The Kooralbyn Resort in the Gold Coast hinterland back on the market

The Kooralbyn Resort in the Gold Coast hinterland has been put back on the market.

Murray Bailey, who heads US-based renewable energy company EESTech Australia, had private plans to pay $22 million plus to the mortgagee-in-possession, the Premium Income Fund last year.

However the negotiations lapsed after due diligence, according to CBRE agents Mark Witheriff and Rem Rafter, who are now marketing the property with offers due August 30.

Wellington Capital Limited, the responsible entity of the Premium Income Fund, said it had been a disappointing result for the fund given the considerable work performed by both the fund and the proposed purchaser. 

Kooralbyn is situated on more than 350 hectares of land within the Kooralbyn hinterland valley.

The property is 64 kilometres south-west of Brisbane.

The Kooralbyn Resort operated until 2008 as a 100 room hotel.

The Kooralbyn Resort Golf Course was the first resort golf course built in Australia. From 1986 to 2008 it was featured in every national rating list.

Kooralbyn International School continues to operate today providing private education to students from prep through to year 12, offering a sports excellence program.

The school’s list of past students is impressive, including Cathy Freeman and four current US PGA Tour winners, Adam Scott, Jason Day, Steven Bowditch and Adam Crawford.

 CBRE is inviting expressions of interest for the 100-room Kooralbyn Resort, a 36-room lodge, bars, restaurants, conference facilities and an 18-hole Championship golf course.

There is potential for the buyer to also acquire adjoining assets including a private airstrip, polo fields, horse race track, stables and renowned International School.

Witheriff said CBRE had recently been appointed to conduct a fresh campaign after negotiations for a private sale of Kooralbyn lapsed in May 2012.

He said the resort was not operational but had been well maintained.

“There is considerable scope for a new owner to re-establish Kooralbyn to its heyday as a five-star resort,” Mr Witheriff said.

“The property itself is important to the township of Kooralbyn, so a new owner with innovative ideas would be gladly welcomed.”

An earlier report by Property Observer wrongly identified another Murray Bailey.