Tinaroo resort on market
Venture’s versatility draws wide interest
THE owners of a commercial enterprise on the shores of Lake Tinaroo are returning south and are selling the business.
The 19-unit Tinaroo Lake Resort, complete with function centre and three-bedroom manager’s residence, has just gone on the market and already is generating strong interest, Pruthesh Patel of Finn Business Sales said.
He said the resort offered excellent accommodation packages for functions, ranging from weddings to conferences and private celebrations.
“We are getting inquiries and interest as well. As the price is a million-plus, it will take a while to get a sale finalised but there has been good interest so far,” he said.
The resort also hosts a wide range of special-interest conferences and gatherings and has become well known as a wedding destination.
“It is very famous for weddings and there is nothing like it on the lake,” Mr Patel said.
He said the council would probably never approve the building of another resort of its kind near the lake.
The asking price is $2.6 million but can be broken down into management rights of the property being offered for $575,000.
Mr Patel said the business was a good investment and easy to run, returning steady profits year on year.
Built in 2002, the resort has an average occupancy rate of 45 per cent and yields a gross turnover of $330,605 for the function centre and $346,934 for the management rights.
Mr Patel said the resort was being sold by a couple who had owned it for five years and were selling to return south.