What could you do with $30million from a Big Wednesday win....

A tropical island in the heart of the Pacific, luxury apartments in a popular Fijian coastal hotel complex, resort developments in various stages of stages of planning or development, and residential homes with stunning sea vistas are among the wide variety of Fijian properties up for sale in the country’s biggest single real estate auction this month.

The auction will see more than 20 properties throughout Fiji placed up for bidding in a

trans-Pacific event to be jointly run from the Denarau resort in Fiji - with a live audio link to offices in downtown Auckland on July 4.

The sizeable portfolio of Fijian leisure, lifestyle and investment/development opportunities has been put together by Bayleys Real Estate (Fiji) Limited with support from Bayleys Real Estate in New Zealand.

Bayleys Real Estate (Fiji) Limited managing director Philip Toogood, says the breadth of alluring tropical properties being auctioned means there will be attractive offerings for both smaller leisure lifestyle investors, as well as larger-scale commercial opportunities - which are expected to attract both ‘local’ and international interest.

Mr Toogood said that while the global economy and Fiji’s political situation had changed considerably since Fiji’s strong property growth period between 2003 and 2006, the underlying environmental beauty of the destination remained just as attractive as ever.

“In the months leading up to the global financial recession last year there had been significant sales activity in the leisure-related sector of the Fijian property market,” said Fiji-based Mr Toogood.

“After a period of stalled activity since October 2008, there are now clear signs that there are willing buyers for Fijian real estate. We also have vendors whose circumstances have altered, and are now prepared to meet buyer expectations, which reflect an overall decline in property values.

“This 20-property auction has identified sellers who have expressed their firm intention to meet the market.”
Mr Toogood said that while Bayleys couldn’t predict potential pricing levels which could achieved from the campaign, he expected bidders would have the opportunity of “buying very well.”
“Several offerings – particularly those with further development potential – have had sizeable sums spent to get them to the stage where they are now, and the vendors are fully prepared for the eventuality that they may not recuperate that investment,” he said.

Bayleys is marketing the Fijian properties worldwide through its alliances with international real estate companies Christie’s Great Estates and Cushman & Wakefield.

Buyers are expected to predominantly come from within Fiji, and from the traditional markets of Australia and New Zealand. Early registrations of interest have also already come from Western Europe, Asia and the United States, as potential buyers look outside their own distressed markets for counter cyclical opportunities, said Mr Toogood.

One of the auction’s biggest draw cards is the sale of an island at the northern end of the Mamanuca Island Group - one of Fiji’s most popular resort localities. Located 54 kilometres west of Nadi, the 9.95 hectare Eori Island has a development lease for either resort or private residential dwellings.

Mr Toogood said Eori’s lush bush-clad typography and pristine white beach would make the island an ideal resort development location or exceptional private retreat.
“The island’s main beach faces due west - offering protection from the south-east trade winds, as well as delivering glorious sunset views. An extremely realistic reserve is expected, and the island is being offered with very clear instructions from the vendor.”

Elsewhere in the July 4 auction are several island resort development sites at various stages of planning and development on Naviti, Malolo, and Qo Qo islands.

A number of offerings on Denarau Island just out of Nadi are also part of the auction. Two adjacent vacant ground floor restaurant/bar shells next to Indigo Restaurant in the Port Denarau Retail and Commercial Centre provide the last opportunity to secure prime restaurant positions right on the waterfront, said Mr Toogood. A first floor 112sqm office shell ready for fit out in the centre is also being offered for sale.

Managed resort apartments on Denarau will also be going under the hammer for buyers seeking recreational investment opportunities. First up is a two-bedroom, two-keyed beachfront villa in the luxury Hilton-managed Fiji Beach Resort and Spa. Following that will be a pair of two-bedroom apartments at the upmarket Denarau Beach Resort, where owners have up to 90 days private use per year, or can elect to have their apartment available all year round - holding it outside the managed investment pool.

Resort villas and absolute waterfront home sites at First Landing are also being offered near to the Vuda Point Marina and Yacht Club.

The full range of properties coming up for sale at the Bayleys auction on July 4 can be viewed on the web at: www.fijiauctiongala.com The auction will be conducted simultaneously at the Denarau Golf and Racquet Club clubhouse and Bayleys’ downtown Auckland offices.