Limit to IP, redirect all others to alternate site?

[Phillip Oldham]

How would I limit a virtual host to a single IP and redirect all other 
IPs to an alternate domain/website? I'm using the http_access module to 
limit IPs which returns a 403, but I'd prefer that nginx return a 
"location" header to bounce visitors to http://foo.com.

At the moment I've got this:

server {
     if ( $remote_addr != 1.1.1.1 ) {
         rewrite ^ http://foo.com last;
     }

     location / {
         allow 1.1.1.1;
         deny all;
     }
}

but that feels quite "hacky". Is there a better format?