Looking for the ultimate Christmas gift? Don’t overlook two islands in Victoria’s Western Port Bay that have hit the market.
Sandstone and Elizabeth islands both have $5 million-plus price tags. They can be accessed by helicopter or boat and will be marketed to wealthy musicians, artists and tourism developers.
Paul Bird, the head of policy and communications at the Real Estate Institute of Victoria, said it was extremely unusual to have one, let alone two standalone islands listed for sale.
Sandstone is located spans 20 hectares and is one kilometre from Hastings.
“Sales like these are unusual off the coast of Victoria,” he said.
“There have been a number of sales within islands, including on French Island, which is close to Sandstone and Elizabeth islands. Plots there have sold for up to $1.3 million and for as little as $300,000.”
Sandstone is one kilometre southeast of Hastings, a 55-minute drive from Melbourne, and spans an area of 22 hectares.
Elizabeth (pictured) and Sandstone islands are both on offer; accessible by helicopter or boat. Photo: Supplied
Elizabeth Island is slightly larger, at 26 hectares.
Since it was acquired by current owner Anne Tillig in 1996, Elizabeth has been improved with a large holiday house that is rented out, a helipad and a jetty.
Ms Tillig also gained approval to rezone the island for tourism uses (for decades, it grazed sheep).
1 Elizabeth Island, Elizabeth Island. Photo: Supplied
“Elizabeth Island does have its own jetty and, infrastructure-wise, it has a lot going for it,” said agent Phil Bock, of Century 21 Hastings, which is marketing Sandstone Island.
Sandstone is less developed. It has a double-storey red cedar house that is in disrepair and in need of some TLC, plus an American-style barn near the house.
The island is adjacent to Jacks Beach at Hastings and is surrounded by mudflats.
1 Elizabeth Island, Elizabeth Island. Photo: Supplied
Mr Bock said Sandstone Island was owned by a syndicate of people who were looking for offers above $5 million.
Syndicate member Massimo Cellante said most islands were sold as leaseholds but Sandstone had freehold title contained in 142 titles.
He is seeking expressions of interest and is “happy to consider any sensible offers.”
What kind of buyer is drawn to an island?
“I’d say the rock star, the artist, the writer,” Mr Bock said. “It’s only going to suit a handful of people given the logistical challenges of getting to and from the island.”
There’s no jetty on Sandstone and boats are only able to land there at high tide.
In 2005, Kylie Minogue paid a reported $400,000 for a heritage retreat on French Island, Beauciel. Her family embarked on an ambitious restoration of the Beauciel homestead and later bought a neighbouring property, before listing the lot for sale in 2008.
Ms Tillig said she originally listed Elizabeth Island with JP Dixon in December 2014 but withdrew the listing. She’s now offering the property privately, with a view to a sale at $US5 million ($A6.98m) or a long-term lease option or joint venture.
“To be quite honest I’d be keen to find a business partner,” she said.
“Unlike Sandstone Island, which has a lot of issues with it, Elizabeth Island has really good water access and good access to the various ports around San Remo and along Phillip Island and French Island.”
Islands are notoriously difficult to value.
The Toronto-headquartered real estate website, privateislandsonline.com, says it’s difficult for prospective buyers to know if an island is worth the asking price.
“It’s entirely possible that a similar private island sale will not have happened in the area in the recent past, and there may not be a similar island on the market,” the website’s buyer guide says.
“Time spent up for sale isn’t a benchmark with islands due to the rarity of buyers. What it comes down to, inevitably, is what is the island worth to you?”
Find out now!