Residential Developer Pays $2.4 Million For Sorrento Development Site

But after 2013 when a tenant vacates, a higher density development with ground floor shops and upper level apartments is speculated will be developed in its place.

Any redevelopment may also include an office component to capitalise on a lack of supply in the Mornington Peninsula area where an increasing number of Victorians are choosing to sea-change.

The Sorrento site sold to a local developer at auction last week for $2.36 million. Colliers International’s Tim Grant and Jeremy Gruzewski were the marketing agents.

 

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco

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