A PRIVATE consortium headed by Gold Coast businessman John Thomas and backed by Casuarina Beach developers has shelved out $53 million for a piece of the Hope Island Resort in South East Queensland.
Developers Don O’Roke, Mike Dodd and Lachlan Grantley have privately funded the acquisition from Mirvac, which controlled the site as a part of its major property portfolio purchase from Walker Corporation in January this year.
The $53 million purchase will see the group secure two of the last remaining development sites within the resort, together with the Hope Island Resort golf course and golf club, the resort marina and Boardwalk Tavern.
But Mirvac will retain two prime residential development sites within Hope Island Resort including a prime medium density waterfront site near the Boardwalk Tavern and another site overlooking the golf course near The Links residential precinct.
Thomas said Mirvac now will work with the new purchasers in developing up all remaining sites.
One of the consortium’s development sites adjoins the golf clubhouse and has an existing approval for up to 400 hotel rooms and serviced apartments. A second development site is earmarked for a residential land or housing subdivision.
Thomas said Hope Island Resort is one of the most prized development and leisure property opportunities in South East QLD.
“It is a highly strategic parcel with a huge amount of growth occurring all around it. It offers enormous scope for future development,” he continued. “We are undertaking a full review of the possibilities. There are a lot of options and we are exploring them now. We plan to commence a series of public meetings shortly and complete design by the end of the year, with a view to lodging the first development applications early next year,”
Thomas said a key part of the resort’s appeal is the development synergies offered by its various property and leisure components.
“We will continue our close working relationship with Mirvac to ensure the final developments are co-ordinated and sympathetic to the existing character of Hope Island Resort,” he said. “We see great potential to tap into the corporate conferencing market via the development of the hotel. On top of that, the golf course is consistently rated one of the best in
Thomas said the consortium is also reviewing development options for the possible sale of marina berths, as well as an upscaling of the Boardwalk Tavern.
Mirvac QLD’s chief executive Chris Freeman said the group had decided to sell sections of it which were not related to the company’s core business activities resulting in the realisation of a profit uplift after a short period of ownership.
Freeman said the group would retain Hope Island Resort Realty and Cambridge Management Services.
Meanwhile, the Boardwalk Tavern will be owned and managed by Dodd’s and Anthony Parmenter’s The Pub Group Pty Ltd, which last year acquired and refurbished the Surfers Rowers restaurant and bar at Bundall on the Gold Coast.
Australian Property Journal
