ONE of the most stunning property coups in the history of Phillip Island, and that’s saying something, was brought off by the producers of Channel Nine hit TV reality renovation show, The Block in the past week.
As discreetly revealed by the Sentinel-Times three days ago, The Block has indeed purchased property “in the western part of Cowes”.
But, not quite so discretely, the metro press have detailed that the property purchased by The Block, including nine dwellings, for somewhere near the asking price of $9,580,000, is the Island Cove Villas, located at 113-119 Justice Road, Cowes.
And, in an outcome tantamount to winning the Division One Superdraw, the owners of the property, who purchased it for a modest $2,005,000 in April 2017, have returned a profit well north of $7 million in just six years… more than a million-a-year.
And that’s not chicken feed.
Exactly what The Blockheads will ultimately do with the “2.5 acres of stunning palm-fringed gardens and sprawling lawns, featuring a beautiful palm-fringed pool, tennis courts" etc is anyone's guess.
But, before they hastily retreated from Daylesford in the west of the state, with their project there set to be taken to VCAT by the locals, they had planned to relocate five villas to a rural site and set it up as a holiday retreat.
At the Justice Road site, much of that work has already been done for them with a stunning 2-storey, modern home of approximately 40 squares with five bedrooms, three living, three bathrooms, and a double garage, plus eight beautifully presented homes, six of two bedrooms and two of three bedrooms.
There may however be enough space for another five townhouses and while the homes were only developed there 14 years ago, the potential to revamp the whole property as a first class retirement, holiday or residential village is also a possibility.
But beyond the sea change-tree change theme, it's a mystery how The Block will go about it while locals commenting on Facebook have asked if McDonalds might be next for the Island.
"The Island is going to need a McDonalds now because being a sponsor that’s the coffee the contestants drink."
The local community at Daylesford and the Hepburn Shire Council may not have been able to see their way clear to accommodate The Block’s plans, but presumably they’ve been given more than a nod and a wink behind closed doors by Bass Coast Shire Council because there simply isn’t time, on a tight filming schedule to pick up and move again.
President of Phillip Island Progress Peter Paul said earlier in the week that there would definitely be pros and cons from having The Block set up their 20th series on the Island.
"Hopefully, there are more positives than negatives, but time will tell," he said.
"Maybe our roundabouts will get pretty flowers!" said another Facebook contributor.
But for now, there's at least one Phillip Island family happy with the news.
“Rarely does an opportunity arise to purchase such prime real estate centrally located to all of Phillip Island’s favourite attractions,” was the pitch, launched less than a month ago Leanne Poulton of Eview Real Estate.
But no one could have imagined in their wildest dreams it would go that this.
“Built just 14 years ago, this stunning easy-to-run resort has been catering to families, groups and couples who appreciate the intimacy and impressive facilities on offer.”
“Zoned residential, astute purchasers can explore the potential to develop further, subdivide (subject to council approval) look at timeshare options, exclusive 55 years plus resort or just land bank for the future.”
As well as the home, townhouses and units, there’s a full size Plexi-pave tennis court, large commercial children's' playground, two large BBQ pavilions, with stainless commercial cooking facilities, pizza ovens and ample seating, a generous undercover bar and function area with large mezzanine floor area for extra storage, fitted with stone bench tops, 90cm oven, 3 sinks, Kegerator commercial fridge, dishwasher, plus quality fixtures and fittings.
The palm-lined pool has a computerised Austral heat pump for economical heating, fully automated self-dosing pool system, huge 20.5 kw back to the grid solar system ( 74 Canadian Panels), 3 phase power to the main garage and the pool heater. There’s a spacious pool/function area, guest facilities as well, so you can imagine the Blockheads enjoying some nice leisure time.
The property currently accommodates upwards of 56 guests but with the opportunity to expand.
It was listed as being able to generate $290,000 per annum from year-round leasing, at just 50 per cent occupancy but that’s just peanuts now compared to the capital windfall.\
For retated articles see also: https://www.sgst.com.au/news/the-block-really-is-coming-to-phillip-island-they-say