Isle of Wight land sold to Melbourne-based development company

A Melbourne-based developer has snapped up the Phillip Island site and its founder says there would be “a bit of romance” about reviving the landmark hotel. Find out his plans.

The popular Isle of Wight Hotel burnt down in 2010 after a fire ravaged the 1920s building.

Phillip Island’s historical Isle of Wight site has been sold just two months after being on the market.

The 9-10 The Esplanade, 2-8 Bass Ave property was snapped up by Melbourne-based development company Moda.

Moda Founder and Director Ed Farquharson told The Bass Coast News he’s had his eyes on the site for a number of years.

“I’ve been going down to Phillip Island for years as my family have a rural property there,” he said.

“I know the site extremely well and I could see the potential of the property.”

The popular Isle of Wight Hotel burnt down in 2010 after a fire ravaged the 1920s building.

At the time of the blaze, the pub was due to be demolished and a five-star hotel was going to be built in it’s place but those plans fell through.

The previous owner, whose core business is in aged care, owned the site for five years but didn’t see himself developing the land.

Mr Farquharson said he is weighing in multiple opportunities for the site.

“The obvious one would be to bring back the Isle of Wight hotel in some shape or form,” he said.

“There would be a bit of romance about that.”

The historic Isle of Wight hotel on fire. Picture: David Gearing.

Other development ideas include under the hotel, lifestyle and health, and residential sector, or a mix of all these uses.

“We need to take some time to speak to council and locals and just make sure that we get the best outcome for the site,” he said.

Moda has partnered with Salta Capital and Mazen Tabet to develop the land.

Mr Farquharson said the developers need to adhere to strict guidelines within the planning scheme.

A 2019 Planning Panel ruled that any future development on the property should remain seven storeys at the front half of the site and five storeys at the rear.

The design must also ensure the safety of the significant Moreton Bay fig tree on the corner of the property.

Mr Farquharson said the planning, design and construction process could take up to four years but will commence the concept design and planning phase immediately.

“We a feel a responsibility to ensure we do the right thing by such an iconic location and that we create something that is of great benefit to Phillip Island,” he said.

Mr Farquharson hopes to work with the Bass Coast Shire Council to activate the space in the interim period.

“There’s a whole lot of opportunity for activation prior to construction commencing, we’d love to get people using the space and enjoying it,” he said.

The purchase price has not been made public.

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