The owner of the 132-room Kooralbyn Valley integrated resort is offloading the master planned community in the Gold Coast hinterland as border openings and regional growth boost investor interest in the area.
Owner of the site Peter Huang said he closed the initial listing in mid 2020 after local cash buyers failed to meet expectations.This amalgamated iconic resort sits on a massive 327-hectare—808 acre—site with 27 existing lots and 30 existing buildings.
The resort has a potential end value of between $500 million to $2 billion depending on the masterplan.
The original Packer Lodge was built by Peter Ables and Arthur Georges and the 102-room main resort was built by Japanese owner Towa Group in 1980 for about $45 million including land. The resort was used as a hideaway for billionaire Kerry Packer in the '80s.
All properties are being offered for sale in one line or individually and agents are welcome, said the resort owner Peter Huang of Yong Group.
Like the Hunter Valley, the Kooralbyn Valley is an easy drive for the 3 million local residents from south-east Queensland and the large golf community, and remains a popular international tourist destination.
Huang said the stage 1 subdivision surrounding the golf course and resort was approved but he allowed it to lapse due to the new plan for the large scale over 50s retirement development.
The resort includes a 230-seat restaurant, 240-seat convention centres, three outdoor wedding venues plus The Pavilion Tavern and a private airport and international school buildings.
"It's truly the one and only corporate asset in Australia ideal for potential public listing or as an addition to a successful investor or fund manager's existing portfolio," Huang said.
The selling price of the whole portfolio could be much less than the recent sales of the much smaller 25-room Beach Hotel Resort at Byron Bay on 4,585sq m of land at $104 million, the 145-room Vibe Darling Harbour at $108 million and the 172 rooms Primus at $130 million.
The Kooralbyn Valley project has so much more potential with everything you need and dream for with far better income upside from the multiple businesses of the resort, golf course, tavern, international school and other assets.
"[The resort] has far more development profit and potential ongoing income from the massive over-50s retirement masterplan with a lot of upside for capital gains as well."
"The eventual workforce from the nearby largest inland port of Australia—the Bromelton Estate could reach 35,000 jobs, according to the state government," Huang said.