⊃”The Block” 2024, Australia’s popular home renovation reality show, celebrated its 20th season by relocating to Phillip Island, Victoria. This season marked a significant shift as contestants renovated five holiday homes within a former resort in Cowes, a coastal town known for its scenic beauty and proximity to the famous Penguin Parade.
Key Highlights:
Location and Property Details: The renovation took place at Island Cove Villas, a 14-year-old resort situated on 1.011 hectares at 113-119 Justice Road, Cowes. The property comprises nine homes and is zoned residential, offering potential for further development.
Contestants and Renovations: Five teams of contestants undertook the challenge of transforming these properties into luxurious holiday homes. Each team brought unique design aesthetics and renovation skills, contributing to the diverse range of completed homes.
Auction Results: The grand finale saw billionaire Adrian Portelli discreetly purchasing all five renovated homes, committing over $15 million to secure the entire Phillip Island compound. This strategic move ensured significant profits for the winning teams, with some contestants earning substantial amounts.
Investment Opportunities: Following the show’s conclusion, there were opportunities for the public to co-own one of the luxury homes featured on “The Block” for approximately $350,000. This co-ownership model allowed up to eight individuals to share ownership, each entitled to 44 nights of use per year, providing a cost-effective alternative to full ownership.
The 2024 season of “The Block” not only showcased impressive renovations but also highlighted innovative investment opportunities, reflecting the evolving landscape of property ownership and investment in
Australia.
