A premium generational freehold opportunity located in one of Victoria’s most popular tourism precincts is being offered for sale through Burgess Rawson’s Rick Jacobson and Jamie Perlinger.

Mr Jacobson said the prized site is positioned at 2201-2209 Nepean Highway, in the vibrant beachside suburb of Rye and delivers an opportunity for investors, developers, and occupiers with the listing of a rare, beachfront 1,203 square metre landholding in one of Melbourne's most coveted coastal holiday destinations.

This exceptional offering presents a once-in-a-generation chance to acquire a significant commercial land parcel in the tightly-held Mornington Peninsula.

The beachfront landholding features a massive 26.4 metre street frontage, offering unparalleled visibility and potential for a multi-level development featuring up to three levels and five individual shop fronts.

The existing building includes a fully serviced kitchen, two separate bars, staff amenities, office space, and a beer garden, providing a solid foundation for various business ventures.

The premium Commercial 1 Zoning delivers a wide range of permissible uses including retail, office, childcare, service station/convenience, fast food, and medical facilities, enhancing the property's investment potential. Furthermore, the property offers the potential for residential, mixed use, hospitality and hotel/motel uses.

Mr Jacobson said the asset is in a prime location with direct exposure to Point Nepean Road - the main thoroughfare through the Mornington Peninsula, ensuring high visibility with over 21,000 vehicles passing the site daily.

“Important rear lane access provides potential for off-street parking, complemented by an abundance of free public parking nearby.”

Situated in the heart of the Rye Town Centre, opposite the Rye East Camping Sites and less than 50 metres from Woolworths Supermarket, the property enjoys a strategic position amidst thriving retail and leisure destinations.

With a median house price of $1,110,000, up 60% since April 2020, Rye stands as a booming bayside destination, attracting domestic tourists to the Mornington Peninsula Shire in record numbers, with a 55% increase from the previous year with the total number of domestic tourists reaching 8.23 million people.

The property, offered for sale along with its liquor license, is set to go under the hammer at Burgess Rawson’s Investment Portfolio Auction 168.

Interested parties are invited to attend the auction on Tuesday, 14th May 2024, at 10:30am (AEST) in the River Room, Crown Casino, Melbourne.