A vacant 5,058sqm landholding in Rosebud has been purchased by a residential developer for $3,617,500+GST.

The site, 23-27 Rosebud Parade, is 400m from Rosebud Beach, 250m from Rosebud Shopping Centre on the Nepean Highway, and roughly one hour from Melbourne.

It attracted interest from a range of residential and aged-care developers in a campaign managed by CBRE’s Mark Wizel, Julian White, Rorey James and Chao Zhang, under instruction from the Mortgagee in Possession.

 “The sale was a clear sign of the confidence in the residential development sector, with investors for multiple end-use profiles pursuing the offering,” Mr White said.

“Rosebud’s median house price is roughly $300,000 below the Melbourne Metro figure of $855,000, but we were able to demonstrate the growth prospects of the area, based on the rapid rise of median values in nearby suburbs.”

The property boasts an extensive 50m frontage on Rosebud Parade in an area that has attracted holiday makers since the late-1940s.

“This transaction adds to a very active commercial and development market on the Mornington Peninsula,” Mr James said.

“Buyers want to invest in the region, which is creating strong competition in suburbs such as Mornington, Sorrento and Rosebud.”