Fitzroy Island resort on the market for the second time in two years

AN EXOTIC Queensland island, complete with luxury resort, has been put on the market, and it’s expected to come with a seven-figure discount after failing to find a willing buyer a few years ago.

ONE of Far North Queensland’s island resort jewels has hit the market for the second time in two years with expectations of strong overseas interest.

The 4.5 star 12ha Fitzroy Island Resort, owned by property developer Doug Gamble, is the only resort on the 339ha island and is 30km east of Cairns in the Great Barrier Reef Marine Park.

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When it was on the market two years ago it had a $30 million price tag but sources say there are expectations that this time around it would sell for less.

Ray White Hotels Mark Bullock, who is marketing the resort with Grant Bailey, said the sales process was flexible with the possibly of it being sold vacant possession or with a management agreement in place.

“This process provides an astute investor with the opportunity to capitalise on the significant year on year growth in the tourism sector in Far North Queensland,” he said.

“We expect strong local interest and also interest from overseas, particularly high net worth individuals.”

The 12ha Fitzroy Island Resort.

Mr Gamble bought the partially built upscale property in 2010 for about $9 million.

Since, then Mr Gamble has spent million developing the resort, which comprises 92 hotel rooms and suites, six beachside family cabins and a four-bedroom penthouse with resort views. Development approval is in place to increase the resort’s rooms.

The resort also includes a 90-seat fast cat ferry and a number of ancillary businesses.

When Fitzroy Island was on the market two years ago it had a $30 million price tag but sources say there are expectations this time around it could sell would be closer to $25 million.

Mr Bullock described it as a “once-in-a-lifetime” opportunity for an investor with a number of leading international hotel management companies have already expressed an interest in managing the property.

He said resort had a strong trading history.

“While other resorts have been impacted by weather events, due to its location on the island it has continued to trade strongly,” he said.