Colliers completes preauction sale of 18–24 Ocean Beach Road, Sorrento to a local investor.
Colliers agents Alex Browne and Lucas Soccio have successfully completed the sale of the landmark Sorrento retail property, following a highly competitive campaign, ahead of the scheduled auction.
The freestanding retail asset sold for $8,600,000, reflecting a sharp 4.58% yield. Situated on Sorrento’s coveted main retail strip, the property is considered a landmark within the precinct, distinguished by its late 19thcentury limestone facade. The two-storey heritage building on an irreplaceable land parcel, achieved a land rate of around $11,500/m².
Alex Browne, Director at Colliers | Investment Services, commented, “This represents one of the strongest results achieved in the Sorrento commercial market in recent years. The tightly held retail strip has seen only 10 publicly listed transactions over the past decade, and continues to outperform comparable retail precincts across the Mornington Peninsula. Assets on this strip are highly sought after, supported by extremely low vacancy.”
“The campaign generated more than 70 enquiries and over 20 inspections, predominantly from local and interstate investors, who recognise the long-term value associated with such a prominent retail holding.”
Lucas Soccio, Senior Executive at Colliers | Investment Services, added, “We are seeing a clear uplift in demand for assets located within high-performing retail strips, particularly with diversified income streams. “According to Colliers Research, average days on market have reduced by approximately 15 days since 2023, reflecting buyers’ recognition of quality opportunities and their willingness to move quickly to secure them.”
“The sale of 18–24 Ocean Beach Road, Sorrento further reinforces the strong demand for high-performing retail assets located on tightly held strips with limited vacancy.”
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