A local investor has purchased a modern retail freehold on Sorrento’s main street at 141-147 Ocean Beach Road, Sorrento VIC for $4.85 million on a 1.57% yield.
Sitting on a prime 992sq m* land parcel with 17.5m* frontage to the famed Ocean Beach Road retail strip, the modern retail freehold of 250sq m* is split across 2 tenancies.
The deal was negotiated by Benson Zhou and Julian Heatherich of Savills Australia who said the local investor is looking to add-value to the property and capitalise on the future growth and upside potential of Sorrento.
“Despite a hit to the tourism trade in Sorrento with covid restrictions and statewide lockdowns, the sentiment for property within the Mornington Peninsula and namely Sorrento remains high” Mr Zhou said.
*Approximate