This article is from the Australian Property Journal archive
A SORRENTO commercial freehold on the Mornington Peninsula has sold under the hammer for $3.71 million, in front of a crowd of more than 300.
The 157-163 Ocean Road property sold for $1.31 million above the reserve on a 2.6% yield, and attracted 68 bids on its way to achieving a land rate of $6,700sqm.
The 554sqm site comprises two freestanding buildings and is positioned next to a council car park.
CBRE’s Sandro Peluso, Rorey James, Mark Wizel and Bianca Butterworth sold the property.
Peluso said the sale highlights the huge untapped demand that still exists for the Mornington Peninsula’s property market, after hugely successful year in 2016.
James said the deal also highlighted strengthening offshore interest in the market.
“When comparing our auction in Sorrento on the Labor Day weekend in 2016 against 2017, enquiry from these international groups has jumped 39%, with the Peninsula being one of the most in-demand areas across Victoria,” he said.
Recent sales on the Mornington Peninsula included a Melbourne-based high net-worth investor’s acquisition of a Mitre 10 Hardware store slated for future development at 80-90 Ocean Beach Road in Sorrento for $11.465 million.
Australian Property Journal
