5 Main Street
Mornington, VIC 3931

Overview

Generational investment in one of Victoria's most iconic retail destinations

This commercial retail property located at 5 Main Street, Mornington, represents a generational investment opportunity in one of Victoria's most iconic retail destinations. The property is offered for sale via a public on-site auction scheduled for 13th May 2026.

The property features a substantial building area of 590 square meters situated on a significant landholding of 377 square meters, providing a dual street interface and over 9 meters of prominent frontage on Main Street. This location is the primary retail and hospitality destination of the Mornington Peninsula, positioned less than 200 meters from Mothers Beach and in immediate proximity to the Mornington foreshore.

The property benefits from a rare 14-year initial lease term to a national chain, Betty's Burgers, part of the Retail Zoo Group, with the lease expiring in 2035. Additionally, there are two 10-year options extending the lease to 2055, supporting long-term income security. The lease includes fixed annual rental increases ranging from 3.00% to 3.50%, ensuring a strong rental growth profile.

Recent significant capital expenditure has been made across both tenancies, enhancing the property's value and appeal. There is also a forthcoming office rental reversion in 2027, currently valued at $317 per square meter, indicating potential for increased income.

Mornington's Main Street is surrounded by over 350 retail, hospitality, and service businesses concentrated along a single strip, making it one of Victoria's most compelling lifestyle and tourism economies, attracting approximately 7.9 million annual visitors with an annual visitor spend of $1.8 billion.

The property is zoned Commercial 1, offering excellent underlying land value and future upside potential through the possibility of adding an additional level, subject to council approval (STCA). This opportunity is supported by proven tenant performance in coastal markets and built-in rental growth, making it a secure and attractive investment.

In summary, 5 Main Street, Mornington, offers long-term income security underpinned by a well-renowned national tenant with a strong growth trajectory. It is a rare freehold opportunity within one of Australia's tightest held retail strips, where supply is extremely limited, providing investors with a unique chance to acquire a prime commercial asset in a thriving coastal market.

Location