Mornington Peninsula

Pace Development Group has started 2022 with a foothold at the Mornington Peninsula&rsquo;s gateway, after the developer purchased a mixed-use site in the rapidly evolving City of Frankston for $16 million.

The 3274 sqm beachside site, located at 438-444 Nepean Hwy, was previously the location of Frankston Cinemas before becoming a vacant land parcel ripe for redevelopment.

Its current owner, a private Melbourne developer, had held the site for two years before negotiating its sale to Pace in an off-market deal.

Pace will plan around 200 apartments, with a high level of&nbsp;amenity, including an infinity pool overlooking the bay,&nbsp;and ground floor retail.

Shane Wilkinson, Managing Director of Pace Development Group, said he has had his sights set on development opportunities within the Bayside locale for some time.

&ldquo;I&rsquo;ve always had a clear mandate to be ahead of the curve when it comes to choosing up-and-coming locations across Melbourne, and offering purchasers a lifestyle in those areas that is synonymous with the Pace standard,&rdquo;&nbsp;Wilkinson said.

&ldquo;What makes this site particularly exciting is the magnificent backdrop of Port Philip Bay which will offer the majority of apartments uninterrupted water views.

&ldquo;We are currently working through early concepting of a U-shaped building that will allow the maximum number of apartments to enjoy panoramic views of the bay.

&ldquo;Our design brief emphasises Pace&rsquo;s commitment to developing buildings that are truly iconic and timeless in their architectural language.&rdquo;

Ashley Bramich, Sales and Marketing Director at Pace, said Frankston had already benefitted from strong price growth in the last year, yet its ability to cater to a discerning downsizer market has been capped until now.

&ldquo;Downsizers across the Peninsula have had very limited off-the-plan opportunities that come close to their expectations on quality and location,&rdquo;&nbsp;Bramich said.

&ldquo;With the Peninsula&rsquo;s extraordinary price growth of 20% being driven by younger sea-changers, empty-nesters couldn&rsquo;t be in a more advantageous position to sell their sprawling family properties and downsize.

&ldquo;Our vision is to create a project that meets the needs of Peninsula downsizers by focusing on larger two- and three-bedroom apartments and high-end facilities like an infinity pool looking out to a water aspect, and extensive health and wellbeing amenities.

&ldquo;Frankston offers the best of a Bayside and Peninsula lifestyle, yet being only 45 minutes from Melbourne&rsquo;s CBD allows for great connectivity for working commuters.

&ldquo;We believe the Frankston and Mornington Peninsula apartment market is limited from a planning perspective and significantly undervalued. Developments with water views in Sydney, Perth and Brisbane are all selling at significant premiums to what has been achieved in comparable locations in Melbourne.

The developer is currently in consultation with two architectural firms to refine its scheme, aiming to commence the planning process shortly in order to launch an early sales campaign in 2023

Pace will plan around 200 apartments, with a high level of amenity, including an infinity pool overlooking the bay, and ground floor retail.

Joel Robinson

Pace set for Frankston, Mornington Peninsula apartment development

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After 16 years heading Marshall White's Boroondara office, James Tostevin is opening an office in the Mornington Peninsula.
He'll be staying with Marshall White, opening Marshall White Mornington Peninsula, the real estate agency's sixth office.
The opening was delayed due to COVID-19.
The Marshall White veteran will be joined by former Lupton Ferguson agents Louise Lupton and Chelsey Gibson, and former Joel Hood Property agent Adrian Calcedo, who all join as directors.
Not joining the office is Tostevin's son Charlie. He'll be staying with Marshall White's Boroondara office.
James and the rest of the family relocated to Mt Eliza last year.
He is the group's top seller, and has been an Australia-wide Top 100 Agent for the past 15 years.
 
