Queensland’s most affordable beach resort?
Four mens’ dream could become a Whitsundays bargain for a lucky investor, with one resort chasing a new owner for less than $6 million.
The Cape Gloucester Beach Resort, near Airlie Beach, has been one of Queensland’s best-kept secrets since the mid-1990s, with its 800m of pristine coastline and 13.3ha of bushland remaining largely untouched, despite its popularity amongst the local yachting community.
Purchased by a group of four Brisbane men about six years ago with plans to develop it beyond the six cabins and four motel-style units that still occupy it today, the prime land still presents as somewhat of a blank canvas, with its $5.99 million price tag a pointer to its development potential.
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The resort, accessible via a 45-minute drive from Airlie Beach or a 20 nautical mile boat trip, also includes a popular restaurant and bar and is leased to an established resort operator.
Marketing agent Kim Griffiths from Mackay and Marina Real Estate says that while enquiries about the property have been many and varied, none have sealed the deal.
“We’ve had very good interest, we’ve had a lot of interest from Queensland, and we’ve had some interest from as far away as South Australia and Sydney and a couple of overseas enquiries as well,” he says.
“It’s relatively underdeveloped. A lot of the enquiry has been from people who would like to think that it stacked up from an investment point of view, but because it’s relatively underdeveloped at this point, the returns of pure ownership aren’t phenomenal enough to make investors jump.”
Griffiths says the resort and the surrounding land have huge scope as a potential investment for a savvy developer, with two development approvals pending for the expansion of the site.
“They’ve got two development approvals pending for a big residential development and … for 10 beachfront cabins or ‘glamping’ tents. That’s the one they’ve been leaning towards. There’s plenty of scope for development, there’s plenty of room,” he says.
“A lot of its value lies in its beauty and its development potential, and just as a sheer geographical asset. It’s for someone who wants to have 30 acres of beachfront land with a northerly aspect in the Whitsundays.”