Geelong offices approaching the peak of market: HTW national office clock

Geelong offices approaching the peak of market: HTW national office clock
Geelong offices approaching the peak of market: HTW national office clock

The office market in Geelong, south west of Melbourne, is approaching its peak, according to valuation firm Herron Todd White.

The market kicked in to gear early last year when the offices of insurer TAC sold for a region record $115 million (pictured above).

It was sold by Impact Investment Group, who set a record when they paid $95.8 million in 2014.

The six level trophy asset was bought by Centuria Property Funds Limited.

Herron Todd White now believe the office market in Geelong is approaching the peak, along with Brisbane and Sydney.

To enlarge the National Office Property Clock, click here.

Geelong offices approaching the peak of market: HTW national office clock

The Brougham Street offices of the Transport Accident Commission are located on a 5475 sqm waterfront site.

The record setting sale bred confidence.

Following the sale, a Ryrie Street office block sold for $40 million through Savills.

It was sold fully leased to the likes of the State Government and a number of ASX listed and growth industries.

The confidence didn't just breed sales success.

Savills negotiated the lease of a 13,200 sqm Malop Street office to WorkSafe Victoria who moved their head office to the site.

The 14 level A grade office building was only completed in December 2017 having been developed by Quintessential Equity

Earlier this year the former Target Head Office at 12-14 Thompsons Road in North Geelong (pictured below) sold for $10.6 million.

Geelong offices approaching the peak of market: HTW national office clock

It included a large land holding of around 38,000 sqm.

The property has been earmarked for a mixed-use rezone and sold with vacant possession.

Geelong has a number of offices in prime locations currently for sale.

An office block at 49 Mercer Street (pictured below), just one road back from the harbour, has been listed for sale.

Geelong offices approaching the peak of market: HTW national office clock

Set on 240 sqm in the Western Wedge zone, the current fitout has six office spaces across its two levels. 

It is currently tenanted by the Australian Red Cross and last traded for $335,000 in 2004. It was last advertised for rent at $55,000 per annum in 2016.

Tags: 
Geelong Htw

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?