Mornington's Bay Hotel offered with lease through to 2041

The freehold of Mornington's Bay Hotel on Mornington’s main shopping precinct has been listed for sale.

The 1880s Main Street property is set for 27 February onsite auction with $6 million plus tipped by listing agents, Vinci Carbone Property and Jacobs & Lowe.

The property provides $370,000 income per annum with the current 2007 signed lease term expiring February 2021 with further options until 2041.

"Hotels that occupy prime sites with quality lessees provide outstanding investments with the security of income combined with remarkable underlying land value," Joseph Carbone said,

The 60-62 Main Street, Mornington modernised property has over 13 metres of frontage on a 552 square metre block with rear lane way access. There is 732 square metre space within the Bay hotel which was converted in the mid-1990s from a bank. 

The property is located on the eastern side of Main Street, north of Barkly Street, in the seaside suburb located some 50 kilometres south east of Melbourne.

Mornington’s main shopping precinct is located in Main Street anchored by two major shopping centres.

Carbone sold the 52 Main Street retail premises for $4.39 million in 2011.

In 2013 MAB Funds Management Limited sold the Mornington Village Shopping Centre for $25.8 million through CBRE.