This article is from the Australian Property Journal archive
A PRIVATE owner is looking to advantage of market conditions by selling a significant Phillip Island landholding of 13,875 sqm, currently operating as a caravan park.
Zoned Commercial 1 and Residential 1, the 137-143 Thompson Ave Cowes property offers development potential for a range of uses, including residential, commercial, medical and other social infrastructure projects.
The Cowes township is a major commercial and hospitality centre on Phillip Island, and attracts seasonal holiday makers and also supports a permanent population.
Fitzroys James Lockwood, David Bourke and Terence Yeh are marketing the property via expressions of interest, closing Wednesday, 20 June, on behalf of the private owner.
The 13,875 sqm property has a frontage of around 68.75 metres and is currently utilised as The Islander Caravan Park, with purchasers able to take over the running and operation of the park following settlement.
Improvements include the caravan park operation with a manager’s residence, several cabin style accommodation units and an office building, as well as an in-ground swimming pool and playground. There is on-site parking on each accommodation lot.
“Phillip Island has established an enviable reputation as Victoria’s most desirable tourist destination for motor sport, nature and wildlife, beaches, wineries, vineyards and hospitality. It welcomes around 1.85 million visitors per year, which the Bass Coast Shire expects to jump to 3.4 million annually by 2035,” Lockwood said.
“Phillip Island has seen strong and consistent growth over the past 10 years and become one of the most desirable holiday destinations, receiving a significant amount of investment from Local and State Governments in trying to keep up with the demand from residents, businesses and tourists,” Bourke said.
The Bass Coast Shire Council has committed to a 20-year plan for long-term sustainable growth in Phillip Island and San Remo, including plans for a $60 million hotel and convention centre. Also in the planning stages is The Summerland’s masterplan for the $58 million upgrade to the Penguin Parade Visitor Centre.
“This is a strong demonstration of widespread confidence in the future demand for
residential and commercial property within Phillip Island and the universal appeal of the location,” Bourke said.
Australian Property Journal
