9 September 2022

301-303 Main Street, Mornington, VIC

A 1,346sqm* landholding at 301-303 Main Street, Mornington has been sold by Stonebridge Property Group represented by Rorey James, Jacob Biviano and Chao Zhang. The Commercial 1 zoned Mornington corner was transacted for $3,250,000, representing a net yield of 1.9%.

The auction campaign generated a total of 107 enquiries, with strong engagement from developers, medical groups and owner occupiers throughout the 5 week process, with a Melbourne based developer eventually outbidding a local buyer to secure the asset.

Despite rising construction costs and interest rates, which included a 50 basis point increase on Tuesday, the result in Mornington proved that buyers still have a strong level of appetite for well located commercial property.

The result follows two other recent Stonebridge sales in the Mornington Peninsula, 172 & 174 Ocean Beach Road, Sorrento for $6,700,000 on a 2.40% yield and 100 & 102 Mount Eliza Way, Mount Eliza for $6,400,000 on a 3.51% yield, with another auction set for next Friday 16th September at 19 Bruce Street, Mornington.

*Approximately