November 21, 2018

Mornington Peninsula Auction Strength

4 Brasser Ave, Dromana & 48 High Street, Hastings

The Nichols Crowder Mornington office has delivered some solid auction results recently, exceeding vendor expectations, and achieving strong pricing despite some uncertainty in the market.

In particular, a 1,235sqm block of land at 4 Brasser Avenue, Dromana sold under the hammer for $595,000, well over the reserve price of $540,000.  Demand for serviced industrial land on the Mornington Peninsula remains strong, as shown by the 60 to 70 attending the auction to witness five bidders competing for the property.

“This industrial estate is popular with micro-breweries and distilleries,” explains Jamie Stuart, Sales and Leasing Executive.  “The result here was great, it shows that the demand is still strong there from owner occupiers and developers for well-placed land holdings within close proximity major arterials.” 

Meanwhile, offered to the market for the first time in 28 years, a retail shop at 48 High Street, Hastings sold under the hammer for $610,000.  This was above the reserve price of $500,000, highlighting the popularity of Hastings’ retail strip and strong demand from buyers in the market.

Set on land of around 223sqm, the 109sqm shop is currently leased to a well-renowned artisan butcher.  The property was sold on a yield of 5.2%.

Mr Stuart says he had over 60 enquiries for the shop, and investors were seemingly keen to park their money in an area that is showing good signs of future growth potential. Hastings is one of only 3 Major Activity Centres within the Mornington Peninsula and offers no only solid yield potential but future development upside to suit the changing retail demands.”  “48 High Street is in a great part of the retail precinct Hastings, close to Coles, the NAB, a chemist and other popular retailers.

For further details contact:

JAMIE STUART 0412 565 562
TOM CROWDER 0438 670 300