Latest news with #DarcyJarman
News.com.au
28-07-2025
- Business
- News.com.au
Ocean Grove: Coastal hub drives $380K income with upside
A collection of tenanted investment properties in Ocean Grove's main retail strip is set to break commercial real estate records in the Bellarine Peninsula town. 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. Aussie cult chicken chain eyes KFC take-down 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.'
News.com.au
18-05-2025
- Business
- News.com.au
Torquay dental clinic has buyers grinning amid sharp return
There's a well-founded reason why buyers have a healthy obsession with medical property assets. They pay off. A purpose-built dental facility for Surfside Dental at Torquay was snapped up at auction for $3.01m, setting a sharp 4.38 per cent yield as investor demand for healthcare assets continues to grow. Charter Hall swoops on major Geelong shopping centre in $146m off-market deal The 250sq m clinic built in 2023 was listed for sale with a strong lease covenant to National Dental Care, set around a five-year lease with options to 2044, returning a net annual income of $132,000, with 3.5 per cent fixed annual increases. Darcy Jarman, Geelong agent Andrew Prowse said the region's healthy population growth was driving not only the development of new healthcare facilities, but making them highly sought after when they come on the market. 'Healthcare assets remain a top performer, delivering long leases, essential services, and resilience in any economic climate,' Mr Prowse said. 'Torquay's transformation into a dynamic coastal precinct is boosting the appeal of properties like this.' Mr Prowse said the appeal of healthcare assets was underpinned by the high population growth in corridors such as Torquay. Healthcare assets offer investors the protection of stable demand for services, in particular due to an ageing population and also population growth. They often come with long-term leases, providing investors with stable income streams. The sale of the 1013sqm property at 80 Geelong Rd was managed by Darcy Jarman agents Tim Darcy and Mr Prowse, in conjunction with Tim Carson at McCartney real estate. The property previously sold as a house in 2019 for $1.16m. The established operator, National Dental Care, also underpinned the level of interest in the property, with investors being increasingly drawn to the combination of secure returns and long-term capital growth in vibrant markets. The sale follows $3.5m sale of a long-established Lara medical centre leased to health insurer and healthcare operator GMHBA. That facility was on the edge of a new growth corridor to the west of the town. Healthcare assets in Geelong, Grovedale, Corio and Hamlyn Heights have also been snapped up recently.
