The KEY Corner for DEVELOPMENT - $10000

Description

371 Thompson Road, North Geelong is an address synonymous as the former home of Sunicrust Bakery. Located on the corner of Morgan Street and Thompson Road in North Geelong, this high profile and highly sought after location for Commercial and Industrial Property Owners and Developers is now available for purchase by Public Auction on Friday 30th May onsite at 12 noon. This property sits on land measuring 1.016ha (approx) comprising buildings measuring some 2,386m2 (approx) in an Industrial 1 zone. North Geelong is considered to be the hub of the commercial and industrial precinct in Geelong and many of Geelong and Victoria's premier manufacturing, distribution and warehousing business operate in this area. This is a unique opportunity to acquire an important corner property with a short term lease back at $156,000 p/a that is ready for refurbishment, redevelopment or subdivision (STCA) on a major arterial road with high exposure. The Land The property is situated on land measuring 1.016ha (approx) just minutes from the Princes Highway thus providing ease of access to Melbourne, Geelong and the Surf Coast, even more so when the Ring Road is completed in late 2009. The attractive locale of the property coupled with a high exposure and corner location certainly makes this property worth your consideration. Existing Buildings The property consists of an extensive array of buildings previously used by the Sunicrust Bakery. Upon inspection, you will note that whilst the majority of these buildings were constructed many years ago, refurbishment and modernizing to suit the Purchasers requirements would certainly add value to this property. However, should the Purchaser prefer, this property is also well suited to complete redevelopment or subdivision (STCA) and given the extensive size of the land - there are endless opportunities limited only by your requirements. Short Term Lease Currently there is a short term lease (as described in the Lease Documentation within the Legal Package) which will provide the astute Purchaser the opportunity to collect an income in the vicinity of approximately $13,000 per month whilst arranging refurbishment requirements or obtaining development permits etc. Development Options As previously mentioned, the existing buildings are aged and may not suit the requirements of the Purchaser, therefore we have engaged the services of a local Planning firm - St Quentin's to provide three varied development options together with estimated costings to assist you in your assessment of 371 Thompson Road, North Geelong The Land and Its Location The property is situated on land measuring 1.016ha (approx), as shown in the above aerial photograph and is just minutes from the Princes Highway thus providing ease of access to Melbourne, Geelong and the Surf Coast, with the benefit of its locale to the Ring Road when completed in late 2009. As such, this property lends itself to a variety of potential uses as described within the Development Options section of this report. The property itself enjoys a wide frontage of 80.83m on the western side of Thompson Road and 117.64m to Morgan Street (previously known as Braund Avenue). For even more information go to the website -www.bakery-auction.info/gr