The Block 2024 Phillip Island: How investors can get a piece of the action
Hot on the heels of news that a Phillip Island resort will be the location of renovation reality show The Block for its 20th season, the Victorian tourist hotspot is preparing for a boon to the local economy in 2024.
Located two and a half hours from Melbourne, The Block has reportedly spent $9.5 million on Island Cove Villas, at 113-119 Justice Road, Cowes, which comprises of nine homes on 1.011 hectares.
The 20th season of The Block will reportedly be set on Phillip Island. Picture: realcommercial.com.au
Situated just over 2kms from the main street of Cowes, and just a short drive to the famed Phillip Island penguin parade, the 14-year-old resort is zoned residential, and its listing stated ‘astute purchasers can explore the potential to develop further’.
While filming takes place during the course of a few months on the island, PropTrack economist Anne Flaherty said short term, local businesses were set to benefit.
“There’s going to be more demand for people looking to book accommodation in the area, more demand for the businesses, the retail services, the shopping centre and whatnot in the area, but that’s really a temporary thing,” she said.
An aerial view of Phillip Island, Cowes, where The Block 2024 is reportedly going to be filmed. Picture: Getty
“I think that the biggest impact that this is going to have is it’s going to help to increase awareness of Phillip Island and the natural beauty it has to offer.
“Anything that helps to put an area on the on the map is going to mean that there’s more people eyeballing properties in the area.
“This good news for people who own residential property on the island and also good news for business for investors for people who own commercial properties.”
For those looking for a seaside change, or a chance to watch The Block action unfold in 2024, here are some prime investment opportunities:
Operate your own pub/bar
Price guide: $1,800,000 – $1,900,000
Currently operating as a bar and restaurant, this 344sqm venue at 4/72 Chapel Street, Cowes is well known amongst locals and is said to be one of the biggest venues in town offering indoor and outdoor seating.
“The business itself, it’s always been a thriving business and a nice hangout for locals and tourists alike,” Ray White Phillip Island sales executive Jon Taylor said.
Fancy your own bar with development potential? Zoning permits the construction of up to four storeys on the site (STCA). Picture: realcommercial.com.au
Thought to be one of the first buildings in Cowes, the original building was a church in its heyday, Mr Taylor said.
Zoning approval is in place for a four storey development, which would offer panoramic, uninterrupted beach views.
Situated close to the water on picturesque Phillip Island. Picture: realcommercial.com.au
The premises features include a renovated bar and dining rooms, a fully-equipped commercial kitchen, and at the building’s rear there is a self-contained two-storey apartment.
Run your own beachside fish and chip shop
Price guide: $1,350,000 to $1,375,000
Set just 100 metres from the beach, this well-established fish and chips shop, general store and café offers the chance to live and work by the ocean.
Located just a stone’s throw to the beach, the property is so much more than just a fish-and-chip shop. Picture: realcommercial.com.au
The property, located at 16 Cottosloe Ave, Cape Woolamai, consists of a 172sqm shop with fryers, grill, fridges, freezers, work benches, in addition to a separate office.
A newly built residence – at the rear with side driveway – features one bedroom and an ensuite, lounge/kitchenette and dining area and a private garden.
The 12-year-old business has a current liquor licence and is licensed for 26 patrons with the possibility to expand.
The fish & chips take away plus general store & café also has a residential dwelling at the rear. Picture: realcommercial.com.au
Sales agent Sharon Wintle from 1st Choice Estate Agency San Remo said the owners were selling due to retirement.
She said news of The Block coming to the island will bring positivity to the island.
“You know anything like that coming into the township, or onto the island is going to have a positive flow on due to the fact that The Block is something people have followed,” she said.
Operate a winery
Offers around $6 million
With more than $1 million in future bookings secured, Phillip Island Winery is an in-demand venue for weddings and events.
Set on just over 5has, the 25-year-old winery operates five days a week and features a 1.21ha vineyard, a cellar door and retail outlet, a restaurant with seating for 70 people and outdoor dining and picnic areas for more than 150 people.
Investors get a running start with Phillip Island Winery, with over $1 million in future bookings. Picture: realcommercial.com.au
OBrien Judith Wright sales representative Madison Fox said the winery has built up a great reputation with just three owners in its lifetime, with the site offering potential to expand.
“They could do accommodation and things like that as well, they’re sort of open to someone coming in and expanding what is already there and making it theirs,” she said.
Live by the sea
Fixed date sale campaign, closing October 10, with a price guide of $949,000.
Fancy your own Block-style sea change renovation project? This original 1950s weatherboard three bedroom, two bathroom home at 9 Albert Street, Cowes has hit the market for the first time.
About a 2km drive from The Block’s 2024 resort site, the home presents an opportunity to bring it back to its former glory, or subdivide pending shire approval.
Selling agents Alex Hale and Amber Formosa from Ray White Phillip Island said properties of this kind – located in a prime location close to the water and town – were typically tightly held.
“It seems like properties (like this) get passed down between families, and often it’s just one of those things – a supply and demand issue,” Ms Hale said.
The home is situated on a sprawling 870sqm site and has dual access from Albert and Vaughan streets.
