Negotiations to buy the Kooralbyn Resort have stalled and the owner has reopened the business and put it back on the market
The owner of a major Queensland tourist and golf destination, that was once the playground for the rich and famous, has pulled the plug on negotiations to sell the property to a local company and put the resort back on the market.
Prime Site
Don't miss out on the headlines from Prime Site. Followed categories will be added to My News.
After negotiations to buy an iconic southeast Queensland resort stalled, the tourist and golf destination that was once the playground for the rich and famous has reopened its doors and is back on the market.
Kooralbyn Resort owner Peter Huang said he pulled the plug on negotiations with a Queensland-based company to buy the property after the “mutually agreed cash unconditional contract” sat in a solicitors’ office for over a month.
He said now that the borders to other states, except Victoria, have opened, the resort was now operating and back on the market.
Ramada Resort Kooralbyn Valley on market after bushfires, virus hit occupancy
“We were happy with the figure that was offered,” Mr Huang said.
“But now we have put the resort on the market and I’m sure there will be strong interest.”
In March after being hit by the summer bushfires and the emerging coronavirus pandemic Mr Huang put the resort on the market for sale or as a joint venture.
At the time Mr Huang, who has pumped $30 million to $40 million into the resort since buying it in 2014 in a receivers sale, said recent events have caught up with the tourist icon.
Previously known as the Ramada Kooralbyn Resort Mr Huang last month cut ties with the hotel brand.
The resort sits on 327ha within emerging community zoning on 27 lots over 30 buildings.
Mr Huang said it was potentially a $500 million to $2 billion project depending on the master plan and funding.
He said based on the previous agent’s advice, the replacement value is well over $200 million.
The 102-room main resort building is the largest rammed-earth eco-construction in the southern hemisphere.
The property also includes an award-winning pool complex, 230 seat restaurant, 240 seat convention centre, the Pavilion Tavern and the recently renovated 30 room Packer Lodge named after frequent visitor Kerry Packer.
The private airport has a 1.4km resurfaced runway ideal for drag racing, skydiving, scenic flights and flying school. It also has two championship golf courses and mountain biking track.
Mr Huang is also getting the caravan park/RV park/camping round/Aussie muster farm showground relocated to be within walking distance to the main resort.
He said he has allowed the previous DA for stage 1 subdivision to lapse and is now in the planning stage for a large retirement village.
“Compared with the recent sales of the 25 room Beach Hotel Resort for $104 million, the 145-room Vibe Darling Harbour for $108 million or the penthouse of One Barangaroo Sydney for $140 million, this integrated resort with so much more potential for business and development profit on top of the capital gain, will be sold for substantially less taking into the consideration the current COVID-19 market”, Mr. Huang said.
