Cowes beachfront opportunity making waves
Vendors of a rare Cowes beachfront opportunity are looking to ride a wave of developer interest to a strong sale.
The five-bedroom property at 19 The Esplanade, with panoramic water vistas, has entered the market with plans and permits to be developed into 20 apartments.
“It’s a pretty rare permit for the area,” Gross Waddell agent Alex Ham said.
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Just under 2 per cent of Cowes dwellings are classified as flats, units or apartments, according to CoreLogic data.
“Next door there’s a development, but it’s only five apartments,” Mr Ham said.
“There are some hotels on the beachfront, but there’s no other residential development.”
With a price guide of $2.05-$2.255 million, the 1186sq m property has attracted mostly developer interest.
“There’s been enough interest to make us think it will sell on the day — the house itself is quite a good house as well, it’s not run down at all,” Mr Ham said.
“You could actually move into the house tomorrow and occupy it.”
The permit is for 10 two-bedroom and 10-three bedroom units.
The property, which has permits for 10 two-bedroom and 10 three-bedroom units, is just minutes from Cowes’ retail and dining precincts.
The median house price in Cowes is $508,000, according to CoreLogic.
The house goes to auction at on Saturday, June 8 at 12pm.
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