Owner seeks cash to boost island resort

FITZROY Island Resort’s owner is looking for a bank or investor to help fund a 10-year expansion plan to secure the attraction’s long-term future.

Doug Gamble yesterday talked down rumours the 12ha resort was back on the market for the second time in two years, following failure to sell for an estimated $30 million after being listed in 2016.

“Media reports that the resort is for sale are incorrect,” Mr Gamble said.

“We have engaged a real estate agent to represent Fitzroy Island in our search for an investment partner, whether that be a bank or an investor.

“We are a progressive and successful company needing capital injection to progress a 10-year plan designed to ensure the long-term sustainability of Fitzroy Island Resort.”

The first resort on the 339ha island opened in 1977 and it has been home to three more since, each replacing the last.

The current iteration opened in 2008 in the midst of the global financial crisis after an $80 million redevelopment by then-owner Joshua Hunt.

The Hunt Resort went into receivership a year later, giving Mr Gamble the chance to snap it up for $8.5 million in 2010.

He has spent millions more on the venture, including a $2.5 million refurbishment of rooms now under way.

Mr Gamble said the time was right for the family-owned company to grow with major investment under way in tourism infrastructure in Cairns.

He flagged a major upgrade to the island’s turtle rehabilitation centre and offshore coral nursery as key to targeting environmental tourism.

“We want the Cairns Turtle Rehabilitation Centre to be a world-class facility that incorporates the Reef Restoration Foundation’s work to accelerate the recovery of damaged high-value reefs,” he said.

“Travellers are excited by environmental tourism and eager to learn more.”

WE HAVE ENGAGED A REAL ESTATE AGENT TO REPRESENT FITZROY ISLAND IN OUR SEARCH FOR AN INVESTMENT PARTNER WHETHER THAT BE A BANK OR AN INVESTOR.

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