Bean Squeeze, Amazing Mill Markets key to lucrative dual tenancy site
This high-profile site at 114-116 Bellarine Highway, Newcomb, has been listed for sale.
A lucrative dual tenancy site anchored by the Amazing Mill Markets and Bean Squeeze has hit the market in a high-profile location with significant upside.
The 7461sq m property on the Bellarine Highway in Newcomb is expected to attract offers from $4.5m to $5m amid strong demand for tenanted investment opportunities across Geelong.
The established local tenants generate a combined annual net income of $263,618 per annum net, with further options and annual rental increases.
RELATED: Chemist Warehouse key to Geelong ‘island’ site with upside
Original home of iconic Falls Festival up for sale
Busy South Geelong site selling after railway crossing removal
Geelong drive-through coffee success story Bean Squeeze, which has grown to 14 stores across the city, has occupied the site since 2008.
The Amazing Mill Markets, a treasure trove of vintage furniture and clothing, moved into the 2080sq m showroom four years later 2012.
Colliers sales and leasing executive Chris Nanni said both current leases were in place until 2028, with another three five-years options for Bean Squeeze and two five-year options for the Amazing Mill Markets.
He said there was also about 1400sq m of vacant land at the rear of the commercial 2 zoned site that could be further developed.
It currently forms part of the Mill Markets lease.
The property is 4.7km from the centre of Geelong and includes 87 carparks and a substantial solar system.
The Amazing Mill Markets leases space to hundreds of stallholders, who sell everything from vintage clothes and furniture, to antiques, art and memorabilia.
“The tenant mix is certainly an advantage for a purchaser looking for a secure investment opportunity,” Mr Nanni said.
“They are both good strong tenants that have been there long term – both have been there since the early 2000s – and they are very strong Geelong business brands too, so that will resonate with locals,” Mr Nanni said.
“With Bean Squeeze specifically, drive-through coffee seems to be a real hit at the moment and they’re popping up stores everywhere.”
The Newcomb drive-through was one of the first three sites opened by Bean Squeeze founders Doji Singer and Andrew Pec, who tapped into more than 29,000 cars passing daily on the busy arterial route.
The Amazing Mill Markets showroom includes a cafe.
The property, at 114-116 Bellarine Highway, Newcomb, includes 87 onsite carparks and is strategically surrounded by national brands, including KFC, McDonalds, 7-Eleven, Woolworths and ALDI, giving investors further confidence.
Mr Nanni said it had attracted inquiry from across Victoria within a day of hitting the market on the back of an uptick in demand for tenanted investments in quality locations.
“Geelong has been starved of really good tenanted investments over the last two or three years, with a lot of vacant possession sales,” he said.
“When we have had tenanted investment pop up, either our listings or other listings, they have gone really well with inquires and offers so I guess there’s a bit of an appetite from local investors to secure assets like this that are long-term secure investment opportunities to add to their portfolio or superannuation funds.
“There is a lot of old money in Geelong, so not much changes hands, so it’s good to see.”
Expressions of interest close on March 19 at 2pm.
