A once-planned championship golf course in Fingal has been snapped up by a private buyer, closing up one of the Mornington Peninsula’s largest residential land holdings.
A plan to build a championship golf course on one of the Mornington Peninsula’s largest coastal land holdings has been quietly shelved, now that a Melbourne buyer has snapped up the rare Fingal property and locked it up as a private estate.
The nearly 40-acre estate at 265 Sandy Rd, Fingal, widely regarded as the largest parcel of residential land in the cash-strapped region, sold earlier this year after attracting interest from cash-rich private buyers seeking scale, privacy and long-term land security.
Although the price was not officially disclosed, real estate insiders say the land changed hands in August for about $3 million, well under $5.5 million.
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The seller was represented by RT Edgar agent Cameron Gulliford, while Jones Real Estate advised the buyer.
Jones Real Estate director Paul Jones said the backstory and sheer size of the Land made it one of the most unusual housing options on the peninsula in years.
“It is my understanding that the project has reached the licensing stage for an 18-hole championship course,” Mr Jones said of the abandoned golf scheme.
“Significant groundwork had been completed, including irrigation and water permits, but ultimately the project fell through and the land later returned to private ownership.”
Jones Real Estate director Paul Jones said the size and proximity to the coast of the landholding in Fingal made it a unique residential option in the past generation.
The failed golf course proposal has been floating around locally for years, adding further intrigue to the site, which is close to the peninsula’s main attractions including Peninsula Hot Springs, St Andrews Beach Golf Course and the Sorrento-Portsea coastal strip.
Mr Jones said the buyer, a Melbourne-based buyer with other holdings on the Peninsula, was attracted to the rare mix of scale and proximity.
“This is approximately 12 hectares of genuine residential land on the prestigious side of the Mornington Peninsula,” he said.
The extensive Fingal landholding at 265 Sandy Rd covers approximately 12 hectares, making it one of the largest residential plots in the tight coastal area.
“Although technically Fingal, the property is closer to St Andrews Beach and within approximately 10 to 15 minutes of Portsea and Sorrento.
He said it was probably the largest residential land holding within a 15 to 20 minute drive of Portsea.
“There may be larger properties nearby, but they are working farms,” Mr Jones said.
“This is truly a residential property, and that’s what sets it apart.”
RT Edgar agent Cameron Gulliford represented the seller in the off-market transaction at 265 Sandy Rd, Fingal.
Green wedge zoning and environmental overlays restrict development on the Fingal site, instead promoting long-term lifestyle or private estate use.
Unlike many major land deals on the peninsula, the purchase was not driven by development benefits.
Green wedge zoning and ecological overlays limit intensive development, precluding subdivisions or house-and-land projects, but allowing for a luxury lifestyle estate.
“The buyer’s aim is to bank land for the long term and create a private complex, a true retreat on the peninsula,” Mr Jones said.
Fingal accommodation is close to the peninsula’s main attractions, including St Andrews Beach and the seaside villages of Sorrento and Portsea.
“Here the appeal was close to Sorrento and Portsea, while still offering absolute scale and privacy.”
When asked what 40 acres provided that even prestigious homes could not, Mr Jones said the answer was simple.
“This isn’t about a big backyard,” he said.
“It’s about space, seclusion and landscape, rolling coastlines, native vegetation and neighbors so far away that you can really disappear.
“And to have that just over an hour from Melbourne CBD is something you simply can’t replicate.”
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