CBD investors seeking Mornington Peninsula retail property

CBD investors seeking Mornington Peninsula retail property
CBD investors seeking Mornington Peninsula retail property

Melbourne’s Mornington Peninsula is emerging as a popular market for CBD investors, with the $5,435,000 sale of a retail property.

CBRE’s Melbourne Strip Retail Investments team, comprising Rorey James, Josh Rutman and Sandro Peluso, negotiated the sale process of 9-13a Main Street via an onsite auction, which attracted a crowd of more than 120.

The property was eventually sold to a Melbourne-based buyer, after attracting over 100 enquiries and offshore team engaging more than 60 foreign investors to the asset, James said.

The property, which comprises a 453 square metre building on a 936 square metre site, was offered at an initial bid of $4.1 million, where it rose quickly to above $5 million before being knocked down to a Melbourne investor for $5,435,000.

The sale result translating to a yield of just 3.5% and a building rate of approximately $12,000 per square metre.

The property comprises two separate titles and is occupied by five separate tenants, including three offices and two local restaurants, Afghan Marco Polo and the Brass Razu wine bar.

The sale of 9-13a Main Street marks CBRE’s sixth transaction on the Morning Peninsula this year, following the sale of two properties along Ocean Beach Road in Sorrento – a waterfront shop in Rye and a hobby farm in Red Hill.

Tags: 
Melbourne CBRE

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