The owner of the 132-room Ramada Resort Kooralbyn Valley is offloading the masterplanned community in the Gold Coast hinterland.
This amalgamated iconic resort, owned by Peter Huang, sits on a massive 1,500-hectare—3,700 acre—site with 37 existing lots and 30 existing buildings.
The state government was considering using the resort's separate Packer Lodge building as a coronavirus isolation centre but withdrew their plans due to some concern from locals.
Huang said that the resort has a potential end value of up to $2 billion with a masterplan for a retirement village.
The original site was acquired during the lowest point of the financial crisis, while Huang picked up 2,890 acres of extra land and poured tens of millions of dollars into the resort's renovations and operations. With 102-rooms, and the 30-room Packer Lodge, the resort has the largest rammed earth eco-construction in the southern hemisphere.
The Packer Lodge was built by Peter Ables and Arthur Georges and the 102-room main resort was built by Japanese owner Towa Group in 1980 for about $45 million including land. The resort was used as a hideaway for billionaire Kerry Packer in the '80s.
All properties are being offered for sale in one line or individually.
The site is an easy drive for the 3 million local residents from south-east Queensland and the large golf community, and remains a popular international tourist destination.
Huang said the stage 1 subdivision surrounding the golf course and resort was approved but he allowed to lapse due to the new plan for the large scale over 50s retirement development.
The resort includes a 230-seat restaurant, 240-seat convention centres, three outdoor wedding venues plus The Pavilion Tavern and a private airport, terminal building and international school buildings.
"It's truly the one and only corporate asset in Australia ideal for potential public listing or as an addition to a successful investor or fund manager's existing portfolio," Huang said.
"The selling price of the whole portfolio could be much less than the recent sales of the much smaller 25-room Beach Hotel Resort at Byron Bay on 4,585sq m of land or the 145-room Vibe Darling Harbour."
The Kooralbyn project has so much more potential with everything you need and dream for with far better income upside from the multiple businesses of the resort, golf course, tavern, international school and other assets.
"[The resort] has far more development profit and potential ongoing income from the massive over-50s retirement masterplan with a lot of upside from the existing businesses on the site."
"The eventual workforce from the nearby largest inland port of Australia—the Bromelton Estate could reach 35,000 jobs, according to the state government," Huang said.
The property will be personally marketed by the owner of the resort Peter Huang and his son Harvey Huang, who is also the founder of Yong Real Estate.
It is for sale by international tender closing 12pm, Wednesday, 22 April 2020 at Yong Corporate Office.
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