644 Esplanade Mornington VIC 3931

Brand new luxury residence | Bay views from rooftop | Heated mineral plunge pool | Lift across three levels | Opposite coastal trails This property presents a rare, turnkey coastal investment defined by its maximised site use and premium finishes. The combination of a lift, pool, and panoramic views from a rooftop terrace creates a high-specification lifestyle offering that serves a buyer seeking immediate occupancy and low-maintenance luxury in a premier dress-circle location. Its brand-new status and near-total building coverage signal a completed project with no further development upside on-site, positioning it for capital stability rather than renovation gains. The primary risk is the compressed land component, with a 364m² lot at 95% coverage offering limited outdoor space and exposing the buyer fully to build-quality and future maintenance costs. The commercial logic rests on securing a view-based premium and avoiding construction delays, but requires scrutiny of recent comparable sales to validate the asking range. Acquire for a permanent or holiday residence with long-term hold; the property’s value is now in its use, not its land. Our analysis would pressure-test the listed price against true market comparables and detail locality-specific risks like the bushfire overlay for insurance. Nearby sales context: The previous sale of this block in 2022, as a 3-bedroom house, for $2,036,000, establishes a baseline land value pre-redevelopment. A directly comparable neighbouring property at 644A Esplanade, with a similar configuration and lot size, carries an estimated value of $2,828,000. This suggests the current asking range seeks a premium for the brand-new, high-spec build completed by the vendor.