A SORRENTO commercial site sold at auction for $3.71 million on Saturday 11 March – more than $1.31 million over the reserve.
The sale of 157-163 Ocean Beach Rd attracted 68 bids from the 300-strong crowd. It achieved an area record of $6700 a square metre for the 554 square metre block on a yield of 2.6 per cent.
The corner site contains two freestanding commercial buildings – Happy Days and Patrick’s – and is said to be “strategically positioned” adjoining a 200-space council car park.
Selling agent Sandro Peluso, of CBRE, says the sale proves the Mornington Peninsula property market is “continuing to gain momentum”.
“[Last year] was a hugely successful year for Mornington Peninsula’s property market and this sale highlights the huge untapped demand that still exists,” Mr Peluso said.
Associate agent Rorey James said the deal also highlighted the strengthening offshore interest in the peninsula property market.
“When comparing our auction in Sorrento on the Labour Day weekend in 2016 against 2017, inquiry from international groups has jumped 39 per cent, with the peninsula one of the most in-demand areas in Victoria.”
The sale follows last year’s auction of the Mitre 10 Hardware store at 80-90 Ocean Beach Rd for $11.465 million – a rate of nearly $4500 a square metre.