A fully leased gateway corner to the elitist Sorrento retail precinct has come to market.
Stonebridge Property Group’s Nic Hage, Rorey James & Sarah Xi have been appointed to handle the transaction of 172 & 174 Ocean Beach Road, Sorrento (corner of Melbourne Road).
Café institution ‘Buckley’ & experienced peninsula fashion retailer ‘Sorrento Collective’ occupy the triple fronted freehold, who together provide an annual income of nearly $180,000.
“With respect to tenant exposure, this would have to be one of the most strategic, well positioned assets in the strip – it is incredibly hard to miss as you enter & exit Ocean Beach Road” – Nic Hage, Stonebridge Associate Director
The mixed-use building is spread across two separate titles, boasting a combined land area of 412sqm* and 58m* corner frontage.
“Buyers will be looking at the asset from an investment perspective, however the long-term ability to extend/develop and add a residential component will certainly be appealing to value-add groups”
“We see the quality of the tenants being of high interest to investors, notably Buckley, which is owned by Julien Moussi, the man behind Victoria’s largest independent café group – Only Hospitality.”
“A level of comfort will be taken from the tenants experience which includes 20+ cafes/restaurants (inc. Rosebud & Blairgowrie) plus a hugely successful coffee roaster business, being Inglewood Coffee Roasters.” – Nic Hage, Stonebridge Associate Director
The already thriving Sorrento retail precinct is soon to be bolstered by the $100m+ redevelopment of The Continental Hotel, which was purchased in 2020 by a consortium comprising Victor Smorgon Group, the Kanat Group and developer Trenerry Property.
The project includes a 108 room Intercontinental resort, public bar, beer garden, conservatory, late-night venue, & sunset roof deck.
Publican Craig Shearer & celebrated chef-restaurateur Scott Pickett have secured the hospitality offering of the highly anticipated project through a joint venture agreement.
“The completion of the Conti Hotel later this year will certainly see an added level of activity for the area, and undoubtedly have a positive impact on local businesses and owners.” – Nic Hage, Stonebridge Associate Director
Sorrento has experienced a $728,000 (50.5%) increase in median house price over the past 24 months.
The property is for sale via Public On-site Auction to be held Saturday 5th March 2022.
