Mornington Peninsula is emerging as one of Victoria’s most sought after property markets, with the area’s growing population and ongoing development paving the way for what is expected to be one of the strongest years for the region.
CBRE’s Mark Wizel said Mornington Peninsula had witnessed a flurry of property transactions in 2016, underpinned by growing interest from local and international investors looking to inject capital into the area.
Highlighting the trend in 2016 was the sale of a Mitre 10 Hardware store earmarked for future development at 80-90 Ocean Beach Road in Sorrento for $11.465 million. The sale reflected a record rate of nearly $4,500 per square metre, with the property acquired by a prominent Melbourne based high net worth private investor.
The next property to test the strength of the market will be 157-163 Ocean Beach Road, which is scheduled for auction early March.
The 554sqm landholding comprises two freestanding commercial buildings and is expected to attract strong interest given its passing income, flexibility and position adjoining a council car park.
Mr Wizel said the site offered an opportunity to undertake a mixed use development in one of Victoria’s strongest performing markets.
“2016 was a hugely successful year for the Mornington Peninsula’s property market and we expect this momentum will continue into 2017,” Mr Wizel said.
“It will be great to see how much the market has moved again in this first test for the New Year.”
Fellow selling agent, CBRE’s Sandro Peluso said Sorrento had emerged as one of the state’s strongest housing markets in recent years.
“House prices in Sorrento have grown by 17.43% in the past three years, underlining investor confidence in the stability and growth potential of the suburb,” Mr Peluso said.
“Furthermore, opportunities on this stretch of Ocean Beach Road don’t come up regularly, especially ones with such outstanding corner street exposure, development potential and short term income security.”
The property currently provides two income streams totaling $105,105 per annum, with two short-term leases in place.
Mr Peluso said the State Government’s $750 million Peninsula Link project was also helping to support the area’s continued growth.
“With the new Peninsula Link Freeway enabling shorter travel time from Melbourne, Sorrento is becoming an increasingly attractive location for permanent residents – a factor which is helping to sustain population growth,” Mr Peluso added.
157-163 Ocean Beach Road will be offered for sale via a public on-site auction on March 11 at 12:30pm.
CBRE’s Mark Wizel said Mornington Peninsula had witnessed a flurry of property transactions in 2016, underpinned by growing interest from local and international investors looking to inject capital into the area.
Highlighting the trend in 2016 was the sale of a Mitre 10 Hardware store earmarked for future development at 80-90 Ocean Beach Road in Sorrento for $11.465 million. The sale reflected a record rate of nearly $4,500 per square metre, with the property acquired by a prominent Melbourne based high net worth private investor.
The next property to test the strength of the market will be 157-163 Ocean Beach Road, which is scheduled for auction early March.
The 554sqm landholding comprises two freestanding commercial buildings and is expected to attract strong interest given its passing income, flexibility and position adjoining a council car park.
Mr Wizel said the site offered an opportunity to undertake a mixed use development in one of Victoria’s strongest performing markets.
“2016 was a hugely successful year for the Mornington Peninsula’s property market and we expect this momentum will continue into 2017,” Mr Wizel said.
“It will be great to see how much the market has moved again in this first test for the New Year.”
Fellow selling agent, CBRE’s Sandro Peluso said Sorrento had emerged as one of the state’s strongest housing markets in recent years.
“House prices in Sorrento have grown by 17.43% in the past three years, underlining investor confidence in the stability and growth potential of the suburb,” Mr Peluso said.
“Furthermore, opportunities on this stretch of Ocean Beach Road don’t come up regularly, especially ones with such outstanding corner street exposure, development potential and short term income security.”
The property currently provides two income streams totaling $105,105 per annum, with two short-term leases in place.
Mr Peluso said the State Government’s $750 million Peninsula Link project was also helping to support the area’s continued growth.
“With the new Peninsula Link Freeway enabling shorter travel time from Melbourne, Sorrento is becoming an increasingly attractive location for permanent residents – a factor which is helping to sustain population growth,” Mr Peluso added.
157-163 Ocean Beach Road will be offered for sale via a public on-site auction on March 11 at 12:30pm.
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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.
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.
