Retail billionaire Gerry Harvey lists The Byron at Byron Resort and Spa with $50 million hopes

The Byron at Byron Resort and Spa, frequently named in the top 10 best luxury resorts in Australia, has been listed for sale for the first time with around $50 million hopes.

Opened in 2005, the owner-operated eco-resort is being offered by billionaire retail giant Gerry Harvey, the executive chairman of Harvey Norman.

Harvey told The Weekend Australian that he believes it's worth between $40 million and $50 million.

“It’s one of our trophy assets like Magic Millions,” Harvey said, calling the asset a 'burden'.

The Broken Head Road property bordering Suffolk Park has 92 suites, a one-hatted restaurant, infinity swimming pool, tennis court, gym, lobby retail shop and a day spa.

It sits in 18 hectare of subtropical rainforest with beachfront access.

CBRE Hotels are marketing the property, having sold the nearby Byron Beach House Hotel for $70 million, the largest pub transaction in Australian history. 

CBRE Hotels agents Wayne Bunz and Andrew Jackson are conducting the international expressions of interest campaign for The Byron at Byron Resort and Spa.

Bunz said that he expected a high level of interest due to the calibre of the property and the high barriers to entry for new accommodation offerings presented by environmental protection laws in the Byron Bay area.

“Acquiring a land parcel and gaining the necessary approvals to build this type of asset in Byron Bay is notoriously difficult, and approvals of this nature may never again be repeated in the area, making this a very exclusive opportunity,” said Mr Bunz.

“After several high-profile clients approached us to find a location in Byron Bay, CBRE Hotels submitted off-market expressions of interest for the Byron at Byron, and subsequently convinced the vendors to take it to a public marketing campaign.”