Popular high-profile car wash site changes hands

One of the region’s most popular and high-profile car wash sites has being sold to a Melbourne investor after battling it out with a local bidder.

This has been another successful campaign from the local Colliers team who sold this local’s favourite located in the heart of Belmont at 190 High Street.

The site, presently linked to a five-year lease to Magic Hand Car Wash, sold at auction for $2.925 million with a yield of 4.78 per cent.

Colliers experts Ben Young and Chris Nanni led the campaign to auction which 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 leased to Magic Hand Car Wash, proving a secure rental income of $140,000 per annum.

The business has been operating at this address since September 2010 and has generated a strong reputation among 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, so we are seeing a lot of Melbourne based investors taking real interest in this market,” Mr Young said.

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

Colliers’ Sales and Leasing Executive Chris Nanni added said that 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,” Mr Nanni said.

Colliers have been very active in the Belmont market where they transacted several properties including 1/154 High Street Belmont, and the high-profile former council-owned site at 17 Reynolds Road, Belmont known as the Ten Pin Bowling centre.