Up Property pays more than $7 million for Geelong site

One of the retail spaces was recently leased.

Up Property – led by dentist turned developer Adam Davidson – has paid more than $7 million for a commercial property in Geelong’s Belmont.

The off-market deal for 107-123 High Street was negotiated by Colliers International’s Ben Young and first reported by realestate.com.au.

On an approximate 5000 square metre plot, the property includes retail buildings along High Street. One of these shops is vacant – the 520 sqm outlet is seeking a tenant to pay annual rent of $120,000. At present the asset returns about $400,000 per annum. Tasman Meats is the anchor tenant.

About 1400 sqm of vacant land at the rear of these buildings is zoned residential.

“The boutique Melbourne-based property investment group focuses on both residential and commercial property and currently owns several assets throughout the Geelong region including the 6.4 hectare former CSIRO site at Belmont, demonstrating their confidence in the Geelong market,” Mr Young told the media outlet.

“Coming hot on the heels of the recent sale of the Belmont Village Shopping Centre, there is little doubt that the Belmont property market is continuing to strengthen and is firmly on the radar of investors”.

Up Property’s portfolio includes several greater Geelong assets including Belchers Arcade, The Inn Hotel and 126-128 Little Malop Street – the latter, an office, being refurbished for tenants Barwon Health and the Geelong Advertiser.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.