Slices of island heaven up for grabs in Queensland
Who hasn’t dreamt about owning an island resort in the Whitsundays? Or maybe a tropical resort at the gateway to the Great Barrier Reef?
Or why not do both, with Long Island Resort and Club Crocodile Airlie Beach Resort both listed for sale with vacant possession via an international expressions of interest campaign.
Long Island Resort, which has been owned by private investor David Kingston’s Ocean Hotels group for the past 20 years, is expected to fetch between $15 million and $20 million, while Club Crocodile Airlie Beach Resort is predicted to attract between $8 million and $10 million.
CBRE’s Wayne Bunz says the potential investor pool is expected to be large and varied.
“We are expecting wide ranging interest in both Long Island and Club Crocodile Airlie Beach from cashed up Asian buyers through to high net worth individuals, hotel chains and domestic investors looking to buy the assets via a syndicate,” Bunz says.
The listings follow the sale of the Daydream Island Resort and Spa last year for $30 million to China Capital Investment Group, and Lindeman Island for $12 million in 2012 to China-based White Horse Group.
Long Island Resort comprises about 8ha of land, including palm fringed white sand beaches and unspoiled rainforests, and is just 7km off the Queensland coastline and Shute Harbour.
Originally developed by Contiki, the resort was closed by Ocean Hotels in February ahead of a proposed renovation. But Ocean Hotels has now announced plans to sell both resorts, citing the desire to focus on other business interests, such as expanding the Cairns-based Sunlover Reef Cruises business.
The resort has 172 rooms and recreational facilities that include two swimming pools, a tennis court, helipad, restaurant and bar, café, spa, gift shop, function room, mini-golf, boat moorings and 41 staff lodging rooms.
Long Island also has mainland power and the resort was granted development approval in 2008 for an additional 162 guest rooms.
Hayley Manvell, of CBRE Hotels, says: “Long Island presents strong foundations for an incoming purchaser to refurbish, rebrand and re-establish this once thriving island getaway and promote its absolute beachfront rooms or, alternatively, to redevelop the asset.”
Manvell says development potential includes either repositioning in line with ultra-premium resorts such as One&Only Hayman Island, or along the successful Hamilton island model, where private ownership of villas and vacant land could be offered.
Also up for sale, Club Crocodile Airlie Beach is a 3.5-star resort that features 161 rooms on a large freehold site close to the beachfront and Abell Point Marina.
The resort underwent a $1.3 million refurbishment of the guest rooms in 2014–15, with 75 rooms presenting ‘as new’, including new bathrooms.
Bunz and Manvell have been appointed to market the properties, along with Christie Leet of PRD Nationwide Airlie Beach.
A public marketing campaign for both properties is to launch in April, with the international expressions of interest campaign to close on May 12.
The properties are being offered in one line or separately.