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James Tostevin opens Marshall White branch in Mornington Peninsula

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Sorrento’s Continental Hotel is back on the market, with with receivers having taken over the landmark property after repeated issues with its $100 million redevelopment.
Justice Almond of the Supreme Court of Victoria has ruled to end the Mornington Peninsula building's previous contract of sale, releasing the deposit paid by the previous purchaser to Manda Capital Holdings Pty Ltd, the first mortgage.
The 145-year-old, heritage, four-storey limestone building is the heart of the Sorrento community and has for years languished in disrepair. 
The hotel had been plagued with issues since <a href="https://www.urban.com.au/news/105346-julian-gerner-to-develop-sorrento-s-continental-hotel" target="_blank">Continental Development director Julian Gerner bought </a>it in<a href="https://www.urban.com.au/expert-insights/investing/40953-sorrento-s-continental-hotel-for-sale" target="_blank"> 2015</a>. Mr Gerner underwent a myriad of contractual issues and a failed partnership with defunct developer Steller Group. 
However, as of Wednesday, the contractual issues dogging the redevelopment of the Continental Hotel have been <a href="https://www.realestate.com.au/news/continental-hotel-sorrento-back-on-the-market/?pid=article-page%7Csource:news:article-page-bottom" target="_blank">resolved,</a> freeing up the historic landmark for a much needed revamp.
Petr Vrsecky, partner at PKF Melbourne and a receiver appointed by Manda, said the Continental Hotel is “on the market again and a “clean proposition”.
“We are pleased and relieved the matter has been brought to a head, and that we can now move forward with the sale of such an illustrious property,” he said.
“The previous contract of sale is at an end, and we welcome all expressions of interest through Colliers Real Estate.”
A historic landmark established in 1875 under the directorship of comedian, politician, philanthropist and businessman George Coppin (1819-1906), the Continental Hotel is an architecturally significant building that has been constructed in a Victorian Italianate style using locally quarried limestone.
Developed in response to the overwhelming demand for accommodation for city tourists seeking a holiday at the then growing seaside resort of Sorrento, the hotel is a great opportunity for anyone seeking to continue the tradition of an iconic venue serving one of the most prestigious and cosmopolitan communities in Victoria, all within walking distance to pristine beaches.
While it has since undergone various changes, it remains an undisputed gem of the seaside Sorrento community, situated on a prominent site at the entry to the town, and a fantastic opportunity for the right owner.
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Sorrento's Continental Hotel is back on the market after $100 million redevelopment failure

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Greg O'Neill, chief executive officer of La Trobe Financial, has spent $20 million plus to buy a Red Hill farm on Victoria's Mornington Peninsula. 
The 120-hectare Watermill Estate was previously home to the Watermill Murray Grey stud.
It continues farming operations, running a herd of about 200 Angus steers. 
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Spread across 12 titles at 725 White Hill Road, the Watermill Estate had not changed hands for almost 30 years. 
It previously traded in 1982 for $69,750.
The vendor was Melbourne-based Samdee Nominees, whose sole director and shareholder is Wendy Olenick, according to the Australian Financial Review.
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Watermill was put up for sale in May with Cushman &amp; Wakefield.<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/la%20trobe%203.jpg" alt="">
The acquisition comes less than two years after O'Neill sold an 80% stake in La Trobe Financial to American private equity giant Blackstone.
O'Neill's late father, Ray O'Neill, founded La Trobe in 1952 and then handed the reins to his son in 1997. 
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La Trobe Financial CEO Greg O'Neill buys Watermill Estate at Red Hill

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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.  
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<a href="https://www.realcommercial.com.au/for-sale/mornington-peninsula-vic/retail/" target="_blank">The Broadway, 1015-1021 Point Nepean Road, Rosebud</a> comprises six retail shops totaling an NLA of 867 sqm located in the heart of Rosebud.
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CBRE has it listed on behalf of Paul and Lloyd Whittaker.  
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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. 
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“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. 
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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.  
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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. 
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“The Mornington Peninsula continues to strengthen as an investment location due to the high level of capital invested by local businesses,” Mr Hage said.  
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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. 
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Historic Mornington Peninsula retail strip, The Broadway offered after 90 years

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The Artisan restaurant and homestead on the Mornington Peninsula has been offered to the market.
The Artisan Kitchen and Wine Bar at <a href="https://www.realestate.com.au/property-house-vic-red+hill-131222066" target="_blank">164 Arthurs Road</a> in Red Hill is one of the area's most popular dining spaces.
The bistro and wine bar, created with a focus of the flavours and colours of the south of France, is a fully farm-to-table menu.
The food is prepared from locally grown ingredients.
The Artisan restaurant has a full commercial kitchen with a prep room and the dining room is fully licenced and seats up to 75 internally and on the terrace. It has parking for around 18 cars.
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The property was previously Poffs Restaurant and was home to Jon Cecil Fine Art, which originally operated in Melbourne's South Yarra and Sydney's Double Bay in 1975.
In the 2,810 sqm grounds is a four bedroom homestead with a swimming pool that overlooks the neighbouring vines from the boutique bed, breakfast and vineyard Lindenderry.
The property last traded for $1.6 million in 2016 before Artisan opened. Its previous trade before that was $153,000 back in 1989.
Michael Keating International has the listing.
 
