FNQ islands overcrowded with 100-strong buyer interest
The Hideaway Resorts portfolio, which includes Dunk Island Resort, Bedarra Island Resort and Bedarra Hideaway in tropical far north Queensland, is close to sale after overwhelming interest in the run-up to bids closing last week.
“Various bids were lodged from a myriad of different investor types, including a number of high-profile, high net worth individuals, to buy the assets either in one line or to acquire the individual resorts,” CBRE hotels senior director Wayne Bunz says.
“We are in the final stage of negotiation and we are confident that we will have unconditional contracts exchanged, if not settled, by Christmas.”
The freehold tenure island offerings – closed since February’s Cyclone Yasi – ranked as the most significant tourism opportunity in the region this year, Bunz notes.
He adds there has been substantial transactional activity in the far north with the recent sale of the Sheraton Mirage in Port Douglas to David Mariner, plus Wyndham Hotel Group’s acquisition of the Treetops Resort and Spa, also in Port Douglas.
“The general perception seems to be that north Queensland offers significant buying opportunities, with the market showing some signs of recovery.
“With over 100 enquires received on the Hideaway Resorts portfolios, investor perceptions indicate this may well be the case,” Bunz says.
