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A sporting chance to secure a flagship Sorrento investment this Labour Day long weekend

08.02.2019

A prime retail investment, leased to national retailer Sportsgirl, along Sorrento’s famed Ocean Beach Road is poised to go to auction on the Labour Day weekend.

Located at 54-56 Ocean Beach Road, the large 574sqm property is situated in the heart of Sorrento’s retail precinct and in direct proximity to several other national retailers. The site additionally benefits from rear exposure to a large free council carpark.

This is the fourth consecutive year the CBRE team, comprising Rorey James, Nic Hage, JJ Heng and Mark Wizel, has been appointed to sell an Ocean Beach Road asset on the Labour Day weekend.

CBRE’s Rorey James said the property’s investment fundamentals will attract a wide range of buyers, both domestic and international.

“The property’s location is a key selling point, along with its underlying land value and the strength of its covenant,” Mr James said.

“In recent years we have seen the Mornington Peninsula become a well-recognised retail investment location due to the abundance of high-trading, national retailers present in the area,” Mr James said.

Mark Wizel added: “Over the past four years we have had the opportunity to transact more than 10 Mornington Peninsula investments – five of which are along Ocean Beach Road. The buyers of these properties ranged from prominent Melbourne developers, solicitors, investors based in China and Singapore, and high net worth Melbourne based families.”

“Recent investment, such as Jackalope Winery ($40m), Point Leo Estate ($50m) and the under-construction Continental Hotel ($85m), have drawn significant buyer attention to the Peninsula.”

The onsite auction for 54-56 Ocean Beach Road, Sorrento will be held on Saturday, March 9.