Phillip Island rural site on the market for the first time in 60 years
The Vegter family is selling a 34.44-hectare Phillip Island farming and grazing site for the first time in 60 years, with price expectations of between $3 million and $5 million.
A spokesperson for the family, Symon Vegter of private equity investment firm Advent Partners, said the family decided to sell Lot 2 Ventnor Road, Ventnor, following strong appetite from resort and hotel developers wanting to capitalise on the $58 million refurbishment of the Penguin Parade visitor centre.
Phillip Island was a popular tourist destination and home to the “Little Penguin” but did not have full-fledged resort or hotel accommodation, Mr Vegter added.
“We have received interest from domestic and offshore hotel and property developers,” he said.
The Ventnor Road site sits between the Penguin Parade and the rural lands on the western side of the island and is well-serviced by utility infrastructure. Photo: Supplied
The site sits between the Penguin Parade and the rural lands on the western side of the island and is well-serviced by utility infrastructure.
The local government is open to new accommodation and conference facility development on Phillip Island, which is in demand especially with the growing number of Chinese tourists, said selling agents from CBRE Duncan McCulloch, James Beer and Lewis Tong.
Phillip Island is two hours from the Melbourne CBD.
