Local carwash sold under the hammer

13 May 2024

A local’s favourite located in the heart of Belmont on 190 High Street has sold at a highly competitive auction for $2,925 million with a yield of 4.78% by Colliers’ experts Ben Young and Chris Nanni.

The auction which took place last Thursday, attracted several bidders on the auction day, with a total of 16 bids received.

Established at the busy corner of High Street and Roslyn Road, the property is linked to a five-year lease to Magic Hand Car Wash, proving a secure income of net passing rent of $140,000 per annum and no further options passed that timeline. The business has been operating at this address since September 2010 and has generated a strong reputation amongst the locals since.

Colliers Sales and Leasing Branch Manager Ben Young said that the auction represents a strong result with a Melbourne investor showing confidence in the Geelong Market. Only an hour away from Melbourne, Geelong is the second largest city of Victoria, expected to grow its population to 510,000 by 2054.

Comprising a substantial 1,196 square metres of Commercial 1 zoned land, the site offers safe opportunities to develop while benefiting from endless exposure.

Colliers’ Sales & Leasing Executive Chris Nanni added; “The auction started slow and some encouragement was needed in order to start the bidding. Once we did, three parties moved very quickly to our eventual sale price. It was promising to see a good crowd and some competitive bidding.”