50 unit owners of the family holiday resort Nobbys Outlook are soon to be very happy with the possibility of a $30 million dollar windfall.
The owners of the 46 apartments are looking into selling or joint-venturing its redevelopment. With some of the owners having invested a total amount of $50,000 they are expecting to see decent profits in the horizon.
The 7284 sq m Marine Parade site resides of the base of Nobby Hill with beautiful views of the ocean. The resort itself was built in 1996 and has four 2-level buildings fronting a recreation square with two pools, giving the overall resort a very sociable vibe.
Developers have over the years been knocking on Nobbys Outlook’s doors with offers, in hopes of capitalising the property. The most recent offer being in 2011 with owners being offered new units in return for old ones and then proceeded to value the overall site for more than $30 million.
It was said by Bronwyn Bartal (body corporate) that it is a very high possibility that there will be unanimity across the owners as there is $4 million worth of repairs needing to be done.
She also stated that ‘it is clearly past it’s used by date’ and that ‘we all love the location but we have to be realistic’.
The owners, as a group, thought are open to options at this point. They are prepared to be flexible with negotiations, as stated by Jayde Pezet of KM Sales. He continued with ‘they are keen o consider a variety of options, including participating in redevelopment, ‘cashing out’ their investment, or an outright sale’.
With options of redevelopment or selling, it will be interesting to see what the owners opt for. Either way the owners of Nobbys Outlook are in for a pretty hefty profit in the future.