Record sale caps off big year
Geelong’s commercial property sector had a big year in 2017, capped off with the region’s first $100 million sale which settled last week, PETER FARAGO writes
A $115 MILLION deal to sell Geelong’s Transport Accident Commission headquarters capped off a big year for the region’s commercial real estate sector.
The sale of the TAC complex to Centuria Property Funds Limited, a subsidiary of Centuria Capital Group, set a record price for a piece of real estate in the Geelong region.
But sales data from CoreLogic show it was a big year across the commercial sector in 2017.
A Melbourne company backed by Chinese capital paid $25 million in July for an 80ha farm west of Lara capable of being turned into 909 house blocks.
Soaraway Development, a local division of China’s Yucai Group, bought the property at 285 Patullos Rd, Lara that’s within the 389ha Lara West group area that will eventually house 11,600 residents.
Geelong West agency Darcy Jarman sold the property in conjunction with Melbourne firm Gross Waddell.
Two other property deals worth more than $20 million were inked in August, when the Spotlight shopping complex at 14 Breakwater Rd, Belmont, sold for $24 million in an off-market deal, while Lend Lease sold off the freehold to its retirement villages.
Lendlease sold the freehold titles to its Abervale village for $22.3 million and Tannoch Brae for $12.5 million. The same month, Whittington’s Eden Park Residential Aged Care site also sold for $10.9 million, the records show.
In central Geelong, the Mercure Hotel in Gheringhap St became Rydges after a $19.2 million deal to sell the landmark in February.
That was followed in March when the freehold to the Geelong Private Medical Centre sold for $17.8 million.
The Carlton Hotel in Malop St officially changed hands in May, after the Federal Government announced that Techne Developments had won the tender to construct the National Disability Insurance Agency headquarters on the site.
The developer paid $10.8 million for the old pub and surrounding car park. The facade will remain as the nine-storey office complex rises from the construction site this year.
Two supermarkets were traded in 2017, with Highton’s freestanding Woolworths complex selling at auction for $12.43 million.
A Melbourne investor secured the Highton Village anchor ahead of three other bidders.
Public auction was also used to sell the freehold to St Leonards’ IGA supermarket in May.
The centre was knocked down for $5.625 million.