AMP exit Phillip Island site
AMP Capital Investors is selling out of a $40 million village near Phillip Island’s town centre of Cowes.
AMP has announced its decision to sell out of a mixed use village near Cowes on Phillip Island. The village is estimated to be worth $40 million and will be sold with a permit for a 90-bed aged-care facility, 195 independent living units, a retail conference centre and a 128-lot subdivision. The Sydney-based fund manager is expected to return a profit of approximately $9 million from the 26-hectare site.
Last years closure of the islands Warley Hospital, is thought to have undermined the area’s appeal as an aged-care location, with AMP’s site one of several to come on to the market recently. Warley Hospital shut after a $2.5 million lifeline promised by the federal Coalition was not matched by the ALP. The nearest hospital is about a 45-minute drive away, in Wonthaggi.
It’s speculated that the new owners could develop the site along the lines of a proposed AMP concept plan which would redevelop the site into more than 300 standard housing lots, but with no aged care component.
