Investment firm pays $80m for Coast resort
EXCLUSIVE: Contracts for the sale of the Twin Waters Resort for about $80 million have been signed between owner the Abacus Property Group and the Shakespeare Group, an associated company of the Melbourne-based Prime Value investment business.
The resort, which is managed by the French Accor group through its Novotel brand, has been on the market for more than two years.
Its sale represents completion of a Managed Asset Sale Strategy by the Abacus Hospitality Fund first started in 2012.
An Abacus spokesman would not comment when contacted by the Sunshine Coast Daily.
However sources have confirmed the deal had been done although detail may still to be settled.
It comes after the widely-reported sale of the resort in September, 2016, to Virgin shareholder Hainan National Airlines for $130 million fell through.
The amount would have represented a windfall for Abacus which in 2015 had valued the 48.6ha property at only $67.5m. However by February, 2017 the deal was off.
Earlier this year the Daily revealed sales documents distributed to potential buyers by former agents McVay Real Estate had identified a 7.32ha land parcel within the resort as a viable development option for another 366-dwelling standalone resort.
The documents said 'a number of potential development scenarios for the development of an additional resort and villas which could be operated in conjunction with the existing resort, thus minimising management and any duplication of infrastructure and back of house facilities' had been explored by the current owners.
One proposal involved development of a luxury 240-room, lagoon-front resort, together with 37 waterfront villas on what was described as surplus land to the west of the existing resort.
However town planning advice provided to the Sunshine Coast Daily said paragraph (m) of Section 126.96.36.199 of the Local Plan Code made specific reference to the Twin Waters Resort.
It required the resort's protection as a significant tourist facility that respected the environmental and landscape values of the area and maintains the existing configuration of low scale, small clusters of buildings set within extensive park lands and naturally-vegetated areas.