After making the surprise move to shelve a Daylesford site for the next series of The Block, Channel Nine is buying Cowes’ Island Cove Villas complex, on Phillip Island.
The 1.01 hectare holding at 113-119 Justice Road, near the corner of Ventnor Rd, is setting a company controlled by the network back a speculated $9.58 million.
It swooped on the freehold going concern within a week of it hitting the market this month.
Eview’s Leanne Poulton represented the vendors which paid $2.005m for the freehold in 2017.
Developed 14 years ago, the asset was formerly known as the Phillip Island Surf and Circuit Accommodation.
Surprise B-grade location
Channel Nine’s plan for 113-119 Justice Rd is unknown – at Daylesford it intended to shift five pavilion style homes to a farm it would have split as five blocks of c3000 square metres (three quarters of an acre).
The Island Cove Villas site by comparison could probably accommodate dwellings on less than two thirds that land after infrastructure like road and driveways, and gardens are built in.
Alternatively, the resort can be revamped should the producers propose a different format, with eight holiday units (six with two bedrooms, two with three, all with outdoor areas and two spas), a c370 sqm five bedroom family home, gardens, pool, tennis court and two gazebos which have been used for weddings.
The property is unlikely to yield any wealthy seachangers seeking a multi-million dollar home though – the location is B-grade within the island, agents say, a kilometre from the beach and more than twice that to the town centre.
Justice Rd is also a major thoroughfare used by residents in nearby Ventnor to cut through Cowes West (story continues below).
If it ain’t broke, fix it
The network snared the property from other operators and developers – it could also accommodate an over 55s community, timeshare investment or be subdivided for residential.
As a business, it can host 56 guests excluding in the family home.
At half occupancy, the agents marketed, it could earn annual income of c$290,000.
The quality of fixtures and fittings in the units and common areas is high.
The Block producers abandoned Daylesford following a planning application locals looked headed to take to the Victorian Civil and Administrative Tribunal.
Its 2022 series was at Gisborne South, 50 kilometres north west of Melbourne, where, as was proposed at Daylesford, it imported then extended homes.
This year it used 1950s dwellings in Hampton East, 14 kms south east of town.
More to come.
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