Kingfisher Bay Resort.
Kingfisher Bay Resort. Contributed

Kingfisher Resort among four properties now up for sale

FOUR Fraser Coast businesses have been put up for sale by its Japanese owners.

The Australian Financial Review report indicates Cosmos Initia will sell Kingfisher Bay Resort, Eurong Beach Resort, Fraser Explorer Tours and Fraser Island Ferries together.

The price tag could exceed $50 million.

A Colliers International advertisement says interested parties "will be asked to submit, in writing, an expression of interest which will contain an offer to purchase the assets" by March 23.

Colliers International writes the two resorts - Kingfisher Bay and Eurong Beach - account for 90% of commercial accommodation options on Fraser Island, and highlights the fact there can "never be a substantial accommodation competitor" on Fraser Island.

FRASER COAST'S TOP STORIES

Colliers International's Neil Scanlan and Gus Moors are the exclusive agents.

"This is one of the most exciting opportunities to be marketed in Australian tourism history," Mr Scanlan said. 

"The operations could be integrated within another established tourism portfolio in Australia or operated under full management as it is today. In addition to this, a large amount of surplus freehold development land offers an incoming purchaser a significant upside with extensive new development or redevelopment options."

Fraser Island was World Heritage Listed by UNESCO in 1992. Less than 1% of the island is freehold or leasehold land, so new development options are limited.

"The Group has significant income with revenues exceeding $55 million in 2016. Considering the two resorts account for over 90 per cent of commercial accommodation options on Fraser Island, entry by competitors is impossible," Mr Scanlan said.

Kingfisher Bay Resort.
Kingfisher Bay Resort. Contributed

According to Mr Moors, the group has benefited substantially from the increase in Queensland's international and domestic traveller numbers and is perfectly positioned to continue to experience significant growth as travellers are seeking unique and nature based tourism experiences.

"Fraser Island attracts over 300,000 visitors every year," Mr Moors said.

"The Fraser Coast region is known as being the best place in Queensland to experience humpback whale watching, which is a key tourism visitation driver between July and October.

"Queensland Tourism forecasts the rise in tourism numbers to continue, with Queensland already experiencing an 8.5 per cent increase in visitor numbers and a 9 per cent increase in visitor spend which is reflected in the current trade."



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