Rye beach site sold for $4 million at $2081sqm

A Melbourne developer has paid $4 million for a vacant, near half acre, commercial site, across the road from Rye Beach on Victoria’s Mornington Peninsula, following an Expressions of Interest campaign which attracted more than 200 enquiries and eight formal offers.

According to Teska Carson Director George Takis, who brokered the deal with colleague Stephen Speck, the 2123-2135 Point Nepean Road property, which was offered for the first time in nearly 30 years, was sold at the highest known local land rate of $2081 a square metre.

Located opposite Rye Yacht Club and Rye’s Foreshore Reserve, the 1922 square metre, Commercial 1 zoned site offered developers an extensive 34 metres of road frontage and site access.  

Mr Takis said the robust market response reflected the fact that the site was regarded as the Peninsula’s best current commercial development opportunity.  

``This was the best available development site on the Mornington Peninsula, overlooking Port Philip Bay and offering a myriad of potential beachfront uses including multi-level residential, mixed-use, hospitality, hotel/motel, etcetera, along with a location amidst the area’s main, Woolworths-anchored, retail precinct.

``It really could not have been in a better position for amenity and services and so the very strong market response was, as such, entirely predictable, if not more so, ultimately delivering a great result for the vendor,’’ Mr Takis said. 

The vendor was a local investor.