Denarau land up for mortgagee sale

A substantial land holding adjacent to Denarau Island, known as Denarau Land South, Fiji, is being offered for sale by international mortgagee tender.

Managing director and partner for Bayleys Real Estate Fiji, Philip Toogood, says the holding is one of the most significant opportunities his company has taken to the market in some time.

“The approximately 650 acre property has a mix of crown and native lease tenure, and enjoys some 2400metres of beachfront which is a continuation of the beach in front of the Sheraton Fiji, Radisson and Wyndham Resorts on Denarau Island,” says Mr Toogood.

“Clearly Denarau is the most successful resort and residential project in Fiji, and this opportunity is one which the international market will recognise as being a natural extension to an already proven destination, and the potential tourism and related residential development opportunities it presents are exceptional,” he said.

Because the property is being sold by the first mortgagee, it is being sold on an ‘as is’ basis, so prospective purchasers need to make their own assessments in respect to the status of leases, and do their own feasibilities to establish the best use of the land holding.

There have been a number of schemes designed over recent years, says Mr Toogood, however he appreciates that new parties will have their own views as to the best use for it.

The property shares many of the attributes of Denarau Island, including being only 20 minutes from Fiji’s international Nadi airport, enjoying the brilliant weather typical in western Fiji and being so close to the services and amenities offered in and around Nadi.

Over the years, Denarau Island has become a popular destination for New Zealand and Australian investors and tourists who want to be by the pool or on the beach in the sun as quickly as possible after the short three to four-hour flight up to Fiji says Mr Toogood.

“Many home and apartment owners on Denarau come for regular short stays, rather than one single annual holiday once a year,” he said.

Denarau Island has the renowned Denarau Racquet and Golf Club, eight resorts and hotels, and the restaurants and retail amenities of the Port Denarau retail and commercial centre - which is also the gateway to Fijis beautiful Mamanuca and Yasawa Island Groups.

Mr Toogood said interest in the property had come from around the world, however developers from Australia had certainly been the single biggest group. The international mortgagee tender closes on the September 11 - giving potential buyers the opportunity to complete preliminary due diligence in advance of the tender date to make their own value judgments, said Toogood.