A landmark pub on Victoria's Phillip Island will undergo an multi-million-dollar luxury transformation under plans filed by luxury apartment developer Moda and two partners.
The plans have filed with the Bass Coast Shire Council for the 8600sq m Isle of Wight Hote site redevelopment by Moda Phillip Island Pty Ltd, a joint venture between Melbourne developers Salta Properties, Mazen Tabet’s Tabet Development Group and Moda.
The group acquired the prime site opposite Cowes Pier in 2021 from aged care developer John Matthies. At the time, it had a guide price of $10.8 million.
Hospitality group CLG, owned by the Morris Group, is taking on operation of the site on The Esplanade and Bass Avenue.
The plans comprisea 160-key hotel, food and beverage facilities including a restaurant and large-scale event space, a wellness centre and pool deck.
The precinct is being designed by Alexander & Co, the architects and interior designers behind a number of high-end hospitality projects including Burleigh Pavilion on the Gold Coast, and Manly Wharf Bar and the Imperial Hotel in Sydney.
The Isle of Wight, the island’s first hotel, was destroyed by fire twice, once in 1925 and again in 2010, just when it was on the cusp of being transformed into a nine-storey hotel and resort.
“Along with returning The Isle of Wight Pub, our proposed development seeks to incorporate hotel accommodation, a dining precinct overlooking the beach, extensive event facilities, and a laneway retail precinct set to include a wellness centre and other speciality stores, providing an estimated $55-milion to $76-million boost to the local economy annually,” Moda managing director Ed Farquarson said.
Phillip Island is a prime destination for international and domestic holidaymakers with an estimated 2.5 million visitors annually and an a visitor spend of $549 million, according to Visit Victoria.
This reputation has only grown with the explosion of domestic tourism and seachangers during the pandemic, a trend which has not gone unnoticed by developers.
Last year, Melbourne’s Samuel Property lodged plans for a $70-million residential development also in Cowes.
The Victorian government also invested $1.2 million from its Regional Tourism Investment Fund to develop a new microbrewery and distillery with a 120-seat bar on the island, and another $5.2 million towards the development of a hot springs and lodge.
“Phillip Island is one of Victoria’s favourite tourist destinations and that’s why we’re supporting projects that encourage more visitors to the region,” tourism minister Martin Paku said at the time.
