Developer swoops on Geelong in pre-auction raid

A Melbourne developer has secured a row of commercial properties on High St, Belmont in a well executed pre-auction raid.

The buyers paid $1.3 million to purchase the retail premises at 132A, 132B and 134 High St, Belmont, CoreLogic reported.

Darcy Jarman agent Tim Darcy says the buyers made their push to take the property off the market before it was scheduled to go to auction last Friday.

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“It was subject to a fairly overzealous approach from a Melbourne buyer,” Darcy says.

“As a result, our vendors were finished with an opportunity to sell prior to auction.”

The properties are near the intersection of High St and Regent St, Belmont.

Darcy says price was at the “top end of the price range” for the properties, which were marketed with $2 million-plus expectations.

“It was a positive outcome. The vendors were happy to deal with the cash, conditional offer.”

Darcy says he expects the developers, who are known to the agents, will proceed with a plan to redevelop some or all of the property.

It is the first time the developers have acquired commercial property in Geelong, he says.

The property is in a high-profile retail strip.

“We have noticed a continuing swell of interest coming from outside of town,” Darcy says.

“It’s started to be heightened as the Melbourne market becomes heated.

“Geelong is perceived to be a good strong vibrant growth market,” he said.

Darcy previously told the Advertiser that Geelong Travel, which occupies 134 High St, had a long-term lease in place, with another five years of guaranteed income, while a newsagent and hairdressing salon had monthly tenancies in place.

They currently return $62,593 a year in rent.

This article from The Geelong Advertiser was originally published as “Developer strikes with big pre-auction raid on Belmont shops”.