Stonebridge Property Group have just sold 301-303 Main Street, Mornington after a competitive auction that we held on site.

The agents noted 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.

Transaction summary:

• Property: 301-303 Main Street, Mornington
• Sale Price: $3,250,000
• Land Rate: $2,415 sqm
• Net Yield: 1.90%
• Source: Stonebridge Property Group

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.

The campaign of 301-303 Main Street, Mornington was run by Rorey James, Jacob Biviano, Chao Zhang of Stonebridge Property Group.

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.