Landmark Mornington Peninsula tourist venues up for sale
SOME of the Mornington Peninsula’s best known tourist venues are up for grabs, and could fall into the hands of foreign owners.
South East
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INTERNATIONAL buyers, developers and boutique hotel companies are honing in on landmark peninsula tourism properties.
The Continental Hotel in Sorrento, Eagle Ridge Golf Course in Boneo, Pig and Whistle Tavern in Main Ridge, Whitehall Guest House in Sorrento, Portsea Hotel and the Old Church in Tyabb are all on the market.
Mornington Peninsula Regional Tourism Board chairwoman Tracey Cooper said there were “no unnatural forces” at work that might be forcing the sales.
“We have more than 2000 tourism businesses on the peninsula and it’s not surprising that a handful are testing the market,” Ms Cooper said.
Agents said international and Australian developers, hotel companies and even private schools were among those interested in the multi-million dollar properties, some of which had heritage overlays or zoning issues that limited development or use.
Agent Rob Curtain, from Sotheby’s International Realty, said The Continental Hotel, built in 1875, was attracting interest from about 10 parties.
The hotel, first owned by early settler George Coppin, was certified by the National Trust and any development must retain its limestone walls.
Mr Curtain said he was “very close to concluding the sale” of the hotel, which was likely to fetch about $15 million.
The hotel has been owned by the Di Pietro family for about 20 years and was likely to be sold to developers, who would build apartments within the walls of the hotel, or to a hotel company keen to provide boutique accommodation, he said.
“Sorrento now attracts visitors every night of the year and the hotel would be perfect for short-term accommodation.”
CBRE agent Lewis Tong said the 18-hole Eagle Ridge Golf Course and clubhouse in Browns Rd, Boneo, was an appealing buy for less than $10 million.
“There is the potential to turn it into a tourism hot spot with hotel-style accommodation and hot springs facilities,” Mr Tong said.
“The Mornington Peninsula is considered one of the more prestigious holiday destinations in Victoria and that demographic appeals to investors.”
Agent Warwick Anderson, from RT Edgar, said there had been diverse interest in Whitehall Guest House in Sorrento.
“We’ve had interest from people looking at dividing the building into apartments — and interestingly from private schools in Melbourne looking at the property for a weekend retreat,” he said.
The property was likely to fetch more than $4 million.
The Pig and Whistle Tavern in Main Ridge is also on the market with an asking price of more than $3 million.
Agent Joseph Du Rieu, from CBRE, said that while the property was in a green wedge zone, there was potential to add accommodation on the site.
“We’ve had a number of offers during the campaign,” Mr Du Rieu said.
The 1913 Old Church and other buildings at 16 Mornington-Tyabb Rd in Tyabb are also on the market for $935,000, and agents predict the Portsea Hotel will carry a $25 million price tag. Colonial Leisure Group, which owns Portsea Hotel, did not respond to a request for comment.