The sale of a beachfront property at 195 Point Nepean Road, Dromana shows attractive growth prospects across Victoria’s Mornington Peninsula continue to draw investors, owner occupiers and developers to retail assets, Fitzroys says.

Fitzroys agents Mark Talbot and Tom Fisher have sold the vacant beachfront property at 195 Point Nepean Road in Dromana for $2.22 million under the hammer. 

At a glance:

• A beachfront property at 195 Point Nepean Road has sold for $2.2 million at auction.
• The sales campaign was managed by Fitzroys agents Mark Talbot and Tom Fisher.
• The sale price reflected a high land rate of $5,800 per square metre.

Mr Talbot said more than 90 enquiries were received for the corner coastal location, with multiple bidders competing for the 383 square metre corner property on auction day.

The site is zoned Commercial 1 and has a single-level building of 243 square metres. 

The sale price reflected a high land rate of $5,800 per sqm, believed to be a record for retail assets in the suburb. 

The purchaser is a local investor who will look to value-add. 
Mr Fisher said enquiry came from investors, owner-occupiers and developers, all wanting to gain a foothold in a tightly held shopping strip. 

“Buyers are increasingly looking beyond the inner and middle metropolitan investment markets for opportunities, and the high level and depth of enquiry during the campaign demonstrated confidence in Dromana’s ongoing growth prospects,” he said. 

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