Alliance forms for Mornington Peninsula's $650m Martha Cove development
A new approach has been taken for Mornington Peninsula’s $650 million Martha Cove development, with an alliance forming between three stakeholders – development company Three Pillars and receivers and managers KordaMentha and PPB Advisory.
Set on Safety Beach, the 94-hectare residential marina development offers house and land packages and will consist of around 1,100 residential dwellings upon completion.
Martha Cove will also include 750 marina berths, a commercial precinct and aged care facility.
Broken into three precincts, PPB Advisory will develop Sovereign Point, KordaMentha will look after Hidden Harbour and Three Pillars will develop Harbourside.
Martha Cove key stokeholder: (left to right) Tom Hoogenbosch Three Pillars, Berrick Wilson KordaMentha & Ian Carson PPB Advisory
“The stakeholders are working towards common outcomes so it made sense to work together to create harmony, synergies and economies of scale,” said Berrick Wilson, national head of real estate at KordaMentha,
“We all benefit from a joint approach and marketing initiative, and individual precincts will draw in inquiry to provide purchasers with ample choice.
“This project has been a decade in the making and is unlikely to be repeated any time soon as you simply can’t find a site like this with direct access to the Bay. When it’s gone, it’s gone,” says Wilson.
Three Pillar’s Harbourside development offers three-bedroom house and land packages from $429,000 and four-bedroom homes from $499,000.
Hidden Harbour offers house and land packages from $395,000 and Sovereign Point offers house and waterfront luxury from $960,000.
The first stage of Harbourside was released four months ago and so far 55 terrace homes out of 80 have sold.
Sovereign Point was released this week and so far one house and land package has been snapped up, out of 30 on offer.
“There is a limited number of absolute waterfront houses and land blocks available in this unique peninsula location,” says Ian Carson, chairman of partners from PPB Advisory.
“It’s still possible to buy a waterfront home for less than $1 million – that is rare and very appealing to a wide range of buyers,” says Carson.
The first stage of Harbourside began construction in July and is scheduled for completion by March next year.
Hidden Harbour and Sovereign Point completion dates are subject to settlements.
The median house price in Safety Beach is $520,000, an 18.6% change in the past five years, according to RP Data.