Have just been down to Martha Cove at Dromana and can’t believe what a fabulous project it is. Carved out of old low lying swamp land they have made an inlet from the sea which you drive under, there is a lift down under the inlet and the excavation for roads, blocks etc that has gone on is unbelieveable. It is the sheer size of the project that blows you away – evidently 20 years getting it going. Imagine being the developer/builder – what a sense of achievement you would have. I would love to klnow how much it all cost. Would any of us ever dream of pulling off something that big They have made a 5 hectare inland harbour which has roads and house blocks all around it. Have just sold a unit on sea corner for $1.1M (which doesnt seem that expensive anymore) It will certainly shake the little backwater of Dromana up and MacCrae next door is like a step back in time. I dont know what opportunities there would be from profiting from buying/building houses, but if anyone was into retailing, I think it would be a goldmine as there doesnt seem to be any real retail around
Fern
The underpass alone cost $60m to construct, there are going to be approx 1500 houses with waterfront selling at 1.8m. It is absolutely stunning and well worth a look through the martha cove site sales office to see the detail and visuals of the completed project. I have invested in a project about 1km down the road at Saftey Beach which is looking more promising all the time as the Marina takes shape
Have been keeping my eye on progress. Bought a property in Mt Martha on the back of new development, improved infrastructure and close to the beach. However, this property is negatively geared.Wondering whether anyone has any information on the potential capital growth over the next few years. [biggrin]
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