Beachside Rosebud retail strip to be sold for first time in 90 years
Long before it was a bustling retail strip in the heart of Mornington Peninsula, it was an historic cinema and then a dance hall where American soldiers were known to kick up their heels.
Steeped in history, a shopping precinct in Rosebud could now be on the cusp of another new chapter.
Marking the first time it has changed hands in more than 90 years, The Broadway, 1015-1021 Point Nepean Rd, includes six retail shops right on the edge of Port Phillip Bay.
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CBRE’s Rorey James, Nic Hage and JJ Heng will manage the sale on behalf of Paul and Lloyd Whittaker, longtime Mornington Peninsula residents and pioneers of the local cinema industry.
Since the building’s completion in 1928, it has operated as The Broadway Theatre cinema, a dance hall and 1960s disco before its retail conversion.
“Our family is very proud to have been part of its rich history,” vendor Paul Whittaker says. “From our father Frank Whittaker opening the first cinema on the Mornington Peninsula in the late 1920s to the multiple performances from John Farnham held on The Broadway’s stage in the late 1960s.”
The retail corner, currently leased to tenants including Flight Centre and the Foyer Café, is anticipated to generate a fully leased annual income of around $250,000.
The Broadway was home to Rosebud’s first cinema in the 1920s.
James says while the property’s diverse income and multiple shops offer flexibility, with the potential to subdivide and sell down individually in the future – there is another obvious drawcard.
“We anticipate the likely buyer to be an investor who recognises the value of a large foreshore-fronting corner landholding,” he says.
Situated on a 1241sqm parcel of land, the site has combined frontages of over 90 metres to Point Nepean Rd, Rosebud Parade and Wannaeue Place.
James says the property’s retail position is undoubtedly a key attraction.
“It is very rare for Rosebud properties to come to market and particularly rare for properties with the future flexibility and value-add potential offered by three street frontages.”
The Mornington Peninsula is Victoria’s most visited tourism region, with over 7.5 million domestic and international tourists visiting in the year to September 2018, injecting over $1.1 billion into the local economy.
“The region continues to strengthen as an investment location due to the high level of capital invested by local businesses,” Hage says.
The Broadway, 1015-1021 Point Nepean Road, Mornington will be sold by onsite public auction on Saturday October 26 from 11am.
