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VIC:Investors are returning to the safety of property during the COVID-19 at North Geelong

10Mo ago 0 Replies 129 Views
Investors are returning to the safety of property during the COVID-19 pandemic as five buyers contested an industrial complex at a North Geelong auction last week.
A mix of investors and owner-occupiers competed for the 3613sq m property at 11-13 Morgan St, North Geelong, which sold for $1.3 million.

Darcy Jarman, Geelong West agent Simon Jarman said bidding opened at $800,000 and quickly accelerated to $1 million, where two buyers — the investor and an owner-occupier — closed out the auction at $1.3 million.
Mr Jarman said the property sold at a 5.75 per cent yield, based on the annual rental income.
The property contains a versatile 1200sq m industrial facility that is presently home to transport company KD Freight Services, providing a $75,000 rental income for the first year.


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