Ocean Grove: Coastal hub drives $380K income with upside
The Commercial 1 zoned properties, dubbed The Elite 8 – Ocean Grove Collection, comprises eight leased tenancies across nine titles at 65-67 The Terrace and 6-9 Park Lane.
The conglomeration delivers a net annual income of more than $380,000, plus GST, and is being sold in line in an expressions of interest campaign closing in August.
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The 959sq m landholding has a strategic dual street frontage and offers long-term future development potential.
Darcy Jarman agents Andrew Prowse and Tim Darcy, in conjunction with Kerleys Coastal director Damian Cayzer, are managing the expressions of interest campaign closing August 21.
'It's almost 1000sq m of commercial land, that on its own is a significant attribute to the property. There's nothing like outside the Coles building or Home Timber and Hardware on that strip so the scale can't be ignored,' Mr Prowse said.
'It's a unique opportunity – eight tenancies offered for sale in one line and fully leased to longstanding tenants. They're all on three-year terms and a lot of them are on renewed terms.
'The average tenure is over 11 years, so it's an asset that hasn't been presented to the Geelong market for a long time.'
The diverse mix of tenants across banking, retail, health, hospitality and service sectors lowers to the risk profile for future owners, Mr Prowse said.
Tenants include Bendigo Bank, Oceans24 Health Club, Mac's Menswear, Mudge Shoes, and longstanding institutions such as Cleo Fine Jewellery.
'I'm a big fan of The Terrace, it's one of the best retail strips on the Bellarine and is constantly around zero vacancies along the strip at any one time,' he said.
Given its CBD location, it's strong income and mix of tenancies, industry sources say the property could match a 5 per cent to 6 per cent yield achieved in similar landmark sales with future development upside across the Geelong region in recent years.
That could push the value to $6m.
The Terrace is a bustling business hub, with national retailers such as Coles, ANZ and the Commonwealth Bank, high foot traffic and year-round demand that swells over summer.
Mr Prowse said there as been good initial engagement, with a mix of local, Melbourne and interstate groups seeking information.
'It'll be someone that will be looking to enjoy that income today but potentially have an understanding of what that area will evolve to and become and continue to be.
'But given the security of the income, it's very much a land bank with a cash flow and down the track a grander plan for that site could be activated.'
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