Circa $20m price hopes for Lara land
A 8ha industrial property with immediate development potential is on the market in the Geelong Ring Road employment precinct at 110 Heales Rd, Lara.
The big prices being achieved for industrial land near the Geelong Ring Road are predicted to continue as an 8ha Lara holding hits the market.
The property at 110 Heales Rd has been listed for sale with a price expectation of circa $20m.
CBRE Geelong agents Mat George and Chris Bolsin are managing the expressions of interest campaign.
Mr George said the property offered strategic development and investment potential, ideal for buyers such as developers, owner-occupiers and investors.
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“The demand for industrial land west of Melbourne, particularly in Geelong, remains robust and attracts strong interest from tenants, owner-occupiers, and developers alike,” Mr George said.
“This property has already generated significant interest from both leasing and sales, as occupiers seek more value for their investment.”
A 8ha industrial property with immediate development potential is on the market in the Geelong Ring Road employment precinct at 110 Heales Rd, Lara.
While the property spans 8ha, it offers 4ha for immediate development, with the balance containing an existing factory and warehouse complex, with each building set over 4250sq m floorspace.
“The warehouse is tenanted to AP Colorants, a part of DuroColour, who are Australasia’s largest local manufacturer and supplier of colourants to the plastics market for things such as medical devices, food & beverage packaging, cables for power and data transmission, and high-performance pipes for the mining industry,” Mr George said.
The tenanted warehouse generates a $270,000 annual holding income.
“The tenanted warehouse is generating a holding income of $270,500 a year, with a full market rent review in two years and a final five-year option remaining until 2031.”
Recent sales in the precinct have reached $18.4m and $30m, underlining the growth in the area.
Mr Bolsin said the recent sales, including a 4ha site on O’Briens Rd that sold for about $415 per square metre to an owner-occupier and a 12.40ha Heales Rd holding at about $230 per square metre to a developer were indicators of the continued market growth in the area.
A 8ha industrial property with immediate development potential is on the market in the Geelong Ring Road employment precinct at 110 Heales Rd, Lara.
“We anticipate good levels of buyer engagement in this asset due to its size, its proximity and connectivity to road, air, rail and sea networks, plus the tightly-held nature of the industrial precinct around Heales Rd,” Mr Bolsin said.
Heales Rd is the main thoroughfare through the 500ha Geelong Ring Road Employment Precinct
The 500ha GRREP is Geelong’s largest designated growth area for industrial development with a capacity to deliver 10,000 local jobs in manufacturing, commercial sales, logistics and other uses.
The property is being sold via an Expressions of Interest campaign which closes on September 5.
