12 Thompson AvenueCowes VIC 3922
Property Details for 12 Thompson Ave, Cowes
Last Listing description (December 2025)
Perfectly positioned in the very centre of Cowes, this standout mixed-use property presents a rare and exciting opportunity to secure three independent income streams in one of Phillip Island's most tightly held locations. Offering both immediate rental return and outstanding potential, it's an exceptional opportunity for investors, developers, or owner-occupiers ready to capitalise on a unique coastal address.
On the ground floor, the property comprises two commercial tenancies:
The larger space is currently tenanted until Easter, boasting prominent street frontage, a generous open-plan layout, spacious rear storeroom, roller door access, and staff facilities. With its flexible configuration and prime exposure, it's perfectly suited to a restaurant, caf, retail venture, or creative studio . Ideal for an owner-operator or investors seeking a new tenant in a high-demand area.
The second tenancy is securely leased to a long-established local restaurant, providing stable rental income from day one.
Upstairs, a spacious three-bedroom apartment offers even more potential. Accessed via its own private entrance, the residence enjoys water views from the lounge and kitchen, a private balcony, and an exceptionally rare grassed rear yard, all just moments from the Cowes foreshore and right on the main street!
Ready for renovation, it's an exciting opportunity for those looking to create a quality rental, holiday accommodation, coastal residence, or to transform the apartment into office spaces. The apartment is also well positioned to be easily converted into office space, adding further flexibility to this already versatile property.
With mixed-use zoning and an unbeatable location just steps from the beach, cafs, ferry terminal, and main shopping precinct, this property combines lifestyle appeal with proven investment performance. It offers a strong rental history, clear scope to increase returns, and a premium position that rarely becomes available.
Big on space, full of potential, and brimming with opportunity, this is a standout coastal asset not to be missed!
Property History for 12 Thompson Ave, Cowes, VIC 3922
- 29 Sep 2025Listed for Sale $2,175,000
- 26 Sep 2017Listed for Rent $32,400 / year
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0About Cowes 3922
The size of Cowes is approximately 20.7 square kilometres. It has 20 parks covering nearly 6.7% of total area. The population of Cowes in 2016 was 4839 people. By 2021 the population was 6593 showing a population growth of 36.2% in the area during that time. The predominant age group in Cowes is 60-69 years. Households in Cowes are primarily childless couples and are likely to be repaying $1400 - $1799 per month on mortgage repayments. In general, people in Cowes work in a trades occupation.In 2021, 68.40% of the homes in Cowes were owner-occupied compared with 65.40% in 2016.
Cowes has 8,445 properties. Over the last 5 years, Houses in Cowes have seen a 25.96% increase in median value, while Units have seen a 43.23% increase. As at 30 November 2025:
- The median value for Houses in Cowes is $720,387 while the median value for Units is $532,034.
- Houses have a median rent of $490 while Units have a median rent of $430.
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