John Matties, director of the family-run Australian Aged Care Group Pty Ltd (AACG), picked up the vacant 8,625sqm site, 140km south east of Melbourne, just a month after the local council allowed it to be listed for redevelopment.
Sitting opposite the Island’s main jetty and retail strip, the site – widely regarded as the best on the popular tourist destination – has sat vacant since The Isle of Wight hotel pub (pictured) burnt down seven years ago.
The land doesn’t come with a permit – but the Sydney Morning Herald says it was previously approved for a $180M nine-storey hotel resort, which would have been the tallest building on the island, back in 2010.
Mr Matthies certainly has cash to spare. Last month, he came away with over $40M after selling a 7,904sqm block in South Yarra intended for an aged care home to the Melbourne-based Chinese-backed developer Sterling Global.