Kryal Castle yet to find knight in shining armour

Kryal Castle in Ballarat is still on the market.

Iconic Victorian tourist attraction Kryal Castle is still seeking a worthy suitor, six months after the unique property hit the market.

The medieval-style castle in Ballarat, about 105km north-west of Melbourne, was put up for sale in April after being revitalised with a multimillion-dollar redevelopment, but is yet to find a buyer despite interest at home and abroad.

The 10.97ha property features a castle and theme park, 17 four-star accommodation suites, three food and beverage outlets, event spaces and retail stores, and sits 8km east of Ballarat’s city centre.

Commercial Insights: Subscribe to receive the latest news and updates

An initial expressions of interest campaign to sell the attraction concluded on May 12, but almost five months later it is still up for grabs.

Colliers International agent Guy Wells, who is marketing the property in conjunction with CBRE’s Scott Callow, says while interest in the property hasn’t waned, finding the right purchaser to lead the castle into the next phase of its life had proved challenging.

“We’re still dealing with a few parties and fielding some enquiries, but the owner’s deciding which way to go with it at the moment,” Wells says.

Medieval tourist attraction Kryal Castle in Ballarat is still on the market.

Medieval tourist attraction Kryal Castle in Ballarat is still on the market.

“It’s the difficulty in an incoming operator understanding which way they want to go with the operation, and what they want to do with it into the future.”

“Is it a redevelopment, is (the aim) to add more to it, is it changing the direction to school camps or something like that, which way are they going?”

Millions were spent redeveloping the tourist destination when it changed hands five years ago.

Once a venue used for parties and raves, Kryal Castle was even talked about as a potential brothel, before reopening in 2013 in its original guise as a learning-based tourism destination.

Wells says he remains confident of finding an investor to carry on the business.

“There’s a buyer for everything and it’s finding the right buyer for this one, and that takes time because it is a unique asset,” he says.