Colliers International predicts hot contest for prime Mornington Peninsula development opportunity
Colliers International’s Guy Wells and Trent Hobart have been appointed to sell the iconic Continental Hotel at 1-21 Ocean Beach Road and an adjoining site at 23 Constitution Hill Road
Hotelier Julian Gerner purchased the property from the Di Pietro family following a sales campaign in 2015. Mr Gerner has obtained planning and heritage approval for an
extensive redevelopment of the 144-year-old heritage-listed hotel, the largest limestone structure in the Southern Hemisphere.
“The Continental Hotel redevelopment is a major undertaking, in a seasonal location and requires a respectful and detailed restoration,” Mr Gerner said. “This has created some complexity around commerciality and funding. Due to increasingly difficulty market conditions, I have resolved to take the project back to market.”
For sale by International Expressions of Interest, the offering comprises 4,482sqm over two titles with Commercial 1 zoning. There is 38.76m frontage to the busy Ocean Beach Road retail strip
and 69.6m to Constitutional Hill Road.
Heritage restoration and basement works have commenced, while the planning approvals provides for mixed use development capitalising on the site to provide a hotel, public bar,
restaurants, multiple function rooms, café and two penthouse apartments along with parking for 114 cars.
Mr Wells said the Continental Hotel was one of the most well known properties in Victoria, situated within an ever-popular and growing town on Melbourne’s popular Mornington Peninsula.
“This is a rare chance to be the custodian of an iconic Victorian landmark and leave a legacy in one of the state’s most popular and frequently visited beachside tourism hot spots,” he said. “The proposed development will see the existing heritage hotel retained and celebrated.”
Mr Hobart said: “The hotel has been closed for over two years now and the site has been a source of much interest and discussion by industry participants, local residents and visitors to Sorrento.
“Following the recent multimillion dollar upgrade of the Portsea Hotel, the Continental presents the next opportunity. The existing plans and permits provide for a primarily hotel focussed development in keeping with the heritage nature of the site.
“The rear portion of the land could be repurposed for residential apartments (STPA) in line with previous development proposals.”