Siblings to sell 33 Cook St, Flinders after 38 years
Curious locals and serious buyers are circling a family-owned retail strip set to change hands for the first time.
South East
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A shopping centre at the heart of a booming Mornington Peninsula village is set to go under the hammer for the first time.
The Satchwell family is selling the commercial corner they built in the 1980s at 33 Cook Street, Flinders.
The property features 10 shops on 11 separate titles, currently leased to nine businesses including a real estate agent, dentist, hairdresser, beautician, two cafes, fish and chippery, Thai restaurant and clothing boutique.
Nichols Crowder is handling the sale and agent Jamie Stuart has fielded more than 100 queries about the property.
“There’s been a lot of curiosity,” Mr Stuart said.
“It’s a nostalgic property. Lots of locals would have shopped there as kids and it’s now a potential investment for them as grown ups.
“We have strong, genuine interest from several people and there’s still a few weeks to go before the auction.”
The property is tipped to go for around $4 million and those interested included passive investors and developers.
“A passive investor could sit back and collect the rent from long term tenants and there are also plenty of options for a developer,” Mr Stuart said.
“It’s a 2000 sqm site in a great location opposite Flinders Hotel, it’s zoned commercial and could go up a level.”
Mr Stuart said Flinders had been transformed in the past few years as demand for residential properties soared.
“Commercial properties along Cook Street have been redeveloped to include apartments at the back and above with balconies over the retailer below,” he said.
Mr Satchwell said he and sisters Prue Satchwell and Julie Dunlop were not in the position to redevelop the site and wanted to offer a new owner the chance.
“When the family bought property in 1983 it had a milk bar and house,” Mr Satchwell said.
“The plan was for the original owners Ernie and Veronica Mitchell to continue to run the milk bar and we’d convert the house into an officer for our real estate business,” Mr Satchwell said.
However, after consulting an architect the family decided to build a shopping centre on the land.
Satchwells Real Estate operated from the property until the business was broken up and sold when Mr Satchwell retired.
The premises is now leased to Sotheby’s.
33 Cook Street will be auctioned on August 13.
