Buy a WA island you can drive to
Islands sales have come thick and fast in Australia this year, but this is the first time you can drive your car to the ‘open for inspection’.
A small man-made island off the coast of Western Australia could become the most sought-after piece of offshore real estate to hit the market this year.
Maraboo Island, which forms part of the Port Coogee Marina development, is an almost 2ha blank canvas that developers are expected to fight over, given its potential to house a substantial residential component.
And in a handy bonus, it’s also connected to the mainland via a double-lane bridge
Also a part of the deal is 7195sqm of surrounding water, which could allow for further mooring facilities on top of the 150 berths already available at the nearby marina.
JLL director of sales and investments WA Sean Flynn says the island, currently owned by Frasers Property Australia is about as rare as it gets.
“Freehold island properties are very rarely seen on the market in WA, so this opportunity is without doubt one which won’t be replicated any time soon,” Flynn says.
“In the current environment it’s more important than ever to be able to delineate your product from the broader market. There’s no doubt this site lends itself to creation of something truly special in the apartment space.”
The island is zoned for residential and could allow for apartment buildings of up to five storeys. It lies about 5km south of Fremantle and 23km from the Perth CBD.
Flynn says the development will form a key part of the wider marina project, which features a shopping centre and further residential developments.
“There’s also an opportunity to incorporate a future private jetty component to the northern aspect, and the island is situated adjacent to an established marina, which has facilities for approximately 150 vessels, with a future capacity for up to around 300 vessels,” he says.
The $2 billion Port Coogee development sits on an 86ha site that, when completed, will house 4000 people on more than 800 land lots and more than 1100 apartments.
Expressions of interest for Maraboo Island close on November 17.