SOLD
Sold on 06 Dec 2023 for $810,000

5/2319 Point Nepean Road
Rye VIC 3941

Bedrooms: -
Bathrooms: -
Car spaces: -
Floor area: 87m2
Land area: 1m2
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Property Details for 5/2319 Point Nepean Rd, Rye

Building Type
Commercial
Year Built
1980
Floor Size
87m2
Land Size
1m2
Local Government
Mornington Peninsula
Lot/Plan
5/PS310701

Last Listing description (November 2023)

+ Brand new three (3) year lease to 2026 plus one (1) further two (2) year option to 2028.
+ Rye Clip Joint: Well-established hairdresser business.
+ Strong and certain income growth with fixed annual, compounding 4% increases.

+ Investor friendly net lease, with tenant paying all usual outgoings.
+ Well-presented 87 sqm* retail premises.
+ Blue chip retail location in the heart of the Rye Town Centre, less than 650 metres* from Woolworths, Rye RSL, Rye Hotel, Subway, Australia Post and Rip Curl.
+ Prime beachfront position directly across from Rye foreshore campgrounds, Rye Pier, Front Beach and Rye Summer & Easter Carnival.
+ Direct Exposure to Point Nepean Road, a major commuter road, in the off peak period sees 21,400+ vehicles passing daily.**
+ Single tenant minimum management investment.
+ Within a 3 km radius, the total household spending on retail totaled $17.35 million in 2022.**
+ Booming bayside destination, Rye has a median house price of $1,100,000 up 47% since October 2020. ***
+ Mornington Peninsula Shire: Tourism has seen a 55% increase from the previous year with total domestic tourists reaching 8.23 million people.****
+ Entry level investment within tightly held Rye retail precinct.
+ Estimated Net Income: $34,415 pa* + GST.

To be sold via Investment Portfolio Auction 165
10:30am (AEDT) Wednesday 6 December 2023
River Room, Crown Casino, Melbourne.

This property is being sold along with two other investments within the same retail complex. Also Available:

Shop 6 & 7 Xpress Gourmet Pizza
+ Brand new five (5) year lease to 2028.
+ Estimated Net Income: $57,327 pa* + GST.

Shop 8 Bayside Fish & Chips
+ Brand new five (5) year lease to 2028.
+ Estimated Net Income: $37,305 pa* + GST.

*Approx
**Gap Maps
*** ***
**** Mornington Peninsula Shire

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Property History for 5/2319 Point Nepean Rd, Rye, VIC 3941

A timeline of how this property has performed in the market
Last Sold
$810,000
06 Dec 2023
  • 06 Dec 2023
    Sold for $810,000
  • 02 Nov 2023
    Listed for Sale Price on Request

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About Rye 3941

The size of Rye is approximately 17.7 square kilometres. It has 16 parks covering nearly 14.3% of total area. The population of Rye in 2011 was 8,159 people. By 2016 the population was 8,423 showing a population growth of 3.2% in the area during that time. The predominant age group in Rye is 60-69 years. Households in Rye are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Rye work in a trades occupation. In 2011, 72.7% of the homes in Rye were owner-occupied compared with 71.6% in 2016.

Rye has 10,001 properties. Over the last 5 years, Houses in Rye have seen a 45.73% increase in median value, while Units have seen a 32.23% increase. As at 31 October 2024:

  • The median value for Houses in Rye is $1,030,203 while the median value for Units is $649,156.
  • Houses have a median rent of $590 while Units have a median rent of $480.
There are currently 91 properties listed for sale, and 11 properties listed for rent in Rye on OnTheHouse. According to CoreLogic's data, 320 properties were sold in the past 12 months in Rye.

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