Written by Stefan Kostarelis
The local real estate office of global auction house Sotheby’s International Realty recently listed a substantial section of the South Australian coastline for sale.
The 140-hectare Cape Jaffa Anchorage development is to be sold in its entirety or as part of a joint venture.
South Australia Sotheby’s Managing Director Graham Bowie said that owner is open to proposals for individual business units and assets, such as marina operations, hospitality accommodation sites and future land release stages.
Sotheby’s is widely recognized as one of the most prestigious agencies in the world and is using its considerable clout to attract interest from investors from around the world.
The Cape Jaffa development is located just a 25-minute drive from Robe and is a leisurely scenic drive from Melbourne or Adelaide. In addition, it boasts attributes such as a protected north-facing beach, ocean view and beachfront.
There are also marina allotments averaging 800 square meters (plus up to 200sq m of sea bed as part of individual titles) and a working harbor that facilitates seafood production.
Major project approval for the project was granted in 2006 and there are plans in the works to build a 1200-metre airstrip nearby.
According to Sotheby’s, 38 marina berths and 86 residential blocks have already been sold, with a further 450 allotments approved but yet to be developed.
I communicated with Sotheby’s PR Marketing Manager Caroline Perrin via email and asked her more about the development.
*SA Real Estate News questions in bold*
- How long has Sotheby’s been involved with this property?
The vendors have been discussing the project with Sotheby’s International Realty for some time in order to gain global exposure for the project, however, marketing has only begun recently.
- Are you able to comment on the nationalities of investors you have seen interest from?
Initial interest has naturally come from South Australian companies, but also strong interest from Melbourne, Brisbane, Sydney & Perth. With Global exposure via the Sotheby’s Realty network covering 65 countries, we have also received interest from New Zealand, Hong Kong, Germany, and America. With direct flights from China to Adelaide, the interest from China has also been significant, with an additional flight available from Adelaide airport direct to the development.
- Sotheby’s has mentioned 450 allotments are yet to be developed. What kind of things do you see working in these locations?
The land releases are ideal for project homebuilders, especially those appealing to the retirement market. Premium allotments available on the beachfront are ideal to build the ultimate Australian beach house.
- What kind of impact will (or has) the development have on surrounding areas such as Robe?
The development to date has provided employment for the local trades, which is likely to increase, as a tavern & resort apartments are on the drawing board. Increased quality accommodation in the Robe area, will support the local tourism industry, & continue to attract new visitors to the region.
- Have the residential blocks been purchased by individuals or companies?
To date, the blocks have been purchased by individuals, however, the stage is now set for further land releases to be opened by development companies & project home builders.
- Can you please us more about average pricing for commercial and residential allotments?
Sotheby’s International Realty has been brought in to secure investment for the total project or larger elements, not to sell the individual blocks of land. The overall project has previously been valued at 38million AUD, however the owners are keen to talk to developers with ideas that will take the project to the next level, whether it be in totality or via separate elements of the project.