Redevelopment planned

The historic Isle of Wight site in Cowes … home to the century-old pub that burnt to the ground on the Cowes Esplanade in 2010 … has been sold.

The land, described last year as the most significant commercial property ever offered on Phillip Island, has been purchased by Melbourne based developer Moda, which specializes in high end developments, with experience across all sectors.

Expressions of interest for purchase of the site closed on January 20, with the sale finalised last Friday. The selling price has not been disclosed.

The sale comes at the end of a decade of uncertainty locally about redevelopment of the site, with spokesperson for the buyers, Ed Farquharson, stating over the weekend that a consortium planned to spend the next few months exploring all opportunities presented.

“We want to ensure we take the time to explore every potential use for the site – hospitality, health and wellbeing, premium hotel and high-end residential uses. The development may end up being a blend of many or all of these uses,” he said.

Ed’s development company Moda has partnered with Salta Capital, the venture capital arm of one of Australia’s largest private property developers – the family-owned Salta Properties; and hotelier Mazen Tabet, to develop the site.

Salta is a multi-faceted and largely family-owned business, involved for over 50 years in residential, commercial, retail, industrial and hotel development, which prides itself on strong ethics and high standards.

Mr Tabet is a well-known hotelier with pub interests across Australia and abroad.

Ed himself is no stranger to Phillip Island.  His family have a rural property in Ventnor, and he enjoys the surf, golf and goes fishing here when he’s in town. He has many memories of the Isle of Wight growing up, from functions, birthdays and events with family, to Saturday night discos as a teenager.

He said he’d always been interested in the potential offered by the Isle of Wight site.

“The land has been up for sale a few times now, but the timing was never right. The stars have finally aligned,” he commented.

Ed said the introduction of a new Design and Development Overlay (DDO) for the site by Bass Coast Shire Council back in 2019 … which encourages the development of a “landmark redevelopment” of “architectural and landscape excellence” for this iconic position … caught his eye.

“It was partly this clear intent of the planning scheme that attracted the consortium’s interest,” he commented.

“As is the intent of the DDO, a landmark redevelopment of architectural excellence is what we will be aiming to achieve here,” he emphasised.

A Planning Panel ruled in 2019 that any future development on the Isle of Wight site should remain seven storeys at the front half of the site along The Esplanade, and five storeys at the rear. The Panel also said any redevelopment must design around and make a feature of the significant Moreton Bay fig tree on the corner of the land, ensuring a qualified arborist “undertake any investigations necessary” to ensure the safety of the tree.

“We feel we can design a building that will contribute to the coastal village character of the precinct and activate the frontage along The Esplanade. We would love to bring back the Isle of Wight in some shape or form. I certainly expect there to be a hotel/short stay accommodation component.”

Ed envisages the planning stages for the development will take at least 18 months.

“Whilst we’ll be going straight to work on the development, we won’t be rushing in to lock in a design right away,” he said.

“It’s a site that will need months of thought and consultation with the best architects to ensure we make the most of this unique opportunity.”

In the meantime, he wants to talk to council and try and activate the space over the interim period.

“The options for interim activation are endless and we’d love to see the land put to good use while we work through the planning process,” he commented.

A piece of Cowes history

John Matthies, the owner of the Isle of Wight site, told the Advertiser in November when he put the land on the market, he had done so because it was “unfair to the community” to leave the “iconic” property undeveloped.

Mr Matthies, who also owns Banfields Aged Care in Cowes, said it would be another five years before he would consider developing the Isle of Wight site, because he had other projects on the go.

“I feel a bit of an obligation to the community and it would be at least five years before I could do anything with it, and it seems silly to let it sit there,” he said at the time.

“It’s a fantastic, iconic site, north facing with fantastic views, hard to find better. It needs to be developed for the whole of Phillip Island and Victoria’s tourism.”

The vacant Isle of Wight was purchased by Mr Matthies in 2016, after being on the market since 2014, when the former owner of the Continental and the Isle of Wight went into liquidation. Around 2015 a protracted year-long sale fell through after a would-be buyer failed to come up with the funds.

Redevelopment plans for the old hotel have been on the drawing board since the 1980s.

The Isle of Wight was first given a planning permit for redevelopment by the former Phillip Island Shire; and since 2005 held a planning permit to rebuild, which was then amended and subsequently approved by a planning panel.

The pub was due to be demolished for redevelopment, when fire gutted the building in May 2010.

In 2011, Bass Coast Council Shire refused to extend the planning permit for a third time, and it expired.

Greg Price, of Alex Scott Real Estate Agency in Cowes, when asked to comment, said Alex Scott was delighted to be part of the sale process.

“We look forward to what the future holds for this site,” he said.