Martha Cove Wins Major Award for Excellence
11th December, 2007
The $650 million Martha Cove development on the Mornington Peninsula has received an Award for Excellence for a Masterplanned Development from the Victorian branch of the Urban Development Institute of Australia (UDIA).
At the Awards presentation in Melbourne last week judges described Martha Cove as the classic tale of transformation, where a once flood-prone swampland has been turned into a spectacular multi-million dollar marina community.
The development, which includes an expansive mix of 1150 homesites, a commercial precinct and a retirement village, is fast taking shape around more than 30 hectares of waterways, boardwalks, open space and public access.
CEO Phil Sullivan for City Pacific Limited and development company CP1 Limited, said the UDIA award was welcome recognition for the challenging project and recognised the vision that had created an outstanding new residential and marine community in a previously largely unusable area.
"The creation of Martha Cove has been very rewarding for our Company and we are honoured to receive this award. We are also thankful for the support of the Mornington Peninsula Shire Council and the consultancy teams for their input to the process and approvals.
"This award is recognition for what we have set out to achieve at Martha Cove. It confirms what we understand about the growing demand nationwide for a sea change from the hustle and bustle of city living.
"Martha Cove is the only community of its kind on the Mornington Peninsula for those seeking a waterfront lifestyle and less than an hour's travel from Melbourne. There is nothing else like it on the Victorian coastline.
John Woodman, Managing Director for Watsons Pty Limited and consultants for the Martha Cove development, said the Masterplan Development Award is keenly sought after by developers.
"CP1 Limited and the City Pacific Project Management team deserve full credit. The Masterplan Development Award is highly-prized by Victoria's developers and Martha Cove was up against some hot competition," said Mr Woodman.
Of the twelve awards categories, Martha Cove is one of three nominated by the judges as an entry for the UDIA National Awards to be held 3-6 March 2008.
ENDS
About Martha Cove
Martha Cove is being built in six stages to provide homes, boat berths, commercial facilities and a retirement village.
Some 74 percent of the blocks have been sold since marketing began in 2004.
The 1150 homesites are selling from $350,000 to $3.6 million.
It has more than 30 hectares of harbour and waterways, 8 kilometres of boardwalks and pedestrian paths plus 900 berths, all with freehold title.
A 4000 sq metre commercial centre will have retail, office and boat loading facilities.
An outstanding feature is the 10m deep underpass under a constructed canal, that allows vehicles to travel under the waterway and provide free height access for boats of all sizes from Port Philip Bay, through the channel and into the community's harbour.
Martha Cove Environmental Study
A recent underwater study has found Martha Cove is attracting a greater variety of marine life. A number of species not previously recorded in the area are now resident and multiplying along with the rapid growth of algae, weed and grass.
The environmental study document can be viewed on the Martha Cove website: www.marthacove.com.au
About CP1 Limited
CP1 Limited is a property development company incorporated in March 2002 and listed on the Australian Stock Exchange in January 2003 (ASX: CPK).
CP1's projects include industrial, commercial and residential property developments in geographical areas that are set to experience above average growth rates.
Current operations include the Martha Cove waterfront residential and marina project on Victoria's Mornington Peninsula.
CP1 has 50% of the Paradise Resort complex including adjacent development land and 50% of the Gold Coast International Hotel together with further development land on Queensland's Gold Coast. CP1 also has a 50% ownership of the Lake Views industrial and residential estate in Victoria. Website: www.cp1.com.au
Copies of previous media and ASX announcements issued by CP1 Limited are available at CP1's website at www.cp1.com.au
For more information on Martha Cove please visit www.marthacove.com.au
For more information on City Pacific Limited please visit www.citypac.com.au
For investor enquiries contact:
Lee Danahay
Company Secretary
CP1 Limited
Tel: (07) 5554 0200
For media enquiries contact:
Mike London
Corporate Media Manager
City Pacific Group
Tel: (07) 5554 0200
