Sorrento shops sell for $3.71 million

Sorrento shops sell for $3.71 million
Sorrento shops sell for $3.71 million

A Melbourne strip retail at Sorrento has been sold for $3.71 million at weekend auction.

Located at 157-163 Ocean Beach Road, the property is at the heart of the beachside destination.

It is a Commercial Zone 1 landholding of 554 sqm on a major corner with over 200 car spaces available.

There is strong holding income from two retail buildings, Happy Days Sorrento and Patrick's, totalling $103,941 per annum with no further options after 2019.

There is potential to create a mixed-use development with views over Pioneer Memorial Gardens.

It last sold in 2004 for $1.5 million and $475,000 in 2000.

It was offered by CBRE Melbourne Strip Retail Investments in conjunction with Jellis Craig.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Commercial Property Sorrento

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