The Port Report - February 2002

Mr Harry Triguboff, billionaire head of Meriton Apartments is affected and so is the Mossman Show Society. We are talking about insurance. The show society is faced with a doubling of their liability insurance putting serious doubts on their ability to raise the necessary funds for this year's local show. Mr Triguboff's concern is that the major insurer for high rise builders Royal Sun Alliance is about to pull the pin on the builders warranty insurance due to an increase of claims leading to a lack of profitability in that area.

Aren't we lucky here in Port that we don't have to worry about high rise insurance as no building can be higher that 3 storeys or 12.5 metres in a high density zoning. Maximum in a residential A zone is 7.5 metres but may be relaxed to 9.5 metres to provide for a roof in accordance with town planning provisions. Another interesting feature of our town plan is the "bonus" system, which if worked correctly allows developers to increase "plot ratio" or put more building on a site. You see bonuses are given for things like tree retention, corner verandahs, window shading, street landscaping, sheltered footpaths and design in the "tropical Queensland vernacular building style". What this means in theory is it must look good according to Council and have lots of trees on site and on the footpath.

Developers take note, a local architect is just about essential to maximise the return from your site and Angus Crowe from Gary Hunt and Partners has been doing some exceptional work around town for the last few years. His understanding of the town plan makes his office first stop for many developers before even inspecting any potential sites.

SALES

February, as was to be expected, saw a slackening off of the enquiry rate but sales kept ticking over due to the strong level of January interest.

• One of last month's "hot properties", the 4 bedroom house in Ulysses Ave, sold for $250K.
• A luxury villa in Far Pavilions on Murphy St sold for around $1 million.
• Jungle Road clothing store on Macrossan St sold (was listed at $65K)

PROJECT REPORT

So far, still no building days have been lost to rain, though we have had some useful falls only at night - as paradise should be!

• Thorntons West - St Crispins Ave: In case you missed the last Port Report, we must reiterate the value here in these luxury, huge 3 &4 bed villas. Situated overlooking the Mirage golf course, with only 10 villas on nearly 1 hectare, these villas are unparalleled in Port. Each villa has exclusive use of over 900 m2 of land, own private pool, double garages and an ensuite to each bedroom. The 3 bedrooms are a whopping 318m2 under roof. Similar developments are averaging up to $4000 per m2 while Thorntons is outstanding at $1659 per m2. From $510K. Recommendation - strong buy.



• The Port Heritage Resort - Macrossan Street: On the old Shire Hall site in town, the construction here is moving very briskly and so are the sales. Those units are something else with 8 having private pontoons onto the lagoon and the rest have a private plunge pool on the deck. Only 9 are still available in a combination of 1 bedroom "honeymoon" and 2 bedroom dual occupancy and, from $295K, one must consider.



• The Cosmopolitan - Grant St: 15 units just set back from the main intersection in town. Each unit features a large spa on the wide louvered verandahs as well as in the bathrooms. There is a choice of two bedroom or two bedroom dual occupancy, ranging in price from $385 - 425K - nearly half are SOLD!



• Central Plaza - Beryl Street: Now only 10 of the 28 units are still available and the builders are taking advantage of the fine weather to bring this project in on budget and on time. Completion is due late May. At $215K for a 2 bed, 2 bath unit with spa, walking distance to the beach and town, plus the offer of a lease back arrangement, it all makes these hard to go past.



• Surya - Solander Blvd: These are luxury 3 bedroom Balinese influenced villas as close as you can get to the beachfront here in Port Douglas. There is some great value here at $395K for 129m2 under roof (not including carpark or courtyard). They are in an absolutely unrepeatable position and when you consider the Plantation House units next door sold out at over $600K, there is definitely great value here.



• Club Tropical - Wharf St: Yes, we will continue to promote these units as the $ per m2 comparison just looks so good. At only $2000 per m2, they certainly demand attention. From $115K.

For information of any of the properties mentioned in this Report or any real estate enquiries contact me anytime on 07 4099 5355 or email us: info@propertyportdouglas.com.au

HOT PROPERTIES

• So hard to get hold of, but at last we have a "Coral Sea Villas" unit for sale. This unit has one of the highest occupancies of any in town and is situated on Macrossan Street yet only about 100 metres to the beach. Will not last at $265K.



• 3 level 4 bedroom pole home on 3 acres with views of Port Douglas and Snapper Island - only $295K.



• Brilliant first floor luxury unit in the Mowbray by the Sea - another rare and sought after development has just become available at $375K fully furnished. Cnr of Garrick & Mowbray Sts.



• Blake Street ground floor 2 bed unit, walk to beach & town - $145K.

THE GOSS

The luxurious Silver Shadow of Silver Seas Cruise Lines moored off the point for a few days during a world cruise. Wouldn't it be fantastic if we had docking facilities for these vessels here in the Marina. The passengers would surely much rather disembark here than in Cairns and what a boon to our economy, especially in these quiet months.

The proposal for a red-light establishment at Craiglie has been shelved indefinitely.

The construction of the Shire's ultrafiltration water treatment plant is well underway and completion of the $13 million project should be late this year.

A bicycle was stolen from a Davidson St address and a fishing float was stolen from a Mudlo St unit - no, it's never dull up here and that's part of the "magic that is Port Douglas".

Cheers
Douglas J Norris

Should you have an opinion on matters covered in this letter or any related subjects please send your comments to: doug@propertyportdouglas.com.au. Constructive comments will be published.

Disclaimer: This material is based upon information which we consider reliable, but because it may have been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. This offering is subject to errors, omissions or withdrawal without notice.