The market for sound industrial and commercial space in Geelong remains competitive as multiple buyers miss out in recent sales. 

Colliers Geelong recently sold several key holdings that left many unsuccessful buyers keen to secure warehouse and commercial space as the demand to do business in the region grows.

Colliers Geelong agent Chris Nanni said it’s clear there are still active buyers in the market after the string of recent industrial sales across Grovedale, Belmont, Breakwater and North Geelong.

“It’s a clear demonstration there is strong demand for both investment and occupied industrial stock with plenty of active buyers in the market,” Mr Nanni said.

“Competitive auctions at North Geelong and Grovedale have resulted in nine buyers still on the hunt to secure their next industrial asset,”

“While the buyer catchment remains predominantly Geelong investors and owner occupiers, there is a surge of Melbourne buyers coming into the mix, making Geelong an exciting and competitive commercial property market,” Mr Nanni said.

“There continues to be an undersupply of built form industrial assets for investors and occupiers and a lack of land opportunity for construction.”

Two of Colliers’ sales were to owner-occupiers who secured the properties at Breakwater Road Belmont for $1,610,000 million ($2,661 p/sqm of building area), and at Bailey Street Grovedale for $1,800,000 million ($2,261 p/sqm of building area) while 122 Victoria Street North Geelong, sold for $3,700,000 million ($2,257 p/sqm of building area)

122 Victoria is located on a lucrative corner allotment of North Geelong with access to Victoria and Weddell Streets, comprising of a total of 3,759 square metres of Industrial 1 zoned land.
Mr Nanni said the property presents an outstanding development opportunity for the investor buyer.

“The Victoria Street site has been leased to Geelong Farm Supplies since 1989, but it’s Industrial 1 zoning coupled with exceptional visibility and street presence due to its frontage on both Victoria Street and Weddell Road gives it huge potential as a future development site,” Mr Nanni said.

The dual roller doors, large warehouse and double driveway were the key attractions for the buyer at 110 - 112 Bailey Street. 

The future owner-occupier is expected to take over the 1476sq m property offering building areas combining 796sq m over two levels once the existing lease expires in May.

The Breakwater Road Belmont property presents as a high profile asset with excellent visibility along the busy Barwon Heads Road and a strong reputable business occupying the site since 1998.

This was the first time 4-6 Breakwater Road has come to market since May 1979 and has provided a secure and reliable investment for over 43 years.

“Owner occupiers were the largest demographic among the bidders across the four assets, where the leases were either below market levels or, in the case in Grovedale, about to expire,” Mr Nanni said.

To request a sales analysis for the above three transactions and or discuss current market insights please contact the selling agent Chris Nanni of Colliers Geelong via the below contact details. 

Related Reading: 

Capital city industrial investors are drawn to the regions by increasing capital values and rents - Colliers | The Industrialist

Multi-level warehousing leverages industrial rental growth, which is set to reach over 30% in prime markets by 2025 - Colliers | The Industrialist

South East Cranbourne emerging as an industrial powerhouse says Colliers  | The Industrialist

4 - 6 Breakwater Road Belmont Victoria 3216 sold by Colliers