Buyers sought for massive North Geelong warehouse complex
Schots Home Emporium is selling its Geelong warehouse at 22-36 Corio Quay Rd, North Geelong.
A home furnishings business is looking to downsize after putting its mammoth North Geelong warehouse complex on the market.
Schots Home Emporium has listed the 2.21ha property at 22-36 Corio Quay Rd with Colliers agents Ned Tansey, Jonathon Lumsden and Yvonne Zhou, who are managing the international expressions of interest campaign.
The property, which is being sold with a 12-month leaseback arrangement to the present owners, is expected to attract interest in excess of $15m.
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Mr Tansey said the property has already attracted interest from local, Melbourne and interstate and even overseas buyers considering the opportunity available on the site between Geelong’s main port and highway.
“We notice a strong buyer demand from local, national and international investors and developers, with a shortage of industrial land to service the demand,” Mr Tansey said
Schots Home Emporium is selling its Geelong warehouse at 22-36 Corio Quay Rd, North Geelong.
Schots Home Emporium is selling its Geelong warehouse at 22-36 Corio Quay Rd, North Geelong.
“This is a unique opportunity to acquire a substantial industrial land holding with dual streetfrontage and within proximity to the Geelong Port.”
The property is ideally placed for a range of business opportunities, leveraging its position adjacent to Corio Quay and the Spirit of Tasmania Geelong ferry terminal, and other neighbours such as GrainCorp and the Federal Mills precinct, which comprises about 37 tenancies including Bendigo Bank, Tango Energy and Ports Victoria.
“(The port is) certainly it’s a selling point for Geelong in general, but particularly in that area there. You’ll see they carry a lot of freight through there and you’ve got GrainCorp and Riordans that really use the port and other groups that utilise the Spirit of Tasmania to send their stock over to Tassie,” Mr Tansey said.
The industrial asset offers an ideal fit for investors, developers and owner-occupiers courtesy of a multipurpose and future value add potential.
Schots Home Emporium is selling its Geelong warehouse at 22-36 Corio Quay Rd, North Geelong.
Mr Tansey said investors can reposition the asset and capitalise on the tenant demand, owner-occupiers can use the added advantage of the retail/showroom frontage which stretches to Melbourne Rd.
“We’ve had interest from developers, investors and owner occupiers from both local and Melbourne and Sydney and also into China as well,” Mr Tansey said.
Mr Tansey said Schots would be downsizing to smaller warehouse in Geelong after a lease-back arrangement expires as it moves online in the region.
North Geelong has become a hive of commercial activity, particularly with developments at the Federal Mills and Glass House precinct and Pelligra’s $385m Fortek project which has seen a number of key tenants move into parts of the old Ford factory in Geelong.
The site was previously occupied by carpet manufacturer Godfrey Hirst and was acquired by Schots in 2015, when it sold for $3.96m.
