This article is from the Australian Property Journal archive
A RARE beachfront site in Melbourne’s affluent bayside suburb, Brighton, has hit the market for the first time in 55 years with price expectations exceeding $30 million.
Sitting directly across from Brighton Beach, the 3,393sqm property at 150 Esplanade, is currently occupied by the Brighton Savoy, a 60-room accommodation and events facility with a two-level basement car park for 80 cars.
Stephen Kelly, James Thorpe and Langton McHarg from Knight Frank have been appointed to manage the sale with vacant possession via a private sale campaign.
“We believe this property represents absolute prime real estate. It is incredibly rare to see a beachfront asset of this scale, in a suburb as exclusive and sought after as Brighton, hit the market, creating a genuine once in a lifetime purchasing opportunity,” said Kelly.
“There is also a large amount of inbuilt flexibility for purchasers given the extensive existing improvements which could be retained for a future development, or the buyer could start with a blank slate.”
The size of the property and its development potential alone are expected to attract a diverse range of local, interstate and offshore interest, which will only be heightened by its sought-after location.
“Not only is it in one of Melbourne’s most desirable suburbs, it is also a corner allotment with three expansive frontages to The Esplanade, Wellington Street and Victoria Street, which when combined total over 175 metres,” added Kelly.
150 Esplanade sits around 11km south-east of the Melbourne CBD and is surrounded by amenities, with the beach just 50m and the Church Street retail strip just 500m away.
The listing comes after 2022 saw record-breaking sales prices in the suburb, with 39 Seacombe Grove selling in the $30 million to $33 million range and a four-bedroom off-the-plan penthouse in Kervale’s ESSENCE project sold for $10.2 million, setting a new apartment record.
“Very, very rarely would anything of this magnitude in a location like Brighton become available for sale, with picturesque views over Port Phillip Bay, Brighton Beach, and back towards the Melbourne CBD. We are confident buyer interest will reflect the scarcity of an offering like this,” concluded Kelly.
