This article is from the Australian Property Journal archive
THE estate of the late Sir Reginald Ansett, founder of Ansett Airlines, is departing with the final parcel of land in Mt Eliza.
The 22.3 hectares of land has a beachfront and is held within four certificate titles, located at the corner of Kunyung Rd and Albatross Ave in Mt Eliza, 45 km from Melbourne.
Equity Trustees, trustee of the R.M. Ansett Trust, is calling for expressions of interest based on a range of different transaction structures and options, with the objective of converting the non‐income producing vacant land into an income earning asset to support young people.
“Through this process we plan to release the value in the land and invest it back into the community,” Equity Trustees managing director Mick O’Brien said.
“The land is currently vacant and has been historically used for grazing. Our aim is to get the best value and outcome we can so that the trust can continue to grow, and fund initiatives and programs that would otherwise not happen, supporting children and young people, including those facing disadvantage, to take their place in life,” he added.
E&Y’s Ben Desmond, Marcus Willison and Tim Lewis are handling the EOI campaign, which closes on December 13.
With 100 metres of direct frontage and beach access, the site is one of the last available green-wedge land bank sites on the Mornington Peninsula, directly abutting the Urban Growth Boundary.
There is potential for redevelopment and suits a range of uses, including commercial, leisure, hospitality, healthcare, education and a cliff top dwelling/s (subject to approval).
The trust’s current portfolio is around $26 million, plus the land which is the subject of the EOI campaign. While the land is non‐income earning, the portfolio of income producing investments was created largely with the sale of an adjoining property in 2006.
Analysis of different transaction options for the land estimate the injection of funds back into the community through the philanthropic Ansett Trust would be between $1.5 million and $4 million annually, exceeding the current $1 million annually.
Since establishment in 2010, the Ansett Trust has distributed more than $5 million to programs that assist children and young people, including those in out of home care, charities that run child‐focussed programs and scholarships to schools in the Mornington Peninsula.
Australian Property Journal
