Time to cash in on a coastal gem

THEY were connected by their swimming club, but when a real estate opportunity popped up, they joined forces to buy. Thirty years later, that small coastal investment could give them a huge payday.

Broadwater Sands owners and mates (from left to right): Graeme Wappett, Chris Kelly, Athol Dodd and John Ryan.

IT HAS been more than 30 years since the boys from Ballina RSL winter swimming club split shares in the purchase of 23 hectares of virgin land on the beautiful far north coast of New South Wales.

Now, aged in their seventies and eighties, the men have decided it’s time to put Broadwater Sands on the market.

In 1982, the eight original members of the syndicate chipped in their wages with one eye on the future and the other on the opportunity to gain unparalleled access to pristine beachfront property between Ballina and Evans Head.

“I was in real estate at the time,” 82-year-old Graeme Wappett said.

“One of my clients was a fellow who was looking at buying some properties and one that came up was a block of ground I hadn’t seen ‘till I went down with him to have a look.

“It was just a lovely natural property with 765 metres of oceanfront.”

The client couldn’t afford to purchase Broadwater Sands, which opened the door for Mr Wappett and his mates.

“I got among a few blokes in the swimming club and syndicated it within 24 hours, we all bought a few shares,” he said.

“I thought it’d be an interesting super scheme for later in life.

“A couple of boys sold shares but in the main, most of the crew are still in it together.”

The men and their families have used the investment over the years as a private playground to surf, swim, kayak, paddle board, snorkel, fish, and swap stories around a camp fire.

Despite time putting distance between them, the five syndicate directors remain in touch.

“We’re all good friends, and we’ve stayed good friends through the good times and not so good times,” Mr Wappett said.

One of those friends is Chris Kelly.

“I was actually with Graeme in the real estate industry at the time,” Mr Kelly said.

“It was just such a beautiful block of land, why wouldn’t I get involved?”

Mr Kelly, who now crosses all over the country in his campervan, described Broadwater Sands as “unique”.

“We’ll miss coming up here, no doubt about that, but we travel all over Australia these days and I get itchy feet,” Mr Kelly said.

“I think the north coast of Australia has more to offer than the rest with beautiful beaches, surf, and lovely hinterland.”

This week Mr Kelly and Mr Wappett got together at Broadwater Sands for what may be the last time.

“We’ve had our differences of opinion,” Mr Wappett said.

“If you can get five people anywhere to agree on one subject you’re a bit of a genius.”

Yet despite the rare minor quarrel over plans for the property, mateship has always prevailed.

“We’re trying to help one of the members who isn’t going too well financially,” Mr Wappett said.

“Up ‘till now we’ve been fiddling with it because none of us cares too much if we sell or not but having him in this situation, nothing can help him other than the sale of this property.”

“That’s true,” Mr Kelly said, “but we’ve had it 33 years, it was a retirement investment and it’s time to cash in on that investment.

“It’s time you know, it’s time we really sell it.”

Broadwater Sands is zoned as E3 Environmental Management under the Richmond Valley Local Environmental Plan 2012.

Queensland Sotheby’s International Realty CEO Paul Arthur said the opportunity for an astute developer is virtually unlimited and unrivalled.

“The current E3 zoning is the last available in the Ballina and Byron shires,” he said.

“Subject to DA approval, this zoning allows for the development of an almost infinite range of commercial and cultural purposes.”

Options may include the development of an eco-tourism destination, a health retreat, a creative, business training and team building conference centre, a school campus, a wedding and function venue, or as a permaculture and land management training centre.

Entry to the property is via a 1.5km sealed road from the Pacific Highway.

This is scheduled for diversion west of the current highway within two years, still allowing excellent access, yet with even greater privacy.

Broadwater Sands is listed for sale at $3.95 million.