$30m Fitzroy Island joins Queensland sale rush
The cavalcade of Queensland island real estate offerings continues, after Fitzroy Island Resort, off the coast of Cairns, was officially placed on the market.
The resort, owned by developer Doug Gamble and covering 4.3ha, including a 440m beach frontage to Welcome Bay, is expected to sell for about $30 million.
The Darwin-based property developer acquired the resort in 2010 for $8.5 million when it was only partially built, after the previous owner, developer Joshua Hunt’s companies were placed into receivership in 2009.
For sale is the resort tourism business, perpetual leasehold and associated development opportunities, as well as the 190-seat high-speed catamaran ferry service the Fitzroy Flyer, which operates three services a day from Cairns.
Fitzroy Island Resort includes a 102-room, 4.5-star resort-hotel, food and beverage outlets, conference and wedding venues, leisure facilities, a dive shop leased to an outside operator, a general store and mooring facilities.
The resort, 30km south-east of Cairns, is being sold with development approval for up to 75 more rooms, as well as infrastructure including a water supply spring, dam and pipeline on title as well as sewage treatment, power plants and staff accommodation.
Resort Brokers Australia is managing the expressions of interest campaign.
Fitzroy Island is the latest in an ever-growing list of Great Barrier Reef island resorts to be offered to the market in recent times.
Other islands currently for sale include Temple Island, which is located 3km from the central Queensland coastline and covers 8.7ha. It boasts its own private 1100m airstrip and a four-bedroom highset home, and is listed for sale at $850,000.
Keswick Island is also on the market and expected to fetch about $30 million. The 517ha island is located 32km from Mackay on the Great Barrier Reef.
Meanwhile, China Capital Investment Group recently acquired the perpetual lease of South Molle Island, which is 12km east of Airlie Beach, for a reported $25 million. The group also purchased the neighbouring Daydream Island Resort and Spa in early 2015 for $30 million.