Sorrento shops snapped up before auction
A triple fronted retail property on Sorrento’s Ocean Beach Road has sold before auction.
The late 19th century limestone building (pictured, top) collected $8.6 million.
With 789 square metres over two levels, it returns $412,220 annual net rent.
The site spreads 748 sqm zoned Commercial 1.
Colliers’ Alex Browne and Lucas Soccio were the agents.
It was the 10th publicly listed campaign in the street in 10 years, they said.
Colin Delutis’ DeGroup bought the neighbouring property – the Peninsula Cinema, also known as the Athenaeum building, and limestone, and neighbouring structures for $11m in 2022. That property was once owned by Village Roadshow founders the Kirby family. –
18-24 Ocean Beach Road
Diagonally adjacent to the property, 18-24 Ocean Beach Rd, the Kanat and Smorgon families with Trenerry Property Group recently listed the extended and revamped Continental Hotel with nine figure price hopes (continues below).
In January meanwhile, six bidders contested for a 218 sqm shop and apartment at #111 knocking it down for $2.9m.
That result reflected a 3.3 per cent yield.
The 18-24 Ocean Beach Rd deal reflects a 4.68pc return.
“Assets on this strip are highly sought after supported by extremely low vacancy,” Mr Browne said.
Interest was predominantly from local and interstate investors, he added, “who recognise the long-term value associated with such a prominent retail holding,” he added.
Also this month, DeGroup listed for sale a high profile ex-post office in Port Melbourne’s Bay Street, now a modern retail investment.
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