112 Marine Terrace

Geraldton WA 6530

An unrepeatable opportunity to acquire Geraldton's most central City Centre footprint. The property comprises land area of 750m2, net lettable area of 631.47m2 and frontage of 18.31m. One of only a handful of Marine Terrace retail assets that benefits from dual access allowing the tenants to take advantage of the 50 free carparking bays on Foreshore Drive.Achieveing a gross rental income of $164,024.53With a passing net income of $117,142.51 The land is zoned 'City Centre' under the City of Greater Geraldton Town Planning Scheme Number 3, and this zoning permits extensive redevelopment opportunity.Geraldton has a resident population of approximately 40,000 people, and is visited by more than 250,000 tourists annually, spending over $150 million each year. Geraldton, being the business hub and major port of the Mid-West, is an important service and logistics centre for regional mining, wheat, fishing, sheep and tourism industries.The region has a population of 54,981 people. 72% of these residents live within the Greater Geraldton Local Government Area (LGA). (ABS Census 2021) The Mid-West Region has a thriving economy. Highlights include: A high level of infrastructure investment, including from State Government with the 2022-23 State Budget allocating $12 billion to the Mid-West. Growing Gross Regional Product and output levels; and A thriving job market- $7.075B Gross Regional Product- 26,361 jobs (68.3% in Greater Geraldton)- $6.7B Mining Output Value- $1.14B Agriculture Output Value Major industries in the Mid-West region include mining, agriculture and tourism with the largest industries of employment being mining and agriculture. The Mid-West Region features many tourism destinations and natural attractions including Kalbarri, the famous Pink Lake and the Bativa Coast. The region has broad appeal with 70,000 international visitors with majority visiting from Europe at 57% of visitors and Asia at 30%The Greater Geraldton LGA has the second largest population for any local government area outside WA's capital city region (Greater Perth). With a population of 39,489 residents, it is roughly equivalent to the largest LGA of Busselton (population of 40,640 based on the 2021 ABS Census data). The City of Geraldton is situated on Champion Bay on a spectacular stretch of coastline known as the Batavia Coast. Geraldton offers pristine beaches with a magnificent Mediterranean climate and is the key port and administration centre for the Mid West region of Western Australia. A key driver of the Geraldton economy is the port. The port authority operates seven commercial berths and critical marine and land assets. Geraldton is the administrative centre for the Mid West Regions diverse industry base from a world leading rock lobster fishery to agriculture (second largest grain export port in Australia) and gold production. Other major industries include the iron ore, grains, mineral sands, non-mineral sands and mineral concentrates. Geraldton and surrounding townships are popular tourist destinations due to their pleasant climate and varied recreational opportunities. A strong performing resources sector has resulted in significant capital investment within the Mid West Region by both private and government institutions. GERALDTON PORT MAX IMISATION PROJECT $350 MILLION This WA Government investment will enable the port to facilitate a significant increase in demand in the region. This project includes berth upgrades, storage facilities and materials handling system, road transport infrastructure, marine assets and supporting infrastructure. The expenditure has already started and is scheduled to reach completion in FY2026.