RACV acquires Noosa Sanctuary ResortDOWNLOAD
4 November 2010: Deloitte partners John Greig, Chris Campbell and Nicholas Harwood are pleased to announce the successful sale of the Noosa Sanctuary five-star resort and residential complex.
The Victorian Auto Club RACV, which already owns five resorts, including the RACV Royal Pines Resort on the Gold Coast, will add Noosa Sanctuary to its expanding resorts division.
Sue Blake, RACV Executive General Manager, Member Interests said that “the intent of the acquisition was to add to the range of affordable holiday opportunities which RACV provides for its members.”
Deloitte partner and Joint Receiver & Manager, John Greig said: “We are delighted that we have been able to exchange contracts on Noosa Sanctuary and we expect to complete the sale on or before the 30 November.”
“When we were appointed back in March, the resort was newly completed and hadn’t commenced trading,” said Mr Greig. “We opened and launched the resort just before Easter with the appointment of Mirvac Hotels as managers in order to enhance value and demonstrate the appeal of the resort to interested parties throughout the marketing process.”
RACV purchased the Noosa complex after a successful sales and marketing campaign by Damian Winterburn and James Walsh of CapLand Real Estate Advisors and Rem Rafter and Rob Cross of CB Richard Ellis (CBRE).
Damian Winterburn said: “There were more than 100 inquiries from local, interstate and overseas groups for the resort. Considering the quality of the resort and the opportunity to create further value, this level of interest was not a surprise.”
Rem Rafter from CBRE said: “Noosa Sanctuary offers numerous sell-down options for an enterprising buyer including the ability to strata title and sell to individual investors, alternatively the buyer is also able hold the property and build up the operations of the resort for the longer term.”
Noosa Sanctuary is located close to Noosa’s Main Beach and Hastings Street, comprises 149 apartments and villas and a central management and amenities building, including a restaurant, bar, business centre, day spa, tennis courts and pool. The resort includes 109 residential Lagoon apartments, 25 three-bedroom villas and 15 luxury four-bedroom residences.
Deloitte partners, John Greig, Chris Campbell and Nicholas Harwood were appointed Receivers & Managers of Resort Corp Noosa Sanctuary No. 1Pty Ltd on March 22, 2010.