A 69,000sq m slice of prime beachfront real estate in WA’s Margaret River, with approval for a luxury resort, looks likely to fetch more than $10m.
A 69,000 square metre slice of prime beachfront real estate, with approval for a circa $50 million plus luxury resort, in WA’s Margaret River, looks likely to fetch more than $10 million, according to sources.
The Gnarabup Beach Resort, a collection of five sites with direct Indian Ocean frontage providing Margaret River’s first major luxury beachfront resort, is being marketed internationally through Savills Barney Dear and Chas Moore.
“With approvals in place for a 102-key resort and potential for a further 73 individual villas under the existing structure plan, this is an exceptional opportunity to acquire an unrivalled piece of Western Australia’s south-west tourism market,” Mr Dear said.
“Given the recent surge in the Western Australia tourism sector, the lack of competing luxury accommodation options in the region and the size, scale and quality of the development, we expect strong interest from both local and offshore investors, particularly those that are looking for strategically positioned tourism or land banking opportunities in the south-west region of Western Australia,” he said.
Mr Moore said the resort site was being offered for sale by its joint venture owners for a resort developer and/or operator to purchase and undertake the resort development, while there was also potential for further development of villas on the adjoining land with infrastructure already available to individual sites.
He said Development Approvals for the resort, designed by award-winning Grounds Kent Architects, had been granted.
“This property is coming to the market at an ideal time, with the Western Australia State Government prioritising and strongly promoting the state’s tourism sector, and the $59.7 million expansion of the Bussellton-Margaret River Regional Airport to deliver invaluable direct flights to the region,” Mr Moore said.
“Tourism is on the rise in Western Australia and this is one of the best beachfront resort developments available in the entire state. It provides a stunning south-west setting overlooking the Indian Ocean, with boardwalks and footpaths leading directly to the beach, in the heart of Western Australia’s premier tourism destination and widely recognised as one of the world’s best wine producing regions.”
The agents declined to comment on price.