CBRE has been appointed to market for sale the home of Country Road’s Sorrento outlet on the coveted Ocean Beach Road.
CBRE Melbourne Strip Retail Investments has been appointed to market the 10-16 Ocean Beach Road property, which dates back to 1905 as the former home of Sorrento’s Post Office.
Leased by fashion giant, Country Road Group, the 750sqm property has undergone a circa $1 million fitout in recent years to include state of the art retail space, kitchen and award winning design in architecture and landscaping.
Opening in 2015 as Australia’s first Country Road concept store, the outlet was awarded the Mornington Peninsula 2015 Excellence in Concept and Restoration title – celebrated for its immaculate presentation and consideration to historical significance.
For the third year in a row, Labour Day weekend in this coastal setting will play host to a public on-site auction on Saturday 10th March for the sale of the highly renowned Country Road building.
CBRE’s Bianca Butterworth said the property benefitted from a central position in Sorrento’s bustling retail strip.
“Referred to as ‘Sorrento Main Street’, Ocean Beach Road boasts a number of cafes and eateries, amenities, boutiques and premium retailers that make it attractive to both holidaymakers and residents all year round,” Ms Butterworth said.
“Offering one of the most well-known, trusted and established tenancies, this is an outstanding opportunity that will attract strong interest from a wide range of groups and individual investors. We have been fortunate to have successfully marketed five properties in this street over the past two years and we don’t expect to see interest in this area diminish anytime soon.”
Owned by publicly listed South African company Woolworths Holdings Limited, which has a market cap of AU$6.40 billion dollars, the immensely successful Country Road Group has grown from strength to strength, opening an additional 81 stores internationally and growing sales by 5.1% in the year ending June 2017.
The property is currently leased to Country Road until 2022 with two further five-year options available.
CBRE’s Rorey James said the Sorrento market had continued to gain momentum over the past two years.
“Drawing from a large catchment of more than 150,000 residents from Mount Martha to Portsea, Sorrento has seen increased interest from local and international investors with a number of significant sales over the past two years,” Mr James said.
“We expect this momentum to continue, with this property attracting strong interest due to its favourable lease structure and longer term development potential, together with the prime position along Sorrento’s retail strip.”
Sorrento is well serviced by several arterial roads, including the scenic coastal Point Nepean Highway, Frankston-Flinders Road, Moorooduc Highway and Cranbourne-Frankston Road, as well as the newly constructed $750 million Peninsula Link Freeway and the recently completed extension of the Mornington Peninsula Freeway.
Recent transactions in the area include:
26-36 Ocean Beach Road, Sorrento
59 Ocean Beach Road, Sorrento
157-163 Ocean Beach Road, Sorrento
Diner & Gift Shop
80-98 Ocean Beach Road, Sorrento
141-147 Ocean Beach Road, Sorrento
Sandarne & Gallery
The bustling strip trades seven days a week, due to the sheer volume of traffic brought by shoppers, tourists, students and locals.
The property is to be sold via public onsite auction March 10 at 12.00pm (AEST).
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.