Massive Rosebud Site to Fetch Above $7m

28 July 2016

A massive 2.4 hectare caravan park in Rosebud on Melbourne’s popular Mornington Peninsula is on the market through Savills Australia with expectations over $7 million.

The 110 Elizabeth Drive property comprises a 24,412 square metre, corner site zoned General Residential 1 with extensive frontages to both Elizabeth Drive and Rosebud Avenue totalling more than 340 metres.

Positioned just two kilometres from the beach, the property benefits from easy access to all essential services including schools and public transport as well as retail and lifestyle amenities including the many Mornington Peninsula tourist attractions, markets, vineyards, golf courses, hot springs, and national parks.

Located adjacent to Rosebud Golf Course, the property is also very close to the Mornington Peninsula Freeway which provides easy access to the Peninsula and to Melbourne and the eastern suburbs via EastLink.

According to Savills marketing agents, James Lockwood and Julian Heatherich, the property is suitable for a range of uses including aged care and townhouses and/or apartments (STCA).

“This is a tremendous site in a fantastic location with the potential to create a premium development aimed at taking advantage of the huge demand for residential accommodation on or near the Mornington Peninsula and its popular beaches.

“Rosebud has and will continue to experience steady growth in the residential market with the number of dwellings expected to increase by 15 percent over the next 20 years, a rate which is 2.16 percent higher than the forecast development of dwellings within the entire Mornington Peninsula Shire,” Mr Lockwood said.

According to Forecast.id.com.au, the local population is forecast to grow by 13 percent over the next 20 years with the 65-74 year cohort expected to be the most prevalent age group as baby boomers retire and look for a sea change.

The older age group, according to Mr Heatherich, is a group which requires less space and is more likely to invest in townhouses or apartments.

He said the property’s key attributes included:

  • The substantial 24,412sq m site
  • Corner site with 342sq m frontage
  • General Residential 1 zoning
  • Outstanding Mornington Peninsula location
  • Direct proximity to retail and essential services
  • Close to beaches and golf clubs
  • Close to freeways

The property will be sold with vacant possession via Expressions of Interest closing Wednesday, 17 August August at 2pm.

 
 

Key Contacts

Julian Heatherich

Julian Heatherich

Director
CBD and Metropolitan Sales

Savills Melbourne

+61 (0) 3 8686 8076