Gold Coast retreat Golden Door snapped up for healthy profit
SINGAPOREAN investors have struck gold, snapping up a Gold Coast health retreat for a multimillion-dollar discount.
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SINGAPOREAN investors have struck gold, snapping up a Gold Coast health retreat for a multimillion-dollar discount.
The Golden Door retreat at Willow Vale was put on the market in 2012 and was briefly rebranded as the first Biggest Loser fitness camp, linked to the hit reality television show.
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That closed in August last year. The retreat sold to Six Senses Mountain Resort three months later for $1.76 million — $3.84 million less than it fetched in 1998.
Six Senses is linked to Singaporean investors Keith and Susan Ong. In a statement on the sale to the Singapore Exchange, Golden Door’s owner, Lasseters International Holdings, valued the retreat at $2.87 million.
The statement says the company disposed of the property to “cease any further operational losses to the group”.
Golden Door Australia general manager Brigid Walsh said the sale allowed the company to consolidate its operations and focus on its other retreats such as Spa Elysia in the Hunter Valley in NSW.
“The sale of Willow Vale enables us to consolidate our business model and concentrate primarily on enhancing our market position in the Australian health and wellness industry under the renowned Golden Door Australia brand,” Ms Walsh said.
With the sale of Willow Vale, Golden Door has one remaining retreat on the Gold Coast at Main Beach.
The Golden Door at Willow Vale was founded by Brian Looker in 1993 on a 270ha property he developed in the late 1980s with chalets and a conference centre.
He built it up so at the time of the sale it was earning a pre-tax annual profit of $1 million and drawing about 2000 people a year.
Mr Looker sold it to Cypress Lakes, which was later taken over by Lasseters.
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