HOT on the heels of the $60 million Royal Pines Resort sale, the Seahaven Resort in Noosa has been snapped for $120 million by Consolidated Properties and United Kingdom based investment group BlueSky Capital.
The transaction comes on hot on the heels Victorian motoring giant RACV’s $60 million purchase of the Royal Pines Resort on the Gold Coast.
The Seahaven property will be purchased by the Global Destinations Fund, operated by BlueSky Capital, from vendors the Melbourne-based Carter Group and Sydney-based investor Michael Callaghan, who have owned the property for 30 years.
The 4722 sqm Seahaven site boasts more than 100 metres of absolute frontage on Noosa’s
The joint venture is Blue Sky Capital’s first foray into property in
Under the arrangement, BlueSky Capital will be responsible for the equity and debt finance for the deal, which settles in July 2009, whilst Consolidated Properties will be responsible for any property related decisions, approvals and construction.
Consolidated Properties’ managing director Don O’Rorke said it was very rare that absolute beachfront opportunities of Seahaven’s quality became available.
He added that the fact that Seahaven sparked interest from a northern hemisphere investment group speaks volumes about Noosa’s international reputation.
“There were a number of bidders for the resort but in the end, some of the other potential purchasers couldn’t perform.
“From Consolidated Properties’ point of view, the credit crunch has become an opportunity for us to buy great sites – not because vendors are distressed but because the number of potential buyers is more limited,” he added.
“Our plan now is to think carefully about what we are able to do with the property,” he continued.
BlueSky Capital’s partner Matthew Spence said the group has been conscientiously assembling a stable of iconic properties internationally.
BlueSky Capital also owns the Little Nell hotel in
The Trinity Opportunistic Property Fund 1 will co-invest in the project, taking a 10% stake.
Trinity chief executive Ben McCarthy said the project was forecast to generate a strong profit margin due to its outstanding quality and high caliber of investment appeal.
“Capital is drawn to outstanding opportunities. The rarity of Noosa beachfront land ensures this is one of the most coveted opportunities on
The sale was negotiated by CB Richard Ellis directors Rem Rafter and Rob Cross.
Australian Property Journal
