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.
