Home to Augustus Gelatery, Felix Restaurant offered in Geelong CBD
The retail property at 41 Gheringhap St and 9 Downes Lane, Geelong, is listed for sale. It is leased to Augustus Gelatery and Felix Restaurant.
Buyers should be licking their lips at the prospect of securing one of the best credentialed retail properties to hit the market in central Geelong this year.
The 370sq m dual tenanted investment property at 41 Gheringhap St and 9 Downes La, Geelong, is home to Augustus Gelatery and Felix Restaurant and is expected to field interest around $2.5m.
Conjunctional agents Adam Farrell and Michael De Stefano at Gartland and Lewis Waddell and Chris Kombi at Fitzroys are managing the expressions of interest campaign closing on November 13.
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The retail property at 41 Gheringhap St and 9 Downes Lane, Geelong, is listed for sale. It is leased to Augustus Gelatery and Felix Restaurant.
Mr Farrell said inquiries for the property had been strong in the early days of the campaign.
He said the Gheringhap St store was probably the strongest within the Augustus Gelatery business, which operates at 34 sites across Melbourne and regional Victoria, and was supported by its position within central Geelong’s arts and cultural precinct.
“The campaign’s just started and inquiry has been really strong so far. Which is stronger the most sort of properties come into the market,” Mr Farrell said.
“I originally sold it to them when it was Brystan Car Audio, so I knew the guys who run that shop, it’s probably the strong Augustus in Victoria,” he said.
“It’s just that bonus of being near where all the arts precinct is – they’ve got all those people and even on the weekend, it was chock a bar on the Saturday night when we were there.
“And Felix speaks for itself, he’s not going anywhere, so it’s probably the best retail property we’ve had for a while.”
Felix Restaurant is a popular eatery off Little Malop St in central Geelong.
Both Felix Restaurant and Augustus Gelatery have long-term leases in place.
The renovated property is in a key position close to Geelong Arts Centre, hotels and night-life.
Felix Restaurant is a popular dining venue known for its modern Australian cuisine with a focus on fresh, locally sourced ingredients.
The fully renovated building has 330sq m floorspace split over two tenancies that share one title and earn $125,000 annual rental income, plus GST.
“We’d like to see anywhere around that five to 5.5 per cent yield. Sitting between those figures is what we’d expect,” Mr Farrell said.
The property has been listed for sale with the two businesses holding new five-year leases, with two further five-year options in place, with fix three per cent annual increases with a market review at each option.
The property is on the cusp of the Little Malop St West End precinct, consisting of vibrant cafes, restaurants, up-market pubs and bars.
There are five-star hotels nearby, along with Geelong Arts Centre, Geelong Art Gallery also nearby.
