Wholesale food service distributor licks lips over North Geelong warehouse site
A SUBSIDIARY of listed wholesale food service distributor BidFood has secured potential future premises for its Geelong operations in a deal speculated to be worth about $3 million.
The company emerged as the buyer for the 7000sq m industrial warehouse facility at 111-121 Mornington St, North Geelong.
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Darcy Jarman selling agent Tim Darcy said the property was leased to Cleanaway, which is paying a net annual rental of more than $178,000, with a lease expiring in June, 2021.
“We’ve ended up selling it to a potential end-user, a subsidiary to BidFood, who are a food-related business, a public company out of Sydney,” Mr Darcy said.
“With the growth of Geelong they needed to get into a higher grade level of amenity to what they’ve currently got in this region, so it has provided them with the opportunity to do so,” he said
“There’s a lease in place until June 21, so they’ve bought it with a long-term view.”
The property has more than a 100m of frontage to Mornington St, which has easy access to the Princes Highway near Separation St.
The site contains two warehouses with a total building area measuring 3052sq m, plus a canopy of nearly 700sq m.
During the campaign Mr Darcy put price expectations broadly between $2 million and $3 million.
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The buyer paid $270,000 for the 50sq m tenancy at Shop 5, 63 Thomson St, Colliers International selling agent Ben Young said.
“They liked the area, the location and the frontage to the street and the price point,” Mr Young said. “It’s quite an affordable price point, it’s a good, local entry level.”
The property is adjacent to High St, offering a large window display and free customer parking in car parking surrounding the nearby Coles supermarket.
Mr Young said it was purchased with vacant possession, but was likely to earn about $17,000 a year in rent.