Mystic Sands deal a sign of bigger things

AN expected sale of a golf course and key development holding north of Townsville has provided a further pointer to improving sentiment in the region’s property market.

Knight Frank Townsville marketed Mystic Sands Golf Course at Balgal Beach on behalf of receivers and managers earlier this year and a transaction is due to settle soon.

Knight Frank’s Andrew Forster said agreements for its sale had been exchanged but because of the complexity of the deal, a contract was still being finalised.

He was confident this would occur by June 30 or shortly after.

“As far as we are concerned it’s gone to contract,” Mr Forster said.

He also believed the buyers, described only as business owners, would be a good fit for the community and the asset.

Interest in the Mystic Sands holdings came from around Australia, including Queensland.

Knight Frank took the property to the market in a four- week expressions of interest campaign which closed early last month.

Mr Forster said investors could see good value in North Queensland.

“We were pleasantly surprised and very pleased with the amount of inquiry. We had 20- plus inquiries,” Mr Forster said.

“The inquiries came from as far as Melbourne and up to Port Douglas and with two inquiries from Perth.

“( The buyers) are business owners. I think it will be a very good fit for the community and the asset.”

Knight Frank described the property as a rare opportunity to acquire a large operational and established property holding where the successful purchaser would have the capability to sell down some or all of the associated properties.

The assets comprised four components.

This was the Mystic Sands Golf Resort, including clubhouse, golf course, bowling green, swimming pool and sewage treatment plant; 17 developed residential land lots; four- bedroom home on an individual lot and a land subdivision with a current development approval for 64 lots.

The golf course comprises about 120ha and includes the single- level clubhouse, machine shed, tennis court and a lake.

The residential home built in 2015 is a four- bedroom, one- bathroom dwelling with single garage.

The developed residential lots are group titled and range from 666 to 1033 sq m.