The local owner of a Cairns golf course is ready to sell after owning the asset for two years.
The Paradise Palms Golf & Country Club is a 98-hectare site featuring an 18-hole, par-71 golf course in Cairns’ Kewarra Beach, with management rights for a 96-room resort and additional land.
Local business Darren Halpin acquired the site as part of a syndicate for $16.7 million in 2015.
“Over $5 million in capital expenditure has been outlaid to improve the asset and it is now ready for an investor to take it to the next level and capitalise on the planning approvals, which encompass three major development precincts,” Halpin said.
Appointed to market the property, CBRE’s Danny Betros said the golf course presents a lucrative opportunity for an incoming purchaser to develop the additional land over multiple stages. A permit for nearly 1,500 apartments is being marketed to interested buyers.
“Paradise Palms [presents] a lucrative opportunity for an incoming purchaser to develop the additional land over multiple stages,” he said.
The golf course comprises 6,331 metres of sweeping fairways, 72 bunkers, three lakes and a series of creeks, with a World Heritage rainforest backdrop and views of the surrounding mountains.
The associated resort comprises 46 one and two-bedroom, self-contained apartments in addition to a restaurant, bar, poolside kiosk, wedding and conference facilities, adventure playground, 18-hole mini golf course and 25 metre swimming pool.
The golf course is ranked in the top 50 public access courses in Australia by Golf Digest and is complemented by a major clubhouse and pro shop.
The expressions of interest campaign for Paradise Palms closes 2 March, 2018.