Situated less than 45 minutes from the Melbourne CBD, the 33 Jacksons Road site was initially developed from the late nineteenth century as the private residence Beachleigh.
From the inter-war years, the house and the broader site became the Orthopaedic Branch of the (Royal) Children’s Hospital, before being used for aged care and, more recently, for administrative purposes.
While an initial sale campaign was conducted in 2017, CBRE’s Ms Butterworth said improved development outcomes and greater certainty in relation to the site’s potential had sparked renewed investor and developer interest.
“We have received advice indicating that Beachleigh could potentially be utilised by a range of end users, including residential, aged & health care, education and retirement living, subject to the relevant planning approvals,” Ms Butterworth said.
“The flexible General Residential Zoning (1) is one of the draw cards and we are fielding interest from a range of local and international parties seeking to capitalise on the site’s exclusive water views and sought after Mornington Peninsula location.”
CBRE’s Ms McIntyre said the Mornington Peninsula market was undergoing a resurgence, underpinned by the improved access provided by the Victorian Government’s $759 million Peninsula Link project.
“Tourism is a massive industry for the Mornington Peninsula, with the region hosting approximately 6.9 million overnight visitors per year,” Ms McIntyre said, adding that in the year ending December 2017 visitors spend circa $1 billion in the area.
“The beachside lifestyle on offer in Mount Eliza is also drawing more permanent residents, attracted by the surrounding golf courses, vineyards and village lifestyle just 50km from Melbourne itself. With a median house price of $1,215,000 and a growth rate of 73.5% over the past six years, the demand for amenity to service the local population is surging and Beachleigh is well positioned to help fill part of the void.”
Ms McIntyre noted that the site was situated near several other properties recently transacted by CBRE, including Moondah Estate, which was sold for $37,500,000 to Ryman Healthcare.
Another recent transaction by CBRE involved Morningstar Estate – a circa 63.23ha site, featuring a historically significant mansion, winery and landscaped gardens, which transacted for over $36,000,000 to a private family.
The Public International Tender campaign for 33 Jacksons Road will close Tuesday, 11th December at 3pm (AEDT).
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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 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.