Paradise can wait for bids

Eori Island is described as one of the "most stunning islands in Fiji", part-owned by former All Black Eric Rush. But there was no rush of buyers when it was put up for auction yesterday.

Despite interest from "seriously wealthy people", the little piece of Pacific paradise failed to sell. The one bid of $1 million did not meet the reserve.

Rush has a 7 per cent share in the 9.7ha property, but the biggest share is held by New Zealand developer Tim Manning through his company, Chaylor Investments.

At the top of the Mamanuca Island group, Eori Island was the drawcard at a gala auction held by Bayleys Real Estate Fiji.

Also on offer were resort development sites, beachfront villas, apartments and commercial sites.

Only two of 18 properties sold under the hammer. Two had sold before auction and Bayleys said four more were under negotiation yesterday.

The auction drew around 250 people in Fiji, with about 20 more listening via audio link at Bayleys' auction house in Auckland.

Eori Island's seller, Pacific Islands Partnership Limited, was offering all the shares in the company, which holds a 99-year lease on the island. Manning is the sole director of Pacific Islands Partnership, and the major shareholding is held by his company, Chaylor Investments.

Rush, as well as having a holding in Pacific Islands Partnership, has also worked with Manning on other Fijian developments and charity projects.

Manning said there was strong interest in Eori from buyers in Europe, Australia and New Zealand. Dubbed the "island of dreams" in the auction catalogue, the white sand beaches have clear waters protected by a coral reef. The native lease permits resort and residential development, and the island's gentle topography would allow either. There is also approval for a 100m jetty.

Eori is 20 minutes by helicopter from Nadi International Airport, or 60 minutes by boat from Port Denerau. It has views across the reef to neighbouring resort islands Mana, Tokoriki and Tavua.

"It's gorgeous, and that's why it's attracted some serious interest from very wealthy people," Manning said.

"It's a specific type of person who would want to buy it, but they're not the type who come to auctions."

Manning said he owned a number of islands and had always intended to sell Eori.

Bayleys Fiji managing director Philip Toogood said the island was offered at an "extremely realistic reserve," and would be ideal for a boutique resort development or a private retreat.

He said the auction had been successful in proving there was a market for Fiji property, despite most properties being passed in.

"It was a very good experience because we've identified good strong buyers and we've got vendors who are keen to do deals."