Investor buys part of Fiji island through Auckland agent

By ANNE GIBSON

Fijian resident and property investor Dick Smith has bought part of a tropical island from an international oil explorer through an Auckland real estate agent.

Roger Seavill of Colliers International in Queen St sold the resort developer a coconut plantation and beachfrontproperty on Malolo Lailai Island, 12km from Nadi Airport in Fiji.

Announcing the deal this week, Seavill said freehold Fiji land was rare and the deal provided an unusual opportunity to buy a piece of a tropical island paradise.

Sir Ian McFarlane, a Sydney oil explorer who founded Southern Pacific Petroleum in 1968, instructed Seavill to sell his 43ha property, as well as an adjoining 25ha holding with a residence.

Australia's Business Review Weekly said Sir Ian, aged in his 70s, had ridden the sharemarket roller-coaster, controlling A$200 million in the 1980s oil boom and only A$10 million a few years later.

This was a reflection of the share prices of his shale-oil twins, Southern Pacific Petroleum and Central Pacific Minerals, it said.

Seavill's involvement in selling Sir Ian's property dates to 1987, when a group of Korean investors were interested in it.

They were keen to build a resort on the land, but the Asian crisis put an end to their plans, Seavill said.

The adjoining 25ha property with the residence was bought by Plantation Island resort owner Reg Rafe, but not through Seavill.

Smith paid $2.1 million for the property, which was advertised for sale viaprivate treaty at $3.1 million.

"I was instructed by Sir Ian to offer the two properties for sale," Seavill said.

"This is a good example of people's hands being forced when a vendor sends a strong selling message out by placing the property on the open market."

Smith is involved with other tourism ventures on the island, having developed Musket Cove.