The property at 46 Queens Road is situated in the popular holiday and tourist destination of Sorrento, in the Mornington Peninsula, Victoria.
The Sorrento back beach is in close proximity to the south of the property and the Port Phillip Bay foreshore is a short distance to the north. The property is also one kilometre south east of the Sorrento shopping centre which is quite extensive and incorporates two supermarkets, two hotels and a broad range of speciality shops. The suburb is well serviced with a broad range of amenities including a regular bus service operating along Melbourne road approximately 100 meters to the north of the property. Nearby schools include Sorrento Pre and Primary schools, and Saint Joseph’s Primary School. The area incorporates a number of sports clubs and recreational facilities.
The funding is for the development of two double storey dwellings, each of which will provide four bedroom plus study, three bathroom accommodation and feature double garages, outdoor entertaining areas and swimming pools.
One pre-sale has been achieved for $2.4 million, providing peak debt cover of circa 83 percent (GST exclusive).
Estimated development progress as at 15 August 2019