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Ski-field block at Mount Hotham sells for just $14,000

Discussion in 'Hotham & Dinner Plain' started by Hunter, Mar 29, 2016.

  1. Hunter

    Hunter Part of the Furniture Endless Winter Ski Pass: Gold

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    Ski-field block at Mount Hotham sells for just $14,000
    [​IMG]
    Two vacant unreserved land blocks in Mount Hotham sold at massive discount.
    by Jordan McMullen

    One lucky buyer bought a block of leasehold land in the Victorian ski resort of Mt Hotham on Easter Saturday at a no-reserve auction for just $14,000.

    Agent John Castran said the sale, and that of a second leasehold block at $18,000, were the cheapest on the mountain in 35 years.

    The two properties – both on 40-year leases and the last holdings in Venture Technologies Corporation's Mount Hotham property portfolio – were previously listed for $140,000 each.

    "I was astounded at how low the properties sold for. This is the only unreserved property that I have ever sold in my 35 years in the business and it was definitely the cheapest," Mr Castran said.


    "Venture Technologies had substantial land holdings over the years, these last ones they told me to put up for $1 at auction and then run with it."

    Although the lands have come at a cheap initial cost, the council taxes in the alpine regions are more expensive than in metropolitan areas, and will start hitting the pockets of the new owners.

    The alpine properties are partially responsible for upkeep and maintenance of the resorts and ski lifts; these expenses are divided between the property lessors with costs from $5000 to $10,000 each year.

    Mr Castran said the new lessees understood these terms having owned properties in the area.



    "The buyers are already residents in the area and want to develop the land into cabins for the great views," he said.

    The sales, at 2/1 Big Muster Drive Mount Hotham on Saturday, end a 20-year involvement with Mr Hotham for Venture Technologies executive Ron Bassett, who in the 1990s, as a venture capitalist and superannuation fund manager, invested more than $50 million in the future of Mt Hotham and a nearby ski field, Falls Creek.

    The Victorian alpine region is seeing new investment opportunities, including a new development in Mount Buller.



    Read more: http://www.afr.com/real-estate/skif...-for-just-14000-20160315-gnjgdp#ixzz44I2geRcR
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  2. Donza

    Donza Pool Room

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    Meh .
    Global warming.
    Australians obsessive notions towards real estate.
    Its hotham
     
  3. MisterMxyzptlk

    MisterMxyzptlk Old n' Crusty Ski Pass: Gold

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    I wonder if you could you park your van on one of them D-san with a cold modded diesel genny running flat out?
     
  4. Billy_Buttons

    Billy_Buttons A Local Ski Pass: Gold

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    The strata levy of $5-$10K is very normal for any resort buy anywhere in Oz. Who cares about global warming when you can have green mountains for a life! Very nice.
     
  5. Rimey

    Rimey One of Us

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    The neighbors might beef.
    Lot 5 doesn't look too van friendly.
    Might need a crane for lot 3
    [​IMG]
     
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  6. Boodwah

    Boodwah One of Us Ski Pass: Gold

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    Not mentioned in the article is that it is a lease only.
    In 30 years the ARC can let you renew your lease on their terms, which will be substantially more than 14K$, and which might involve increasing the bed capacity by 200%
     
  7. absentskier

    absentskier Old n' Crusty Ski Pass: Gold

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    ??
    Leasehold" is the 7th word in the article and there is express reference to the 40 year leases.
     
    trappers and gaz35 like this.
  8. luvthabumps

    luvthabumps A Local Ski Pass: Gold

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    and $14K is not the site rental. It's what they paid to secure the leasehold rights to the site. Site rental determined by the Valuer General and subject to regular increases throughout the remaining years not just at the time of renewal.

    If you're a Hotham devotee, it's a good deal even if the sites are tricky to build on I would reckon.
     
  9. gareth_oau

    gareth_oau Pool Room Ski Pass: Gold

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    yeah, but apart from "leashold" and "40 year lease" there was absolutely no mention of it in the article! LOL
     
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  10. Budgiesmuggler

    Budgiesmuggler A Local Ski Pass: Gold

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    Lots of land is leasehold though... The entire ACT is leasehold
     
  11. gareth_oau

    gareth_oau Pool Room Ski Pass: Gold

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    yeah coz nobody would want to buy! ;)
     
  12. Boodwah

    Boodwah One of Us Ski Pass: Gold

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    oops. Missed that paragraph!
    For comparison tho, there are a couple of blocks just nearby which are freehold and which sold a couple years back for more like a $million.
    And, 10km down the road are freehold blocks with solid 2 bd chalets already built for just over $200K
     
  13. Cuppa

    Cuppa A Local

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    Not a lot has happened with those freehold sites.
     
  14. FatBoyDave

    FatBoyDave One of Us Ski Pass: Silver

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    Pretty difficult to get any form of finance to build on these.

    I met one of the lucky purchasers over the Easter break up at Dinner Plain, they're not sure what to do with it just yet. They own an apartment in one of the sites next door and were considering car parking as one option. Even that would cost a fair bit to develop as these are both steep blocks.
     
  15. WaitAwhile

    WaitAwhile One of Us Ski Pass: Silver

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    Would they object if you dropped a couple of sea containers there and converted it into a cheap house.
     
  16. Rimey

    Rimey One of Us

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    See @MisterMxyzptlk's post above.
     
  17. MisterMxyzptlk

    MisterMxyzptlk Old n' Crusty Ski Pass: Gold

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    made for @scullee
    [​IMG]
     
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  18. Rush

    Rush Pool Room

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    My boss reckons you could put a shipping container up there with a port-a-toilet and a camping stove.
     
  19. FatBoyDave

    FatBoyDave One of Us Ski Pass: Silver

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    Good luck getting your lease renewed...