Sandstone Island is for sale, 600m off the Mornington Peninsula coast.
A PRIVATE island off the Mornington Peninsula coast could make life a beach for a buyer who seas-es the opportunity at auction this month.
Parties from Melbourne, New South Wales, Tasmania and overseas are eyeing Sandstone Island, which has the potential to hook a multimillion-dollar sum.
Ray White Rural Victoria director Jason Hellyer said the 22.25ha “blank canvas” offered a raft of possibilities in the agriculture, commercial and tourism spaces, but could also be transformed into a “wonderful weekend retreat”.
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The island is uninhabited, but features a dilapidated house.
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Mr Hellyer said the rare property had been difficult to price, but buyer feedback had ranged from “above $3 million” through to the $5 million mark.
The uninhabited island is about 600m off the coast of the Mornington Peninsula, 1km from Hastings and 80km from the CBD, and is only accessible via private boat or helicopter.
It was first settled in 1854 by the Rogers family, who ran a small cattle breeding program on it, and was later used to farm potatoes.
Two beaches are part of the package.
The island has been owned by five Melbourne families since the ‘90s.
Mr Hellyer said the property was being sold by a consortium of five Melbourne-based families, who bought it as an investment in the late ‘90s and had enjoyed it as a weekend getaway.
It features a “once-grand” two-storey red cedar house that’s fallen into disrepair, two private beaches, absolute water frontage around the island’s 1.9km circumference and a mooring site for watercraft.
Mr Hellyer said “a whole host of people from different sectors” had expressed interest in the offering, from restaurateurs considering a paddock-to-plate set-up through to a power company that had inquired about setting up a demonstration site for “solar and other methods of power generation”.
It was also listed for sale in 2015 for $5 million.
The island is only accessible via private boat or helicopter, but it’s not far from the mainland.
Another Western Port Bay isle — the 26.1ha Elizabeth Island — came back on to the market earlier this year. But the realestate.com.au listing, which most recently displayed a $6.95 million asking price, was recently taken down.
Sandstone Island is due to be auctioned at midday on November 21 at a Ray White Corporate Victoria office at HWT Tower, Southbank.
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