Historic Mornington Peninsula retail strip, The Broadway offered after 90 years

A historical retail strip on the Mornington Peninsula has been listed for sale, marking the first time it will change hands in over 90 years.  

The Broadway, 1015-1021 Point Nepean Road, Rosebud comprises six retail shops totaling an NLA of 867 sqm located in the heart of Rosebud.

CBRE has it listed on behalf of Paul and Lloyd Whittaker. 

Since the building’s completion in 1928, it has operated as The Broadway Theatre cinema, a dance hall frequented by American servicemen during wartime and a popular disco in the 1960s before being converted to retail use. 

“The Broadway is steeped in a rich history that our family is very proud to have been part of, from our father Frank Whittaker opening the first cinema on The Mornington Peninsula in the late 1920s to the multiple performances by the famous John Farnham held on The Broadway’s stage in the late 1960s,” Paul Paul Whittaker commented.

The retail corner, currently leased to tenants including Fight Centre and the popular Foyer Café, is anticipated to generate a fully leased annual income of circa $250,000.  

Situated on a 1,241sqm parcel of land, the site has combined frontages of over 90 metres to Point Nepean Road, Rosebud Parade and Wannaeue Place. 

“The Mornington Peninsula continues to strengthen as an investment location due to the high level of capital invested by local businesses,” Mr Hage said.  

CBRE has handled 24 of the 31 investment transactions that have taken place on the Mornington Peninsula since 2016, notably Sportsgirl Sorrento, which sold earlier this year to a Melbourne based family for $4,070,000 (36 per cent above the vendor’s reserve) and the Peninsula Cinema Portfolio (Rosebud and Sorrento) that was sold on behalf of the prominent Kirby family for a combined amount of almost $10 million.