With its latest acquisition, Up positions itself as a major player in the growth and development of in-demand Geelong, a city whose population is growing faster than Australia’s five largest capital cities.
The opportunity to acquire 164-172 Malop Street and 2 Powell Place in the heart of Geelong’s CBD was presented to Up by Gartland Property as an off-market offering. Priding itself on the strength and quality of its relationships, Up has again demonstrated the value of building trusted connections with local experts.
The acquisition comprises two neighbouring properties, purchased for $8M. The Malop Street property is an existing 2,200sqm building that inhabits the entire lot. It houses four retail tenants with three years remaining on the lease.
Adjoining the Malop Street property, 2 Powell Place is a 170sqm standalone building that consumes the entire lot. It is currently occupied by a single tenant.
Both properties enjoy mixed-use and activity centre zoning, with no heritage, environmental, land management, or areas of cultural heritage zoning overlay. This provides Up with an attractive cash-flowing asset; a fortunate position that allows the developer the luxury of time to carefully plan for the site’s exciting future. In keeping with Up’s signature visionary strategies, the developer will pursue a short- to medium-term hold at a cash-flow neutral position, with the long-term opportunity to grow the site’s upside significantly. The site will be repositioned as a higher-yielding asset designed to harness and reflect its vibrant, burgeoning surrounds.
By purchasing this strategically located asset in a growth area – and at the lower end of land values – Up is now in a position to carefully plan the asset’s future as a mixed-use development, home to 65+ apartments and 1500sqm of ground-floor commercial space. Positioned opposite Westfield Shopping Centre and surrounded by major retailers such as Chemist Warehouse, Officeworks and Big W – and only 500m from the beach– it’s easy to recognise the boundless potential of 164-172 Malop Street and 2 Powell Place.
Up has built its reputation on colouring outside the lines; on identifying opportunities long before they land on the radars of others. While development in Geelong has surged in popularity recently, Up’s presence in the city spans many years. Its most recent acquisition underscores Up’s commitment to growing its Geelong portfolio and helping to shape the city’s bright future.