Wednesday, May 24, 2017

Governments buying Islands

Germany: Controversy Surrounds Government Plans To Buy Private Island

The German town of Eutin is gearing up for a bold redevelopment, with controversial plans in place to purchase nearby Pheasant Island – a private island located in the Großer Eutiner Lake.

Pheasant Island - Courtesy of Wikipedia

Pheasant Island – Courtesy of Wikipedia

The sleepy, north-German town of Eutin is set for a new look, with a five-year re-development project set to transform Eastern Holstein’s popular district capital into a touristically-attractive historical town centre. A grand total of 124 hectares of land have been pencilled in for development, encompassing land, lake and the privately-owned Pheasant Island.

Located to the south of Großer Eutiner Lake, Pheasant Island forms one of only two islands belonging to the borough of Eutin. Despite its tiny 2 hectare surface area, the wooded island has a large history, once forming home to a 9th century Wendish castle before being destroyed during the conquest of Wagria in 1138-1139.

Currently home to two historical homes and a series of outbuildings, the island was set to go up for auction earlier this month, on March 11th. And whilst Head of the Public Building Authority Bernd Rubert had already voiced doubts regarding the government’s chances of securing the island, legal expert Marianne Schepel put paid to any outside chance by blocking the auction completely.

Since the island’s initial evaluation in November 2011, several new facts have come to light which could have a big impact on the island’s evaluation. According to Schepel, the Hamburg-based architect assigned with the task of inspecting Pheasant Island was denied access to the island’s two main buildings.

Despite being unable to carry out a complete appraisal of the island, the architect was quick to attach a EUR 335,000 value to the island. And although the two buildings remained unsighted within, a further EUR 280,000 of essential building repair costs were also added to the official report, raising questions regarding the accuracy of the appraisal.

As a result of Schepel’s intervention, a new appraisal is scheduled for later this year. As well as clearing up any discrepancies regarding the evaluation, it is hoped that the delay will also give the authorities enough time to inform any other bidders of their intentions to redevelop the region – a decision that could well have repercussions on the island’s eventual value.

Stay tuned to Private Island News to keep abreast of the latest developments surrounding the sale of Eutin’s island gem.

 

 

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