Success for Hospitality Investment
Location
58 Corio Street,
Geelong
Geelong
Project Type
Commercial
Land Size
960sqm
Building Size
750sqm
Completion Date
NA
End Value
$38m
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Corio Street
Location
58 Corio Street,
Geelong
Geelong
Project Type
Commercial
Land Size
960sqm
Building Size
750sqm
Completion Date
NA
The former Bush Inn Pub originally presented as a tired asset in need of an upgrade. The vision was to acquire the property and redevelop it, however these plans have been put on hold due to the success of the existing hospitality operator.
The tenant’s ambition for the premises as a thriving nightspot within the Geelong CBD has resulted in Up Property negotiating a new 15 year lease commencing 2018.
As the site is located within Central Geelong Activity Centre, it is therefore able to be considered for a multi-storey redevelopment in the future. Opportunities for redevelopment of the site will be reconsidered in the future.
$38m
Estimated project value
15
15 year lease secured
"We pride ourselves on working with our tenants to create value for both parties. Bush Inn is an example of Up Property acquiring an older asset, and consequently working to secure a 15 year lease with local operators to facilitate a renewed pub operation within the premises."
Ryan O’Grady
Up Property Pty Ltd
Level 1, 85 Union St
Armadale Victoria
3143 Australia