Sorrento mansion to test strength of Mornington Peninsulas market
Sorrento mansion to test strength of Mornington Peninsula's market
| 9 January 2017
The iconic Sorrento beachside estate ‘Nee Morna’ is being offered for sale for the second time in more than 100 years – unlocking an opportunity to acquire the largest landholding in the premier coastal destination.
CBRE has been appointed to sell the 3106 – 3118 Point Nepean Road property on behalf of the Lipe family – headed by New York-based banker, Alex Lipe - comprising a historic mansion built in 1909 positioned on a clifftop landholding spanning 16,866sqm.
The property, which is expected to attract interest above $20 million, consists of four separate and contiguous titles offering unparalleled panoramic views of Sorrento and Port Phillip Bay.
CBRE’s Mark Wizel, who is selling the property in conjunction with fellow agents Bianca Butterworth, Lewis Tong and Carl Hexter, said Nee Morna benefited from a premium position in an area that had undergone significant capital growth over the past decade.
“Sorrento and Portsea are without peer in Victoria and most probably Australia, being the holiday playground of the social and business elite for close to five decades – and undoubtedly for some time to come,” Mr Wizel said.
“Located on an expansive 16,866sqm land parcel – a size that is relatively rare in modern times – Nee Morna also offers flexibility for future development due to it currently being situated across four titles. The largest allotment includes an exquisitely restored family home ready for immediate occupation.”
Mr Wizel said the property’s panoramic views of Sorrento and Port Phillip Bay was also likely to be a factor attracting developer interest.
“The property offers significant value add angles for developers who may be looking to capitalise on the undersupply of new homes, in close proximity to the beach within the Sorrento area. In recent times there has been a groundswell of interest moving back from Portsea to Sorrento as many families are attracted to the amenity in close proximity to Sorrento houses compared with what is offered in Portsea,” Mr Wizel said.
“In addition to straight residential, wider development opportunities such as an aged care facility, hospitality and/or some form of conferencing/business facility would also be logical outcomes for the property (subject to approvals).”
Melbourne’s Mornington Peninsula has experienced some of Victoria’s most significant domestic real estate transactions over the past five years, with Portsea up until recently holding the record for most expensive house sale for ‘llyuka’ to the Higgins family.
Mr Wizel said Mornington Peninsula’s property market was undergoing a resurgence – driven by growing interest from offshore buyers looking to capitalise on the State Government’s $759 million Peninsula Link project.
“Properties such as the Red Hill Estate Winery, Eagle Ridge and Moonah Links Golf Course are all examples of strong Chinese interest that is moving into this part of Victoria. The record sale of Moondah Estate in Mount Eliza to New Zealand aged care developer Ryman Health for $37.5 million was also another landmark peninsula sale in 2016,” Mr Wizel said.
“It’s clear to see that a diverse group of buyers are circling around a range of assets in this part of our state and with the money that has been invested by the government to link the peninsula with metropolitan Melbourne, it is obvious to see why the demand has risen.”
Nee Morna Estate will be sold via Expressions of interest closing February 28 at 3pm (AEST) with interested parties invited to offer to acquire the whole of the estate or one or more of its individual lots.
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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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.