Martha Cove town centre work to finally begin
IT HAS taken almost 10 years, but work has finally begun on the town centre at a Mt Martha waterfront housing development.
South East
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AFTER almost 10 years at a standstill, work has finally begun on stage one of the long-awaited Martha Cove Town Centre.
Construction of roads and infrastructure is underway and due for completion in August, along with a marina plaza and restaurant on the water’s edge.
Work has also begun on The Moorings, a waterfront residential building with 43 apartments designed by award-winning architect Karl Fender of Fender Katsalidis.
Set to become the retail and entertainment hub for Martha Cove, the 7ha Town Centre will include restaurants, cafes, providores and shopping outlets, according to project director Murry Offord.
“With some 700 families living in Martha Cove with no facilities, we think it’s important to provide more homes and facilities, including a small supermarket in the future and other retail offerings,” he said.
“We’ve had multiple inquiries for restaurant and cafe services and from real estate agents, doctors, dentists and other professionals.”
The Town Centre development is expected to create more than 160 full-time jobs at Martha Cove alone and inject over $200 million of new investment into the Mornington Peninsula.
Residents have welcomed the news, with the area sitting desolate for many years. In 2002, City Pacific gained council approval for a $650 million development but six years later the financier and residential developer, CP1, claimed the economic downturn had resulted in a falling market and sales. The following year, the 94ha site went into receivership.
“We purchased it in July 2015 from the receivers and sought and gained an amended masterplan approval in November, 2016,” said Mr Offord.
“We’re now in March 2017 and launching commencement of a three- to five-year program. I think the key was we capitalised and focused on delivering the outcome as quickly as the market would allow us.
“It’s very exciting for us to have the opportunity to deliver what is we believe is superior to the original plan and put our own touches on that. We’re lifting the quality and type of properties to a level Martha Cove hasn’t seen.”
With a harbour boasting 300 wet berths, a full service marine maintenance facility and a 300-boat dry stack facility with concierge and valet services, the development is a haven for boat owners looking for property.
The Moorings will include two, three and four-bedroom apartments, with access to the waterfront via private, landscaped courtyards from the ground-floor apartments. Featuring quality finishes throughout, the apartments are due for completion late next year.
Clint Willoughby, head of sales for Martha Cove, said it would “change the face” of Martha Cove and surrounding areas.
“We’ve had an unprecedented level of interest. Buyers are predominantly local owner occupiers but we’re getting inquiries from towards the city and further afield.
“Without a doubt, the prices we’ll achieve at The Moorings will provide a significant uplift within Martha Cove. It is a prime waterfront residential community for Victoria.”
The Town Centre is also expected to boost tourism numbers, according to Mr Offord.
“We believe that the safe harbour provided by the marina and its associated retail offerings will make Martha Cove a must-see destination.
“The launch of The Moorings and works on the Town Centre will see the Martha Cove development that began in 2005 start to be fully realised as a benchmark in waterfront living.”