25 May 2021
Words
Peter Carruthers Cairns Post
Mayfair collapse triggers further Cassowary Coast property sales
TWO Cassowary Coast accommodation resorts are the latest assets of Mainland Property Group up for sale after the collapse of beleaguered finance outfit Mayfair 101.
McGrathNicol, appointed as receivers to Mainland in late 2020, have enlisted ResortBrokers to sell Bali Hai Beachfront Cabin Holiday Park and a former 15-room backpackers complex through two national expressions of interest campaigns.
A number of properties in the Mission Beach area had been snapped up when Mayfair 101 was pursuing a vision to turn Dunk Island into a tourism mecca.
ResortBrokers Far North Queensland specialist Shane Croghan said the properties were considered to be prime development opportunities in Wongaling Beach.
“Both assets are in ideal locations and are ready for redevelopment or expansion of the existing facilities, so we’re expecting strong interest from a diverse range of different investors and developers,” Mr Croghan said.
Bali Hai Beachfront Cabin Holiday Park on Wongaling Beach Rd is set on 11.22ha of waterfront land with 33 powered sites and development approval for another 86 sites. The property includes various onsite amenities, including a 40 seat restaurant.
The former backpackers resort on a 3642sq m block and features a 15-room dormitory that could accommodate up to 50 people.
Mr Mr Croghan said that international travel bans had positioned the Mission Beach area as a sought-after domestic tourism destination, popular with Sydney and Melbourne travellers.
“And (the area) has largely been unaffected by the absence of international visitors, unlike places like Port Douglas and Cairns,” he said.
“Bali Hai provides an incoming operator with the opportunity to develop the site or continue its current operations as a tourist park.
“There are several options, including the chance to create a fully fledged mixed-use tourist resort, expand the current facilities, or design an up-market retirement village.”
Both properties are being offered on a vacant possession basis and are closely located to shopping facilities and local amenities that service the Cassowary Coast region.
A heavy reliance on income derived from banana plantations and tropical fruit production could be seen as a chance for new owners to offer low-cost accommodation for farm workers.
“The former backpackers resort presents a unique opportunity for an investor to offer an accommodation option in a tropical location for seasonal workers who wish to enjoy the benefits of living and working in the far north Queensland,” Mr Croghan said.
