” he added.
“[It also] highlights the depth of capital seeking exposure to quality commercial assets in greater Geelong, particularly within emerging precincts as Armstrong Creek,” according to the executive.
Also recently we reported EVT sold Rydges Geelong for $24.5m. Deakin University found a buyer too for the historic T&G Building, now a student accommodation complex with ground floor retail.
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