Remember the $650M Martha Cove development the 1,100 dwelling and aged care community that collapsed post GFC? The receivers have joined together to kick start it again
It was planned to be one of the largest green field developments in Victoria, with the Over 55 baby boomers clearly its target market. Located on the coast 84 kilometers south of Melbournes CBD and half way between Mt Martha and Rosebud, this...
It was planned to be one of the largest green field developments in Victoria, with the Over 55 baby boomers clearly its target market. Located on the coast 84 kilometers south of Melbournes CBD and half way between Mt Martha and Rosebud, this canal resort development covers 94 hectares. In August 2009 its developer CP1 Ltd appointed receivers PPB, with two other receivers taking control of other parts of the development. Today a new alliance has emerged as the developers, made up a unique alliance of the receiver PPB, another receiver KordaMentha and veteran developer Three Pillars. Construction commenced on the harbourside precinct in July and 51 homes have been sold with prices ranging from $450K to $1M. An aged care facility is still seen as a central component of this baby boomer community. No operator has been named yet.
