A retail outlet in the popular upmarket beachside suburb of Mount Eliza has been snapped up by an owner occupier.

The property sold for $900,000 plus GST and had an expected annual rental of $34,000 per annum plus GST and outgoings.

Sold with vacant possession, the property at 55 Mount Eliza Way was brokered via Jacobs and Lowe’s Jeremy Lewis and Michelle Adams.

The single storey building has a floor area of 80 square metres and is on a site of 92 square metres.

Mr Lewis said the property had been on the market for over 12 months with buyer interest fading as soon as the pandemic hit.

“The retail sector struggled through the lengthy lockdowns with businesses having to close which battered any confidence in the market.

“The popularity of the Mornington Peninsula and the trend to shift away from Melbourne and commuting to work has created a strong market for well-located outlets throughout the region,” he said.

Mr Lewis said the vendor is a local solicitor who operated from this shop for many years but has now relocated to another site in Mount Eliza which was previously Lardner Solicitors and is now known as Prudent Lawyers.

According to Mr Lewis, the Mornington Peninsula retail market is a tale of two cities. Main Street, Mornington, Ocean Beach Road, Sorrento and Point Nepean Highway, Blairgowrie are close to reaching full capacity while retail strips in Rye, Rosebud and Dromana are seeing vacancies on the rise.

To request an analysis of the sale please email either of the marketing agents via the below contact forms. 

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