Versatile Geelong industrial asset listed for sale

An eight-hectare industrial site in Lara’s tightly held industrial precinct with a price expectation of circa $20 million has been listed for sale.

Located at 110 Heales Road, the property sale is being managed by CBRE’s Mat George and Chris Bolsin who are Geelong-based.

Mr George said the property offers strategic development and investment potential, making it ideal for a diverse range of buyers, including developers, owner-occupiers and investors.

“The demand for industrial land west of Melbourne, particularly in Geelong, remains robust and attracts strong interest from tenants, owner-occupiers, and developers alike. This property has already generated significant interest from both leasing and sales, as occupiers seek more value for their investment.

The property spans eight hectares with four hectares available for immediate development, subject to council approval. It includes existing buildings (factory and warehouse), of approximately 4,250 sqm each.

“The warehouse is tenanted to AP Colorants, a part of DuroColour, who are Australasia’s largest local manufacturer and supplier of colorants to the plastics market for things such as medical devices, food & beverage packaging, cables for power and data transmission, and high-performance pipes for the mining industry. The tenanted warehouse is generating a holding income of $270,500 per annum, with a full market rent review in two years and a final five-year option remaining until 2031.”

Mr Bolsin noted recent sales, including four hectares on O’Briens Road at approximately $415 per sqm to an owner-occupier and 12.40 hectares on Heales Road at approximately $230 per sqm to a developer, are indicators of continued market growth in the area.

“We anticipate good levels of buyer engagement in this asset due to its size, its proximity and connectivity to road, air, rail and sea networks, plus the tightly held nature of the industrial precinct around Heales Road, Lara,” Mr Bolsin added.