$10m price tag for Margaret River resort land
Western Australia’s Margaret River could soon have its first luxury beachfront resort, with a prime tract of oceanside land being marketed to hotel developers.
The 69,000sqm site has the potential to house a $50 million luxury resort, agents say, with a 102-room resort and the potential for 73 individual villas already approved.
Five pieces of land were unified to create the site alongside the Indian Ocean, with the proposed development labeled the ‘Gnarabup Beach Resort’.
Joint venture: Star trumps Packer for $160m Sheraton Mirage buy
While other Western Australian commercial property sectors remain in a trough as the mining industry continues to wane, marketing agents, Savills’ Barney Dear and Chas Moore, say the tourism industry is booming.
“This is an exceptional opportunity to acquire an unrivalled piece of Western Australia’s south-west tourism market,’’ Dear says.
“Given the recent surge in the Western Australia tourism sector, the lack of competing luxury accommodation options in the region and the size, scale and quality of the development, we expect strong interest from both local and offshore investors, particularly those that are looking for strategically positioned tourism or land banking opportunities in the south-west region of Western Australia.”
Moore says the recent announcement of an expansion of the region’s airport is a boon for tourism-based assets.
“This property is coming to the market at an ideal time, with the … State Government prioritising and strongly promoting the state’s tourism sector, and the $59.7 million expansion of the Busselton-Margaret River Regional Airport to deliver invaluable direct flights to the region,’’ he says.
“Tourism is on the rise in Western Australia and this is one of the best beachfront resort developments available in the entire state.”
“It provides a stunning south-west setting overlooking the Indian Ocean, with boardwalks and footpaths leading directly to the beach, in the heart of Western Australia’s premier tourism destination and widely recognised as one of the world’s best wine producing regions.’’