Plenty of interest in resort
FRIDAY MARCH 9 2018 THE sale campaign of the Paradise Palms Golf and Country Club has drawn 60 inquiries from throughout Australia and across the globe.
Expressions of interest closed last Friday and marketing agents CBRE are now sifting through the submissions for the Kewarra Beach property to ascertain which best stacks up for the seller, Darren Halpin.
CBRE Cairns managing director Danny Betros said inquiries were “a mixed bag”.
“The response to the campaign has been very good,” he said. Mr Betros said potential buyers were interested in the golf course and country club aspect, the residential development approvals or both.
He said there had been good interest from Australia involving joint ventures.
“There have been inquiries from Asia and the US, people tied up in big conglomerates and hotel and leisure,” Mr Betros said. “I expect the process to now take a few months.”
The development of 1500 apartments approved for the 98ha site is expected to cost about $600 million.
Mr Halpin bought the Cook Highway site, which features the championship par-71 golf course, management rights for a 96-room resort and additional land with current planning approvals for up to 1487 apartments, with partners in 2015 for a reported price of $20 million.
Mr Halpin said he and his partners did not have the capital nor the expertise to deliver the apartment developments.
They have spent about $5m on bringing the course up to first class standards, increased golf membership and play and appointed US-based golf management firm Troon to run the course.