25 Nov 2024
Words
The Hotel Conversation
Mission Beach icon Castaways Resort & Spa for sale by ResortBrokers
ResortBrokers Far North Queensland Broker Leah Bursztynowicz and Managing Director Trudy Crooks have listed the freehold going concern of Castaways Resort & Spa for $7,995,000.
Castaways occupies more than 100 metres of absolute beachfront at Mission Beach, between Townsville and Cairns on Queensland’s Cassowary Coast. The resort, which last came to market 18 years ago, enjoys views of Dunk Island and the Family Islands.
The 48-key resort is being sold with a development approval (DA) in place for an additional 44 keys that incorporates an expanded beachfront conference facility.
Castaways’ bar and restaurant, which has recently undergone an extensive renovation, can accommodate over 100 guests.
The resort has enjoyed consistent turnover of approximately $5 million per year for the last five years and has projected net returns surpassing $1.4 million. Other facilities include a day spa, lawn area, functions deck and pavilion, which add revenue streams from destination weddings, corporate retreats and private events.
“This is a rare chance to own one of North Queensland’s most iconic properties,” says Ms Bursztynowicz. “The vendor is offering attractive commercial terms to facilitate the sale.”
“The vendor also owns an 18-key budget motel across the road from Castaways, which they are open to adding to the purchase for an additional price should the buyer want. Taken together with the DA, the buyer is conceivably looking at a combined 110 keys that offers wide guest appeal through both resort-style and budget-friendly accommodations.”
“A lot of smart money is investing in regional accommodation,” says Ms Crooks. “We’re seeing the highest buyer demand for regional assets in ResortBrokers’ 40-year history. Yields for regional accommodation assets are almost always better than metropolitan assets, and Mission Beach has proved its enduring appeal as one of North Queensland’s prime holiday destinations.” END
