Close Menu
  • Home
  • News
  • Sport
  • Entertainment
  • Local History
  • Contact Us
  • Advertise With Us
  • About Us
  • Subscribe
  • Read Our Newspapers Online
    • Read the Latest Western Port News
    • Read the Latest Mornington News
    • Read the Latest Southern Peninsula News
    • Read the Latest Frankston Times
    • Read the Latest Chelsea Mordialloc Mentone News
  • Competition
Facebook X (Twitter) Instagram
Trending
  • Reverse freeway budget cuts – MP
  • Paid parking trial ‘fiasco’ before it begins
  • ‘Dialogue’ terminated over flag
  • 105 Quinns Parade, Mt Eliza
  • Brigade’s open day for all
  • Transparency backed, but ‘secret’ talks stay
  • Myatt puts opponents on notice
  • Sharks circle the Kangaroos, rain stops play
Facebook X (Twitter)
MPNEWSMPNEWS
  • Home
  • News
  • Sport
  • Entertainment
  • Local History
  • Contact Us
  • Advertise With Us
  • About Us
  • Subscribe
MPNEWSMPNEWS
Home»Latest News»Village goes to market
Latest News

Village goes to market

By Stephen TaylorMarch 1, 2021Updated:March 2, 2021No Comments2 Mins Read
Picture: Yanni
Share
Facebook Twitter LinkedIn Pinterest Email
Picture: Yanni

THE pending sale of the Mornington Village Shopping Centre will “test the market as the first core Victorian neighbourhood shopping centre offering of 2021”.

Agent Stonebridge Property Group says the centre has “long been an investor favourite based on recession proof and non-discretionary tenancy profiles, especially in booming areas like Mornington”.

The sale price is expected to be around $40 million. It last sold in 2018 for $39 million.

The Main Street centre at the corner of Cromwell Street is anchored by Woolworths and Aldi supermarkets as well as The Reject Shop, Pharmasave, medical centre and 14 retailers over 7963 square metres. There are 455 outdoor car spaces and 55 undercover spaces.

Stonebridge partner Justin Dowers said the owners’ decision to sell reflected a “sound understanding of the positive investment conditions for recession-proof retail assets anchored by blue chip supermarket tenants”.

“The amount of interest in the freestanding supermarket and neighbourhood shopping centre sector has grown extensively over the past 12 months,” he said.

“A number of household institutional groups and funds [are] joining the many established private investors [keen to] gain exposure to assets with characteristics similar to that of Mornington Village.

“Daily-needs tenants, like Woolworths and Aldi, add another level of tenancy and rental income security which is particularly attractive in uncertain times.”

Agent Kevin Tong said Mornington Village was spread across 1.1 hectares with flexible zoning providing for future development potential.

“With the increasing resident demand and low to medium density developments in the area, the corner site … is prime for future development in the medium to long term [subject to council approval], especially given the massive car parking provided by the council.”

First published in the Mornington News – 2 March 2021

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Reverse freeway budget cuts – MP

November 29, 2023

Paid parking trial ‘fiasco’ before it begins

November 28, 2023

New mayor for ‘positive change’

November 27, 2023

Mechanical beach cleaning fails test

November 21, 2023
Add A Comment

Comments are closed.

Peninsula Essence Magazine

Click here to read

November 27, 2023
Peninsula Kids Magazine

Click here to read

August 23, 2023
Council Watch

‘Dialogue’ terminated over flag

November 28, 2023

Transparency backed, but ‘secret’ talks stay

November 28, 2023
Letters to the Editor
Letters Photo 167953350 © Zerbor | Dreamstime.com
Interview

Rolls Royce-driven life worth recording

November 13, 2023
Property of the Week

105 Quinns Parade, Mt Eliza

November 28, 2023
100 Years Ago This Week

Frankston school – Lecture by Mr Chas. Long

November 27, 2023
Menu
  • Home
  • News
  • Sport
  • Entertainment
  • Local History
  • Contact Us
  • Advertise With Us
  • About Us
  • Subscribe
About

Established in 2006, Mornington Peninsula News Group (MPNG) is a locally owned and operated, independent media company.

MPNG publishes five weekly community newspapers: the Western Port News, Mornington News, Southern Peninsula News, Frankston Times and Chelsea Mordialloc Mentone News.

MPNG also publishes two glossy magazines: Peninsula Essence and Peninsula Kids.

Facebook X (Twitter)
© 2023 Mornington Peninsula News Group.

Type above and press Enter to search. Press Esc to cancel.