Doug Gamble to offload Fitzroy Island Resort again two years after $30 million listing
The luxury Fitzroy Island Resort has hit the market for the second time after it failed to find a buyer two years ago.
The 12 hectare resort, owned by property developer Doug Gamble, is the only resort on the 339 hectare island, located 30 kilometres east of Cairns in the Great Barrier Reef Marine Park.
While selling agents Mark Bullock and Grant Bailey, of Ray White Hotels Australia, declined to disclose price expectations, it had an asking price of $30 million when the 4.5-star resort was last offered for sale in late 2016.
The resort has DA for about 100 more hotel rooms. Photo: Supplied
The resort opened its doors in 2011 after previously being home to backpacker accommodation.
Mr Gamble purchased the resort in 2010 for about $9 million.
Surrounded by national park, the resort – which has more than 400 metres of beach frontage – includes two neighbouring properties in the sale.
The resort’s accommodation comprises 92 hotel rooms and suites, six beachside family cabins and a four-bedroom penthouse with resort views.
The resort was last offered for sale for $30 million two years ago. Photo: Supplied
A 190 Fast Cat passenger ferry, a dive shop, swimming pools, a turtle rehabilitation centre, restaurant, pool bar, conference facilities are among the resort’s facilities.
Development approval is in place to increase the resort’s rooms.
Stage one includes provision for another 24 hotel rooms, of which construction is set to start later this year.
There is also development approval for an additional 75 rooms, a helipad and campground cabins, where construction is scheduled for 2020.
Mr Bullock said domestic and international interest in the resort had been strong, in what he described as a once-in-a-lifetime buying opportunity.
“The Gamble family are looking for investors to help them to realise the potential of the resort through the development approval they have in place, be it either through the sale of the resort or a joint venture,” he said.
Mr Bullock said the resort had a strong trading history.
“It hasn’t been impacted by a lot of the weather events recently and that’s due to its location on the island. It doesn’t get the storms and it’s not as exposed as other island resorts,” he said.
“It’s the closest island to the mainland and it’s within reach of the Great Barrier Reef and famous dive spots.”
Fitzroy Island Resort is being sold via an expression of interest campaign, which closes August 2.
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