An iconic Mornington retail complex will go to auction next week, under instruction by the mortgagee.
Located at 53-55 Barkly Street, the complex commonly known as Barkly Square comprises nine retail units situated on an island landholding of 2,029sqm.
Stonebridge Property Group’s Rorey James, Nic Hage and Kevin Tong have been marketing the property in conjunction with Jamie Stuart and Tom Crowder of Nichols Crowder.
Rorey James explained that “aside from the two major shopping centres, which are conveniently placed either side of this opportunity, Barkly Square is the only retail island site in Mornington. Opportunities like this rarely come to market and it may be a long time before something similar is offered.”
“Income producing properties with upside have been the most sought-after product on the Peninsula for the past four years, with a number of these trading to Asian buyers over more recent years, including ANZ Mornington and Mornington Village SC.” Kevin Tong commented, co-head of Stonebridge’s Asia Practice platform.
Mornington is located along the coastline of Port Phillip Bay on the Mornington Peninsula, a popular destination that attracted over 7.5 million tourists in the year ending September 2018, injecting over $1.1 billion into the local economy and making it Victoria’s most visited tourism region.
Mr Hage noted although Mornington is a popular weekend getaway destination, it is not impacted by the seasonality of other areas of the Peninsula due to the large presence of medical, education and industrial services, which position Mornington as a central hub for the wider Peninsula and support year-round trade.
53-55 Barkly Street, Mornington will be sold by Public Onsite Auction on Wednesday March 17th 2021 at 12:00pm (AEDT).
For further information please contact:
Rorey James | 0439 400 081 | RJames@stonebridge.com.au
Nic Hage | 0448 782 594 | NHage@stonebridge.com.au
Kevin Tong | 0422 848 818 | KTong@stonebridge.com.au