Thursday, July 19, 2018

Turtle sanctuary a “once-in-a-lifetime” buy

A Queensland island resort with its own turtle rehabilitation centre and natural cyclone protection has hit the market, attracting strong interest from home and abroad.

The 12-hectare Fitzroy Island Resort, owned by property developer Doug Gamble, is the only accommodation on the 339-hectare island located 30 kilometres east of Cairns in the Great Barrier Reef Marine Park.

Its impressive list of facilities includes a passenger ferry dive shop and turtle rehabilitation centre alongside the usual swimming pools, restaurant, pool bar and conference facilities.

Surrounded by national park, the resort boasts more than 400 metres of pristine beach frontage.

It’s accommodation comprises 92 hotel rooms and suites, six beachside family cabins and a four-bedroom penthouse with resort views.

While selling agents Mark Bullock and Grant Bailey of Ray White Hotels Australia declined to disclose price expectations, the 4.5-star resort carried a $30 million price tag when last offered for sale in late 2016.

The previous backpackers’ accommodation has development approval for around another 100 more hotel rooms and was bought by Mr Gamble for about $9 million back in 2010.

Stage one includes provision for another 24 hotel rooms, of which construction is set to start later this year.

There is also development approval for an additional 75 rooms, a helipad and campground cabins, where construction is scheduled for 2020.

Two neighbouring properties are also included in the sale package.

Mr Bullock described Fitzroy Island Resort as a once-in-a-lifetime buying opportunity.

“The Gamble family are looking for investors to help them to realise the potential of the resort through the development approval they have in place, be it either through the sale of the resort or a joint venture,” he told Commercial Real Estate.

“It hasn’t been impacted by a lot of the weather events recently and that’s due to its location on the island.

“It doesn’t get the storms and it’s not as exposed as other island resorts.

“It’s the closest island to the mainland and it’s within reach of the Great Barrier Reef and famous dive spots.”

The resort is being sold via an expression of interest campaign, which closes on August 2.

About Kate Jackson

Kate Jackson
Kate Jackson is the editor of Accomnews and Accom Management Guide. You can reach her at any time with questions or submissions: [email protected]

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