Ocean Grove: Coastal Hub drives $ 380k income with top – realestate.com.au

A collection of rental properties in the most important retail strip of Ocean Grove will break commercial real estate records in the city of Bellarine Peninsula.

The commercial 1 zoned properties, the Elite 8 – Ocean Grove Collection, consists of eight rental homes over 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 sold in line in an expressions of interest campaign that will be closed in August.

RELATED: Bunnings claims huge retail hall

Rear Laneway a key to unlocking former jewelers

Aussie Cult Chicken Chain Eyes KFC Take Down

The building has street fathers on the terrace and the park, together with a pedestrian walk.

---

The 959SQ M Landholding has a strategic dual-street façade and offers future development potential in the long term.

Darcy Jarman agents Andrew Prowse and Tim Darcy, in combination with Kerleys Coastal Director Damian Cayzer, manage the campaign of the expressions of interest that will be closed on 21 August.

“It is almost 1000 m² of commercial country that in itself is an important feature of the building. Nothing goes beyond the Coles building or home wood and hardware on that strip, so that the scale cannot be ignored,” said Mr. Prowse.

The collection of commercial lease contracts on 65-67 The Terrace and 6-9 Park Lane, Ocean Grove, are offered for sale in one line.

---

“It is a unique Chance-Echt Rent contracts that are offered for sale in one line and fully rented to long-term tenants. They are all at three years of installments and many of them are on renewed conditions.

“The average term of office is more than 11 years, so it is an asset that has not been presented to the Geelong market for a long time.”

The various mix of tenants in banking, retail, health, hospitality and service sectors lowers the risk profile for future owners, Mr. Prowse said.

Tenants include Bendendo Bank, Oceans24 Health Club, Mac’s Menswear, Mudge shoes and long -term settings such as Cleo Fine Jewelery.

The various mix of lease contracts lowers the risk profile of the property for future investors.

---

“I am a big fan of the terrace, it is one of the best retail strips on the Bellarine and is constantly around zero vacancies along the comic at any time,” he said.

Given the CBD location, it is a strong income and mix of lease contracts, sources from the industry say that the real estate could match a return of 5 percent up to 6 percent that has been achieved in comparable historical sale with future development at the head in the Geelong region in recent years.

That can push the value of up to $ 6 million.

The real estate also has future development perspectives in the long term.

---

The terrace is a bustling business hub, with national retailers such as Coles, Anz and the Commonwealth Bank, high foot traffic and requires all year round that swells in the summer.

Mr. Prowse said there was a good first involvement, with a mix of local, melbourne and interstatable groups that were looking for information.

“It will be someone who will enjoy that income today, but possibly have insight into what that area will evolve and will become and will remain.

“But given the security of the income, it is very bad a land bench with a cash flow and a larger plan for that site can be activated.”