Versatile site in employment precinct has tenant until 2021

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111-121 Mornington St, North Geelong is on the market.

GEELONG commercial property investors can expect to clean up on a versatile industrial facility in North Geelong’s employment precinct.

The 7008sq m site at 111-121 Mornington St, North Geelong, contains two warehouses on individual titles.

The total building area measures 3052sq m, plus a canopy of nearly 700sq m.

The property is leased to the commercial division of waste management contractor Cleanaway, which is paying a net annual rental of more than $178,000, with a lease expiring on June 30, 2021.

111-121 Mornington St, North Geelong.

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Darcy Jarman, Geelong West agent Tim Darcy said it’s a fairly impressive and versatile industrial amenity.

He put price expectations broadly between $2 million and $3 million.

Cleanaway currently occupies the site.

“It’s two warehouses on two separate titles but they are adjoining,” Mr Darcy said.

“There’s an ingress and an egress point between the two sites, but Cleanaway occupies the site in its entirety.”

Mr Darcy said the property has more than 100m of frontage to Mornington St, which has easy access to the Princes Highway near Separation St.

“It’s all clear span, the majority of it is prefab concrete panels, so it’s excellent quality and it is surrounded in its entirely by concrete hardstand on all the external areas,” he said.

The site offers quality warehousing.

He said the lease, which doesn’t expire for more than two years, allows the buyer an immediate investment opportunity. However, the expiry gives owner occupiers the opportunity to plan how to use all or some of the site.

“Cleanaway has been the in situ tenant since 2009 but it provides the opportunity for either an investor in regards to long-term investment, or someone who might want to occupy and hold all or part, given the current lease expires in a bit over two years,” he said.

The size and location will make it an in demand property.

“It’s 3000 sq m of quality warehousing, the availability of which in the Geelong region is rare — you can’t find it, particularly in the more sought after locations,” he said.

“This is in the northern part of Geelong but it’s right on the doorstep of Princes Highway, so it’s very much a convenient and accessible location.”

The property is listed for private sale.

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