North Geelong sellers clean up as Godfreys auction sets sizzling result
A MELBOURNE investor has paid a 53 per cent premium on a outstanding North Geelong retail web site, punting on the capital development potential surrounding the Ford manufacturing facility web site.
The customer paid $four.21 million for the 3883sq m property at 484 Melbourne Rd, North Geelong, at a portfolio public sale in Melbourne.
Initially constructed as a Sizzler restaurant, the constructing has been dwelling to hoover cleaner retailer Godfreys for a few years.
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Allard Shelton agent Joseph Walton mentioned the reserve value was $2.75 million.
Mr Walton mentioned the capital development potential of the event web site attracted sturdy curiosity from buyers.
“They’ve bought a variety of confidence in Geelong, with Bunnings subsequent door and the I feel the State Authorities investments in Geelong has attracted a variety of buyers into the market,” Mr Walton mentioned.
“I feel the broader funding market has seen Geelong as a fairly good place to take a position.
“With the Ford complicated over the highway, I feel one thing goes to be completed with that within the close to future that shall be one thing higher for the realm.”
Mr Walton mentioned the property attracted a variety of curiosity from Melbourne buyers, although there was additionally a variety of exercise from Geelong patrons as properly.
Godfreys’ $170,000 a yr lease on the positioning expires in 2021.
The properties had been being bought by the Cohen household, who by means of Godfrey Cohen co-founded the vacuum cleaner retailer with now 100-year-old proprietor John Johnson greater than 80 years in the past earlier than promoting out to personal fairness corporations Pacific Fairness Companions and Unitas Capital for about $300 million in 2006.
After shopping for again the vast majority of enterprise with $100 million in 2011, Mr Johnston purchased out the remaining shareholders the ASX-listed firm for $13 million this yr, by means of his family-owned funding firm Arcade Finance.
Mr Walton mentioned the property had big growth potential, utilizing three road frontages stretching some 147 metres, topic to council approval.
The Cohen household beforehand bought Geelong’s Vibrant & Hitchcock constructing for $7.52 million in 2017.
Supply hyperlink – https://www.information.com.au/finance/real-estate/melbourne-vic/north-geelong-sellers-clean-up-as-godfreys-auction-sets-sizzling-result/news-story/3fefc0c0b44e7484362644a840a4eea0