The Broadway, 1015-1021 Point Nepean Road, Rosebud comprises six retail shops totaling a net lettable area of 867 square metres located in the heart of Rosebud, a thriving Mornington Peninsula suburb on the coastline of Victoria’s Port Philip Bay.

CBRE’s Mornington Peninsula and Melbourne Strip Retail Investments team of Rorey James, Nic Hage and JJ Heng will manage the sale on behalf of Paul and Lloyd Whittaker, longtime Mornington Peninsula residents and pioneers of the local cinema industry.

At a glance:

• Historic retail strip in Rosebud on the Mornington Peninsula to change hands for the first time in 90 years
• The asset comprises six retail shops with a net lettable area of 867 square metres
• Situated on a 1,241square metre parcel of land, the site has combined frontages of over 90 metres to Point Nepean Road, Rosebud Parade and Wannaeue Place.

Since the building’s completion in 1928, it has operated as The Broadway Theatre cinema, a dance hall frequented by American servicemen during wartime and a popular disco in the 1960s before being converted to retail use, as it stands today. 

Vendor Mr Paul Whittaker said: "The Broadway is steeped in a rich history that our family is very proud to have been part of, from our father Frank Whittaker opening the first cinema on The Mornington Peninsula in the late 1920s to the multiple performances by the famous John Farnham held on The Broadway’s stage in the late 1960s.”

The retail corner, currently leased to tenants including Flight Centre and the popular Foyer Café, is anticipated to generate a fully leased annual income of circa $250,000. 

Situated on a 1,241square metre parcel of land, the site has combined frontages of over 90 metres to Point Nepean Road, Rosebud Parade and Wannaeue Place.

CBRE’s Rorey James said that although though the property’s diverse income and multiple shops offered flexibility, with the potential to subdivide and sell down individually in the future (subject to council approval), he anticipated the likely buyer will be an investor who recognised the value of a large foreshore-fronting corner landholding. 

“The property’s retail position will undoubtedly be a key attraction for buyers as it is very rare for Rosebud properties to come to market and particularly rare for properties with the future flexibility and value-add potential offered by three street frontages,” he said.

The Mornington Peninsula is Victoria’s most visited tourism region, with over 7.5 million domestic and international tourists visiting in the year to September 2018, injecting over $1.1 billion into the local economy. 

“The Mornington Peninsula continues to strengthen as an investment location due to the high level of capital invested by local businesses,” Mr Hage said. 

“Domestic and international buyers are taking confidence in the significant capital outlay into the Peninsula, such as the $40 million investment into the Jackalope luxury hotel and the Gandel family’s $45 million open-air art gallery and award-winning restaurant at Pt. Leo Estate.” 

CBRE has handled 24 of the 31 investment transactions that have taken place on the Mornington Peninsula since 2016, notably Sportsgirl Sorrento, which sold earlier this year to a Melbourne based family for more than $4 million (36 per cent above the vendor’s reserve) and the Peninsula Cinema Portfolio (Rosebud and Sorrento) that was sold on behalf of the prominent Kirby family for a combined amount of almost $10 million.

The Broadway, 1015-1021 Point Nepean Road, Mornington, will be sold by onsite public auction on Saturday 26th October 2019 at 11am.

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