Sovereign Islands site owner testing sale waters
THE owner of a sprawling site that had been earmarked for a controversial first apartment project on the Sovereign Islands is testing the sale waters in the wake of land prices in the big-ticket community climbing.
The move comes on the heels of a mansion site selling for a recordbreaking $10m.
The arrival on the market spans 2566sq m at 15-19 Royal Albert Cres and is approved for eight apartments and eight marina berths.
The apartment plan sparked ire among Sovereign Islands residents when it was proposed and further controversy followed when the promoter of the apartment venture, Ian Chester, ran foul of ASIC.
Expressions of interest are being sought in the three-title lot, owned by a company associated with Mark Murray and Akiko Sho.
The site is smaller than the threetitle 3143sq m at 15-19 Parklane Terrace that sold last month for $10m, or a Sovereign record $3183sq m.
Michael Willems, of Ray White Commercial, said that while the land provided a chance to build a groundbreaking apartment project, there were other options.
“Clearly the site, by virtue of size and major water frontage, would be ideal for a mansion. There’s also the option of reverting the three-title holding to single housing lots.”
The three-level apartment project on the Murray-sho land was to be called Sovereign Residences and was being promoted by Mr Chester, who had a stake in the site via a $1 company. Work was to start in mid-2019, but it never got underway and five months ago ASIC obtained a court freeze on the assets of Mr Chester and Sophie Chester.
The move was in connection with the use of funds raised for property projects. A liquidator has been appointed to Mr Chester’s Vested group.
Expressions of interest in the Sovereign land close on February 16.