This article is from the Australian Property Journal archive
MFS Living and Leisure Group has been given the greenlight from the Victorian State Government to start developing its Mount Hotham resort.
The pre-sold, 20-lot subdivision, Freehold 1775, is an additional part of the redevelopment of Mount Hotham Village which is designed to increase the accommodation choices at Hotham and encourage year-round use of the resort.
MFS Living and Leisure chief executive Marshall Vann said the approval represents the culmination of close work with the Mount Hotham Alpine Resort Management Board and Victorian State Government.
“This site had proposals from previous owners for significant medium density unit developments which we felt were inappropriate for such a unique site.
“The development approved retains around 30% of the site as permanently untouched for native fauna and flora. Obtaining the development approval removes a key uncertainty surrounding our FY08 property forecasts. All developments are now locked-in and we are very confident that all property results will deliver to forecasts,” he added.
Vann said between 10 to 20% of the group’s annual EBITDA is expected to be derived from property development over the next five years.
In addition, he said all 20 freehold land sites at Hotham are under unconditional contract with full deposits paid. Development on the sites is scheduled to begin within two weeks.
Australian Property Journal
