A retail opportunity with future development potential in the heart of Frankston’s CBD is being offered to the market, unlocking an attractive opportunity for investors, developers and owner occupiers.
CBRE’s Rorey James, Nic Hage and Sandro Peluso have been appointed to sell the 3-3a Shannon Street Mall property on behalf of a Melbourne based private family. The property is being sold via an Expression of Interest campaign closing mid May 2018.
The property is partially leased to ASX-listed tenant Bank of Melbourne, allowing the eventual purchaser with the flexibility to lease, occupy or develop the remaining 308sqm retail space.
Consisting of two titles with frontage onto the vibrant Shannon Street Mall, the property is positioned centrally between the Vicinity-owned Bayside Shopping Centre and the eclectic Wells Street retail boulevard.
CBRE’s Rorey James commented: “The property enjoys the benefits of the adjoining Bayside Shopping Centre, which includes over 3,400 car spaces, an encouraging 99.2% occupancy rate and consumer attractions, Hoyts cinemas, Coles, Aldi, Woolworths and Dan Murphys.
“Rarely as agents do we have the opportunity to present an asset to the market in such a central location, which is quite literally at the gateway to the Mornington Peninsula’s largest shopping centre with annual foot traffic in excess of 12 million customers.”
Frankston is currently undergoing a period or rejuvenation, supported by significant government investment with an overarching goal of improving accessibility, stronger links with business and industry, as well as outstanding education, employment and skills opportunities for the community. Projects underway include the 2018 Frankston Train Station upgrade ($63 million), Chisholm institute development ($70.5 million) and South East Water head office development ($84 million).
CBRE’s Nic Hage stated: “The timing of this opportunity couldn’t be better for those who are looking for long term growth. In the past 12 months we have seen distressed office buildings along Wells Street undergo refurbishment, then be released back to the market with great success. The most recent example being 60 Wells Street, which was purchased in 2007, refurbished in 2017 and now enjoys 100% occupancy to a range of government tenancies, providing an encouraging future for the Frankton CBD.”
The sale of 3 & 3a Shannon Street Mall, follows a string of Mornington peninsula transactions by CBRE, including the Peninsula Cinemas in Rosebud and Sorrento and the landmark Country Road Sorrento building, which sold under the hammer on a sharp 3.6% yield.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 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.
