Owner-occupiers driving market as Newtown warehouse sells for $1.15m

Although the shine has come off the residential market in our region, well-placed commercial property in Geelong are achieving significant results.

Agents are seeing local owner-occupiers continue to drive market activity, seeking properties that offer both functionality and strategic positioning.

Colliers Geelong have achieved another notable transaction in the highly-desirable Newtown market with a premium industrial warehouse at 19/5 Bridge Street changing hands for $1,150,000.

The transaction was managed by Colliers agents Ned Tansey, Jonathon Lumsden, and Jackson Carrick.

The 290sqm property has achieved an impressive $5,750 per sqm across the ground floor area with the asset acquired by a local owner-occupier with vacant possession, underscoring the ongoing demand for industrial properties in the Geelong region.

This result of $5,750 per sqm is a record for Colliers in Newtown’s tightly held commercial property market.

Colliers previous sales in the Newtown industrial market were back in 2019 reflecting how strongly held this market is for investors and owner occupiers.

In April 2019, Colliers sold 13/11 Newcastle Street, Newtown at $327,000, translating to $2,919/sqm; along with 14/11 Newcastle Street, Newtown at $320,000, which came in at $2,857/sqm.

Colliers executive for sales and leasing Ned Tansey said demand for industrial assets in high-quality locations across Geelong remained strong.

“Local owner-occupiers continue to drive market activity, seeking properties that offer both functionality and strategic positioning.

“Warehouses like this one that offer a flexible layout, high clearance space, private offices, and quality amenities that appeal to various uses.

“Newtown’s prime location provides easy access to the Barwon River and the vibrant Pakington Street retail precinct, adds even more to its appeal.

“So far in 2024 we have seen well located industrial assets in the Geelong region continue to achieve outstanding results.”

The interest in the Geelong market has also been boosted by large-scale national investors looking to get a foothold in the growing market.

Colliers recently sold the high-profile Highton site at the corner of South Valley Road and Colac Road, that surrounds McDonalds and APCO, to retirement living provider Lavande for in excess of $20 million.