Mornington shopping centre sells for $12.8m

Mornington Cinemas at 1 Main Street was listed for sale this week.

Mornington’s Barkly Square has sold as nine shops, to one buyer, for $12.8 million.

The assets were held by Torca Constructions which paid $3.6m in 2006.

They were auctioned individually yesterday; the mortgagee set an $8m reserve.

There were 12 registered bidders and about 200 onlookers.

A jeweller is understood to have snapped them up.

Nichols Crowder’s Jamie Stewart and Tom Crowder with Stonebridge’s Rorey James, Nic Hage and Kevin Tong were the agents.

Earlier this week Mornington Cinemas at 1 Main Street – the suburb’s main retail thoroughfare – was listed for sale.

On a 546 square metre Commercial 1 zoned plot with water views in three directions, it is expected to attract developers following a campaign by Vinci Carbone’s Joseph Carbone and Stephen Speck with Jacob and Lowe’s Michelle Adams and Jeremy Lewis (story continues below).

Barkly Square at Mornington

The Barkly Square shops contain a total 1015 sqm and return annual net rent of c$517,777.

Beaches of Mornington, God’s Kitchen, Manhattan in Mornington and The Cheesecake Shop are amongst the occupiers.

Other tenancies are fit out for a convenience store, laundromat and dentist.

The 53-55 Barkly St site spreads 2029 square metres, offering development upside.

The property is also near a council-owned car park.

The nine shops were auctioned yesterday.
One of the tenancies, in and around a church.
The crowd, as captured by the marketing agents, at the Mornington auction yesterday.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of