The iconic Sorrento beachside estate ‘Nee Morna’ is being offered for sale for the second time in more than 100 years – unlocking an opportunity to acquire the largest landholding in the premier coastal destination.
The historic mansion was built in 1909 and positioned on a clifftop landholding spanning 16,866 square metres. The property is expected to attract interest above $20 million.
CBRE’s Mark Wizel said Nee Morna benefited from a premium position in an area that had undergone significant capital growth over the past decade.
“Sorrento and Portsea are without peer in Victoria and most probably Australia, being the holiday playground of the social and business elite for close to five decades – and undoubtedly for some time to come,” Mr Wizel said.
Mr Wizel said the property’s panoramic views of Sorrento and Port Phillip Bay was also likely to be a factor attracting developer interest.
“The property offers significant value add angles for developers who may be looking to capitalise on the undersupply of new homes, in close proximity to the beach within the Sorrento area.
"In recent times there has been a groundswell of interest moving back from Portsea to Sorrento as many families are attracted to the amenity in close proximity to Sorrento houses compared with what is offered in Portsea,” Mr Wizel said.
“In addition to straight residential, wider development opportunities such as an aged care facility, hospitality and/or some form of conferencing/business facility would also be logical outcomes for the property (subject to approvals).”
Melbourne’s Mornington Peninsula has experienced some of Victoria’s most significant domestic real estate transactions over the past five years, with Portsea up until recently holding the record for most expensive house sale for ‘llyuka’ to the Higgins family.
Mr Wizel said Mornington Peninsula’s property market was undergoing a resurgence – driven by growing interest from offshore buyers looking to capitalise on the State Government’s $759 million Peninsula Link project.
“Properties such as the Red Hill Estate Winery, Eagle Ridge and Moonah Links Golf Course are all examples of strong Chinese interest that is moving into this part of Victoria.
"The record sale of Moondah Estate in Mount Eliza to New Zealand aged care developer Ryman Health for $37.5 million was also another landmark peninsula sale in 2016,” Mr Wizel said.
“It’s clear to see that a diverse group of buyers are circling around a range of assets in this part of our state and with the money that has been invested by the government to link the peninsula with metropolitan Melbourne, it is obvious to see why the demand has risen.”
Nee Morna Estate will be sold via Expressions of interest closing February 28 with interested parties invited to offer to acquire the whole of the estate or one or more of its individual lots.
CBRE has been appointed to sell the 3106 – 3118 Point Nepean Road property on behalf of the Lipe family – headed by New York-based banker, Alex Lipe.