A local buyer has been lured to a prominent Geelong landmark by the profitable revenue generated by the Amazing Mill Markets and Bean Squeeze, located at 114-116 Bellarine Highway in Newcomb. The 7461sq m property, which recently sold for $4.4 million, garnered substantial interest during an expressions of interest campaign due to the attractive rental income provided by the established tenants.

Colliers Geelong agent Chris Nanni highlighted that the combined annual net income from the property exceeds $260,000, offering buyers a secure and long-term investment opportunity. The longevity of the tenants at the site, particularly Bean Squeeze and the iconic Amazing Mill Markets, played a significant role in attracting potential investors.

Bean Squeeze, a successful Geelong brand with 14 outlets in the city, has been operating from the location since 2008. On the other hand, the Amazing Mill Markets, a haven for vintage furniture and clothing enthusiasts, set up shop in the showroom in 2012. The commercial 2 zoned site also includes approximately 1400sq m of undeveloped land at the rear, presenting future development prospects.

While the possibility of further development exists, Mr. Nanni emphasized that it would be a long-term consideration, contingent upon the expiration of current leases and options. The Bellarine Highway, where the property is situated, has increasingly become a focal point for commercial property investors, with a high volume of daily traffic due to the growing population in the Bellarine Peninsula.

Mr. Nanni noted the area’s appeal, citing established brands like McDonald’s and KFC, as well as the ongoing residential expansion in nearby suburbs like Leopold and Drysdale. With potential population growth in the coming years, the Bellarine Highway is poised to become even busier, attracting interest from both local and interstate buyers.

Despite the site’s development potential, immediate plans are constrained by existing leases, making any substantial changes a consideration for the distant future. The property’s strategic location and the steady income stream from reputable tenants make it an attractive investment prospect in Geelong’s evolving commercial property landscape.