Mollymook beachside property sells for $8.5 million

A significant beachside property in Mollymook has sold for $8.5 million. The 2,083-square-metre site, located at 72-76 Ocean Street near the beach, was on the market for the first time in over 40 years.

The sale follows a previous auction where the property was passed in after receiving bids between $7 million and $8 million. The final sale was secured through a Sydney-based buyer's agent.

The property consists of three separate titles with older-style homes and is designated under MU1 Mixed Use zoning. This zoning allows for various redevelopment options, including residential, boutique accommodation, or commercial uses such as childcare facilities and entertainment centers. Agents noted that the scale and proximity to the beach make it a rare opportunity for developers and investors.