Beachside beauty sinks

Pub, caravan park for sale as administrators brought in

A POPULAR hotel and caravan park on a pristine North Queensland beach has been placed in receivership but remains operational and is up for sale.

The Forrest Beach Hotel in Hinchinbrook Shire was sold in early 2021 with the new owners promising a multimillion-dollar makeover that failed to eventuate.

The hotel, set on more than five hectares of prime property on the 14km beach overlooking the Coral Sea, has subsequently been dogged by persistent rumours of financial difficulties that have been strenuously denied.

In early March, brewing partners Wingman Beer claimed that rumours the pub was closing were false.

Mortgagees in possession of the property, Sammy and Subi Singh, said on Monday, however, that the receiver was Brisbane-headquartered SV Partners.

SV Partners on Tuesday confirmed that the hotel owner, Visual Approach Proprietary Limited, had been placed in receivership, saying Colliers Townsville was handling the sale of the commercial property.

Australian Securities and Investments Commission records confirm that Visual Approach is “under external administration and/or controller appointed”.

The company is linked to Earle Anthony Burrows, a founder and former chief executive of Wingman.

Mr Singh said on Tuesday that the Forrest Beach Hotel would remain open with no loss of jobs until a new owner was sourced.

“We are doing everything we can to keep things running as smoothly as possible,” Mr Singh said.

He said, however, that there would be no fire sale and they would take their time finding a new owner that would operate the business – “5.5 hectares on the beach with a caravan park and a pub” – in the best interests of the Forrest Beach and Hinchinbrook Shire communities as well as the wider North Queensland tourism industry.

Staff at the pub would not comment on the record but were buoyed by the Singhs’ involvement and future prospects for the business.

Colliers Townsville associate director Angelo Castorina confirmed the sale was proceeding and expressions of interest would be advertised for from next week.

Mr Castorina said he could not comment on the expected asking price given it was a “receivership sale”.

He said the property represented a golden opportunity for a potential investor given its prime location in Forrest Beach, which has undergone a recent property boom along with the rest of Hinchinbrook Shire.

“You don’t find too many opportunities like this,” Mr Castorina said.