Exclusive opportunity to own a piece of the idyllic Whitsundays
Exclusive opportunity to own a piece of the idyllic Whitsundays
16 March 2016
International sales campaign launched for Long Island resort
Brisbane, 16 March 2016 - If you’ve ever dreamed of owning an island resort with your very own private retreat, here’s your chance. Long Island Resort is to be listed for sale via an International Expressions of Interest campaign along with Club Crocodile Airlie Beach Resort.
Wayne Bunz and Hayley Manvell of CBRE Hotels have been appointed to market the properties with Christie Leet of PRD Nationwide Airlie Beach. A public marketing campaign commences in April.
Long Island Resort comprises approximately 8 hectares of land in the prestigious Whitsunday Islands - part of the UNESCO World Heritage listed Great Barrier Reef.
Long Island is the closest Whitsunday Island from the mainland, being only 7 kilometres off the Queensland coastline, offering accessibility via the Cruise Whitsundays ferry circuit or privately chartered water-taxi or helicopter.
The island features stunning, palm fringed white sand beaches, unspoiled rainforests and offers panoramic views across Happy Bay to Shute Harbour or across to the Dent Island golf course to Hamilton Island from the eastern side of the island.
Long Island Resort was an established resort, which closed in February 2015 ahead of a proposed renovation. The resort offered a selection of accommodation across 172 rooms and significant recreational facilities including 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.
Originally developed by Contiki, the island resort has been owned by Ocean Hotels for the past 20 years. Ms Manvell said the owner has made the decision to sell the asset with vacant possession, citing the desire to focus on other business interests including a major expansion of the Cairns-based Sunlover Reef Cruises business.
“Significant capital has been expended over the years on substantial infrastructure including mainland power, which is a rarity for islands and has resulted in substantially lower operating costs,” Ms Manvell said.
“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.”
Ms Manvell added that a renowned brand with strong management and vision could take the island to its next stage and realise its true potential. This included capitalising on extensive redevelopment opportunities, with a development approval having been granted in 2008 for an additional 162 guest rooms.
“Opportunities for expansion could also involve repositioning the asset and increasing operating scale in line with other, ultra-premium resorts such as Qualia, Hamilton Island and One&Only Hayman Island, or along the very successful Hamilton island model, where private ownership of villas and vacant land could be offered,” Ms Manvell said.
Also up for sale, and available in one line with Long Island or individually, is the iconic mainland resort of Club Crocodile Airlie Beach. This 3.5 star resort 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 between 2014/15, with 75 rooms presenting 'as new' including new bathrooms.
CBRE’s Mr Bunz said; “The campaign provides an outstanding opportunity for a buyer to acquire the properties for substantially below replacement cost. 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.”
“Off the back of recent sales by CBRE Hotels, including Daydream Island to China Capital Investment Group and Lindeman Island to Whitehorse Holdings, we are very confident of considerable interest in both assets,” Mr Bunz added.
Ms Manvell noted that CBRE had been involved in a number of recent Australian hotel transactions involving offshore investors and have been inundated with enquiries for leisure assets, particularly from mainland China.
“Investors are looking to enter key leisure markets and capitalise on their potential for further growth, particularly in light of the softening Australian dollar, which is creating favourable market conditions for the local tourism market,” Ms Manvwell said.
The Whitsundays region is serviced by two major airports, one of which is soon to become the sixth international airport in Queensland, with direct overseas charter services operating to and from the Whitsundays in 2016.
Local agent Christie Leet said the region had been the subject of renewed investor interest with a surge in development site sales and substantial growth in accommodation performance over the past 18 months, according to the Australian Bureau of Statistics.
“Tourism demand in the Whitsundays has had a strong rebound with airport arrivals reaching record levels, noting that the Whitsunday Coast airport is now Australia’s fastest growing airport,” Ms Leet said.
This has led to Great Barrier Reef resorts enjoying their best start to the year in a decade, with statistics from STR Global and the ABS showing double digit growth in key performance indicators.
“We have more international tourists, staying more nights and spending more money, with extraordinary year-on-year growth in Chinese visitors and expenditure,” Mr Bunz said.
The International Expressions of Interest campaign for Long Island Resort and Club Crocodile Airlie Beach closes May 12 at 1.00pm AEST.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.