Two DA-ready sites aimed at Victoria’s luxury market have come to market—one aimed at the high-end residential sector, the other at tourism.
In the state’s south, and opposite the 12 Apostles along the Great Ocean Road, a 79ha site is being offered for sale by an international expressions-of-interest campaign managed by Stonebridge Property Group and HTL Property.
The project has been estimated to be worth about $200 million.
Approved for the site is the Neil-Architecture-designed 12 Apostles Hot Springs and Resort, a project with a GFA of 4092sq m that includes 3363sq m of state-of-the-art bathing facilities, up to 150 luxury eco-pods for accommodation, a 12-room spa catering to public and resort guests, conference facilities for corporate and private events, multiple food and beverage operations, an amphitheatre and visitor centre, and on-grade carparking.
The project has been “significantly de-risked” with planning approval, a thermal bore license, EPA approval and a conditional state government grant for more than $7 million, according to a spokesperson.
“The 12 Apostles is one of the most visited regional tourism attractions in Australia but there is limited accommodation or other complementary experiences in the precinct, making this an incredibly rare development and business opportunity,” Stonebridge national partner Julian White said.
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HTL Property managing director Andrew Jolliffe said that with domestic and inbound tourism levels rebounding sharply, “experiential assets with unrepeatable magnets such as the inimitable 12 Apostles are as rare as they are sought-after investment opportunities”.
“And in respect of both the scale and dress circle positioning of this development, I can’t recall a more compelling long-term tourism investment so meticulously curated for a successful purchaser,” he said.
The expressions-of-interest campaign by Stonebridge Property Group’s Julian White and Chao Zhang, and HTL Property’s Andrew Jolliffe and Andrew Jackson closes on September 8, 2023 at 2pm.
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Meanwhile in Port Melbourne, a site opposite North Port Oval, home of the Port Melbourne Football Club, with permits and plans in place for a luxury apartment development is also being offered by an expressions-of-interest campaign.
The 967sq m site at 550 Williamstown Road, which is being marketed by Savills Australia and New Zealand for vendors Mondous Group, borders Australia’s largest urban renewal project, Fishermans Bend, and is close to supermarkets and the Bay Street retail area.
Market expectations are that the site will fetch north of $7 million.
Savills associate director Cam Zamora said the site had “immense potential as the offering includes plans for 32 luxury apartments plus retail, as well as the security of a short-term holding income available via an existing warehouse onsite”.
“The site is also an easy commute to the CBD via North Port light rail station, 150m away.”
