An outstanding development opportunity has hit the market in Rosebud, a popular holiday destination on the Mornington Peninsula.
“There is no other parcel of land of this size available in the area,” he said.
“Equal in size to six individual blocks, it has two street frontages, and is only 400m from the beach.”
Positioned between Fifth and Sixth Avenues, the property is a short walk from the shops on Point Nepean Road and the pristine foreshore.
Its size offers scope for a multi-million dollar development of units with water views, an apartment complex, aged care facility or a lifestyle resort, *subject to council approval.
And its unrivalled seaside location in the Rosebud Activity Centre Structure area gives developers the advantage of being able to apply to construct dwellings up to three levels.
“Due to the fall of the land, there's a possibility of putting in an underground car park,” Mr Cunnington said.
Formerly a holiday home, the property is on the market for the first time in more than 40 years, and comes with an older-style three-bedroom, two-bathroom house.
The home offered the potential of rental income, as it could be tenanted while the planning approval process took place, Mr Cunnington suggested.
Rosebud is a haven for young families, downsizers and retirees, drawn to its affordable homes and relaxed coastal lifestyle.
“Many are attracted to the work-from-home opportunities and easy commute to the city,” Mr Cunnington said.
“And they are getting more bang for their buck here, compared to other areas on the Peninsula and suburbs north of Frankston.”
On the Port Phillip coast, the suburb is a popular holiday destination for generations of families, as it offers several golf courses, sandy white beaches, fishing pier and foreshore for camping, walking and cycling.
Only a 1 hour and 15-minute drive from Melbourne on a freeway, it has schools, shops, medical facilities and public transport.
“It is the hub of the lower half of the Mornington Peninsula, and is seen as an outer suburb of Melbourne,” Mr Cunnington said.
“Property here is bound to increase in value in the coming years.”
The median prices over the last year range from $855,000 for houses to $720,000 for units, according to realestate.com.au.
Properties in Rosebud are producing a rental yield on average between 3.1% - 3.5% per annum.
The median price in Rosebud has increased from $563,500 in January 2018 to $875,000 in December 2022 which represents 55.3% growth in prices over a five year period according to figures from RPData CoreLogic. This high growth is a reflection of the popularity of the suburb with buyers searching for affordable lifestyle destinations.
The property is priced at $3m-$3.3 million and offers are to be submitted on contract by 4pm on April 14.
For a site inspection, contract, Section 32 and a copy of the Rosebud Activity Centre Structure Plan, contact Paul Cunnington on 0457 047 962.
*All development applications and proposals are subject to council approval.