Scotch adds acre to waterfront Phillip Island pile

The Hereward Close property (outlined) abuts Scotch at Cowes.

Scotch College has extended its 67 year old waterfront Cowes camp site again.

In the latest deal, the private school paid $3.525 million for a contemporary home on 4029 square metres – just shy of an acre – at 2A Hereward Close, near Silverleaves.

The Isle of Wight site (marked lots 1-5) recently sold to a consortium including the Portsea Hotel owner.

With the knockout offer, an auction last year was cancelled.

O’Brien Judith Wright’s Joshua Dunstan was the agent.

Name your price, neighbours

The Hereward Cl acquisition came 10 years since the school paid $415,000 for a 677 sqm site at 11 Rose Avenue, also abutting the Phillip Island camp known as Scotch at Cowes.

That price was over $100,000 more than two houses on similar sized blocks sold for, across the road, the year later.

Scotch has also held #7, in the street, since 1981.

The college adopts an aggressive approach to buying homes around its Hawthorn campus; for over five years it displays prominent plaques on its assets in an attempt to both deter competition at auctions and attract direct negotiations with vendors or their agent (story continues below).

The Kaloha Resort (outlined) sold for $12 million last year.

In Hambledon Road, the school owns 20 of the 26 dwellings.

It is speculated to be behind a recent major purchase on Fordholm Rd too.

Another Cowes sale

Elsewhere on the Cowes waterfront, the Kaloha Resort, covering 7765 sqm, traded last August for $12m.

Ellis Arcade traded after a week in January.

Not long earlier, Moda and Salta Capital, with Mazen Tabet – who owns the Portsea Hotel freehold – snapped up the 2.1 hectare ex-Isle of Wight block, overlooking Cowes Pier, for $11m with plans for a mixed-use, tourist accommodation based project.

Ellis Arcade, the majority which for decades accommodated the town’s newsagent, also recently traded; Alex Scott’s Greg Price listed it earlier this year with a $3.5-$3.8m guide.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.