The 12-storey Peninsula on the Bay, located at 435 Nepean Highway in the Frankston CBD, is the tallest building in Frankston and on the Mornington Peninsula. Built in 1973 as a shopping centre and offices complex named the Peninsula Centre and designed in a brutalist style, it was once called "the worst building in Australia" by comedian Barry Humphries. It remained mostly vacant during the 2000s, until it was redeveloped as a luxury serviced apartments and offices complex by Asian Pacific Group in 2013.