This article is from the Australian Property Journal archive
EIGHT hectares of industrial site in Lara, just to the north east of Geelong, has hit the market with expectations of around $20 million.
Four hectares of the site, located at 110 Heales Road, is available for immediate development. It includes existing factory and warehouse buildings of about 4,250 sqm each.
The warehouse is tenanted to AP Colorants, a part of DuroColour, which Australasia’s largest local manufacturer and supplier of colorants to the plastics market for things such as medical devices, food and beverage packaging, cables for power and data transmission, and high-performance pipes for the mining industry.
The tenanted warehouse generates a holding income of $270,500 per annum, with a full market rent review in two years and a final five-year option remaining until 2031
Geelong-based CBRE agents Mat George and Chris Bolsin have the listing.
George said the property offers strategic development and investment potential, making it ideal for developers, owner-occupiers and investors.
“The demand for industrial land west of Melbourne, particularly in Geelong, remains robust and attracts strong interest from tenants, owner-occupiers, and developers alike. This property has already generated significant interest from both leasing and sales, as occupiers seek more value for their investment.”
Recent sales in the area include four hectares on O’Briens Road at approximately $415 per sqm to an owner-occupier and 12.40 hectares on Heales Road at approximately $230 per sqm to a developer.
Expressions of interest close on 5th September.
