Mornington Peninsula caravan park expected to fetch above $7 million

A caravan park in Rosebud in the Victorian holiday destination of Mornington Peninsula is on the market with expectations of more than $7 million.

The 110 Elizabeth Drive property spans 2.4 hectares and is zoned General Residential 1.

The site is close to beaches and golf clubs and has easy access to schools, public transport and shops.

According to Savills marketing agents, James Lockwood and Julian Heatherich, the property is suitable for a range of uses including aged care and townhouses and/or apartments subject to council approval.

"Rosebud has and will continue to experience steady growth in the residential market with the number of dwellings expected to increase by 15 per cent over the next 20 years, a rate which is 2.16 per cent higher than the forecast development of dwellings within the entire Mornington Peninsula Shire,’’ Lockwood said.

According to Forecast.id.com.au, the local population is forecast to grow by 13 per cent over the next 20 years.

The property will be sold with vacant possession via expressions of interest closing August 17.