This article is from the Australian Property Journal archive
OCTAVIAR, formerly known as MFS, has "officially" put the Christopher Skase developed Sheraton Mirage Resort Port Douglas on the market.
The sale comes after Octaviar has spent more than five months to recapitalise its business, which has so far resulted in the sale of hospitality group Stella to CVC Asia Pacific for $406 million – booking a $590 million loss.
The resort was purchased in March 2005 as a $210 million packaged deal which included the Sheraton Mirage Gold Coast, by Octaviar’s previous incarnate MFS Limited in a joint venture with the Ray Group.
The JV bought the two assets from Japanese investors, Nippon Shinpan and Mitsui. The Sheraton Mirage Gold Coast was sold to the Raptis Group in June/July 2006.
Jones Lang LaSalle Hotels’ senior vice president Wayne Bunz and managing director Australasia Craig Collins have been appointed exclusively by Mirage Resorts Pty Ltd & Bale Resorts Pty Ltd to market the substantial property for sale.
Developed in the 1980s by Christopher Skase, the Tropical North Queensland property is surrounded by 1.75ha of swimmable saltwater lagoons. The property also enjoys an absolute beachfront position on Four Mile Beach, occupying approximately 109ha of land featuring tropical landscaped gardens and an 18 hole golf course.
The resort component comprises 294 rooms, management rights over 90 privately owned luxury villas, three restaurants, the Daintree Lounge, a Kids Club and the Mirage Country Club.
Bunz said one of the key attributes of the property is the surplus development land on offer which includes a 15.77ha parcel of land which has been earmarked for the future development of 76 residential allotments, some of which will front Four Mile Beach.
“The back nine holes of the golf course also offer excellent development potential including a 25.62ha parcel of land which has the potential for approximately 80 residential allotments, most of which will benefit from views up the golf course fairways,” he added.
Collins said an opportunity now exists to acquire this asset at a fraction of its replacement cost.
“Strong capital growth opportunities can be achieved by undertaking a refurbishment and then repositioning the existing resort facilities, as well as developing the extensive adjoining vacant land.
“We anticipate the property will attract interest from domestic and international investors alike, as well as developers seeking to capitalise on the significant land holding,” he added.
Meanwhile, Octaviar’s shares currently remain in a trading halt since August 18 last year.
Australian Property Journal