 
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Artisan restaurant and homestead in Red Hill listed

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Watermill, a Red Hill property on Melbourne's Mornington Peninsula has been listed with expectations of $25 million plus.
The property at <a href="https://www.realcommercial.com.au/property-commercial+farming-vic-red+hill-503198022" target="_blank">725 White Hill Road</a> comprises 119.5 hectares.
It is spread across 12 separate titles.
Watermill is on the market for the first time since 1982, offered through Cushman &amp; Wakefield Agribusiness.
The international expressions of interest closes June 18.
Watermill has commanding views of Western Port, Port Phillip Bay and Melbourne. It was formerly a Murray Grey cattle stud, with facilities commissioned for entertaining purposed in anticipation of the 1956 Olympics. 
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Watermill at Red Hill listed with $25 million plus hopes

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Macquarie Group's head of capital markets Hugh Falcon and wife Jenny are seeking to sell their Mornington Peninsula weekender.
The 6,260 square metre Merricks Beach estate includes an architect designed four bedroom homestead set in gardens designed by Fiona Brockhoff.
They feature native and coastal plantings, lawn, hedging, mature trees and a pond.
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The central kitchen, living and dining space opens to outdoor spaces. 
On one side is a timber deck with alfreso dining space and outdoor kitchen, while on the other there's a swimming pool with sundeck, outdoor shower and a private courtyard garden.
Kay &amp; Burton Flinders agent Tom Barr Smith and Prue McLaughlin have a guide of $3.95 million to $4,345,000.
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The couple recently sold Brinsley Place, their historic Richmond home, for $4,476,000.
They had paid $4.8 million for the classic four bedroom home just 18 months earlier when moving from Toorak.
Set high on Richmond Hill, Brinsley Place was constructed for the inspector of distilleries, Brinsley Tobin in the late 1870s.
This article was first published in the Weekend Australian. 
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Macquarie Group's head of capital markets Hugh Falcon lists Mornington Peninsula weekender

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De Bortoli Wines has acquired the Rutherglen Estates vineyards, winery and tourism facility in Victoria.
The purchase takes De Bortoli’s total Victorian vineyard holdings to 820 hectares, with 700 ha bearing fruit and 120 ha being in development.
The acquisition is part of its growth strategy.
The 185 hectare Rutherglen purchase was from its Hong Kong owner, Eternity International Enterprise Holdings.
The Rutherglen vineyard purchase complements the family’s existing premium Victorian vineyard holdings in the Yarra Valley, King Valley and Heathcote wine regions.
Rutherglen Estates provides De Bortoli Wines with a third winemaking facility in addition to the business’ Riverina and Yarra Valley sites.
The De Bortoli family anticipates that premium quality Victorian red wine with density, freshness and interest will increasingly be in high demand domestically and internationally.
The family said it estimates that its Victorian vineyards will produce over seven million bottles of wine by 2025 as it looks to make the most of the "premiumisation trend" which is key part of the Australian market.
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De Bortoli Wines acquires the Rutherglen Estates vineyards

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The Mt Martha holiday home of the late sports broadcaster Drew Morphett has been sold.
It fetched $1,270,000 after being listed for sale last year with $1.3 million to $1.35 million price hopes.
The 715 square metre property, set 100 metres from Birdrock Beach, was listed by his widow, Kaz.
The three bedroom Morrisons Avenue home was set to become their permanent home before Drew's sudden death last year at age 69.
The Morphett's paid $475,000 for the property in 2005 and installed a pool over their ownership.
The commentator called a wide variety of sports including cricket, tennis, golf, basketball plus six Olympic Games over a career spanning five decades.
One Agency Peninsula had the listing for 125 days before its recent sale in early 2019. 
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