12-14 Thompson Ave 3,541 SF 51% Leased Retail Building Cowes, VIC 3922 $1,527,548 ($431.35/SF)

For investors seeking a truly rare opportunity in Cowes, this standout mixed-use property offers long-term income, high visibility, and a prime main street location. Properties of this size and prominence in Cowes' tightly held main street simply do not come to market often.
This property has been fully tenanted for the past 20+ years, delivering stable, reliable returns. The ground floor features two commercial tenancies: a large shopfront, soon to be vacant, with prominent street frontage, generous open-plan layout, rear storeroom, roller door access, and staff facilities, perfectly suited to lease as a café, restaurant, retail venture, showroom, or creative studio. The second tenancy is securely leased to a long-established local restaurant, providing immediate income from day one.
Upstairs, a spacious three-bedroom apartment is a renovator's delight, offering flexibility to create holiday accommodation, a permanent rental, office space, a hair salon, tattoo studio, or a combination of uses. Rooms could even be rented separately with shared access to kitchen and bathroom facilities. With water views from the lounge and kitchen, a private balcony, and a rare grassed rear yard, the apartment adds significant additional value and revenue potential.
This property delivers a triple income stream with a projected rental yield of around 6%, in one of Phillip Island's most sought-after locations. Steps from the beach, cafés, ferry terminal, and retail precinct, it's perfectly positioned to benefit from both lifestyle appeal and solid investment fundamentals.
Cowes' tourism story is only just beginning. While the GP event is gone, the Phillip Island Hot Springs, opening in 2026, is expected to attract around 73,000 additional visitors annually, creating a steady, year-round influx of tourists. This is not a one-weekend spike , it's consistent traffic, boosting visibility and opportunity for businesses in Cowes' revitalised main street.
With a fast 30-day settlement available, this is an exceptional chance to secure a rare, high-profile investment in a fully tenanted, income-generating property in the centre of Cowes. Opportunities like this are extremely rare ,don't miss it!