Breaking Waters Give Berth

The Age

Saturday April 22, 2006

Katherine Townsend

Katherine Townsend drops anchor at a new marina development.

PROPERTY REVIEW: MARTHA COVE, 140 Bruce Road $210,000-$3 million

Private sale through the developers, 1800 006 446

Melway 150 H9

MARTHA COVE is a rarity for Melbourne and Victoria, a residential project built around a marina with many houses having private berths for yachts or motorboats.

On 92 hectares at the border of Mount Martha and Safety Beach, the development has involved huge engineering works, including a five-hectare inland harbour and the dramatic widening of the outlet to the bay to allow the passage of boats. The Martha Cove development will take another three years to complete, with the first stage expected to be finished later this year.

Much of the initial work has been costly, complicated and lengthy: construction of the harbour, the creation of islands and $60 million to put the road under the water near the harbour entrance.

The harbour, which has a mean depth of three metres, has recently been filled, or, more accurately, the blocks preventing the sea from entering have been removed.

When the estate is complete, a resident harbourmaster will control marine traffic.

The housing part of the development is being sold in stages. Housing is a mix of styles, sizes and prices, from beachfront apartments to harbour-side townhouses to large mansions on enormous blocks. Prices range from $210,000 for the smallest blocks of land without water frontage, to premium, 50-square houses on large blocks for $3 million.

Waterfront land and house packages are in the $1.4 million to $1.5 million range and include houses of about 36 squares to 46 squares. Waterfront apartments start from $785,000.

Martha Cove's sales and marketing manager Warren Campbell says the development is aimed at the premium market and is drawing interest from locals and also from Queensland buyers familiar with that state's canal developments.

"They'll spend six months in Queensland and six months here," he says.

Freehold ownership of marine berths is available from $125,000 and many home owners are expected to buy. Leasehold berths are also available.

The development, by Queensland public company CP1 Ltd, will eventually house 1150 residents and have 650 marina berths. Martha Cove will also have shops and waterfront dining areas.

© 2006 The Age

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