669-671 Point Nepean Road in McCrae is an expansive Commercial 1 zoned waterfront landholding brought to market by the Stonebridge Property Group team of Rorey James, Nic Hage and Kevin Tong.
Spanning more than 3000 square metres and comprising three titles, the property is positioned adjacent to the McCrae Beach, Yacht Club and Surf Lifesaving Club, and benefits from an approximately 108 metre frontage to the heavily-trafficked Point Nepean Road.
Currently leased to three Peninsula hospitality icons, Alatanaro, Kobi Jacks and Merchant & Maker, the property provides annual income of $251,885 + GST + outgoings.
“The opportunity represents one of the largest Commercial 1 zoned landholdings along Mornington Peninsula’s Port Phillip Bay foreshore,” said James.
“Given the quality of the retail position, coupled with the strong history of tenant retention, we see the property retaining a heavy retail element.”
Hage added that all three leases include redevelopment clauses, allowing the eventual buyer access to the site within nine months, if they wish to add value through redevelopment.
669-677 Point Nepean Road, McCrae is for sale by Expressions of Interest. Please note, the close date will be announced following the easing of the current Victorian Government Covid-19 travel restrictions (if not sold prior).
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