Kingfisher Bay Resort

<html><body><div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>SeaLink has acquired the iconic tourism attraction, Kingfisher Bay Resort Group on Fraser Island.</span></p>
<p><span>It signals the establishment of a new SeaLink business hub in Brisbane.</span></p>
<p>The acquisition by SeaLink Travel Group Limited of Kingfisher Bay Resort Group was for $43 million.</p>
<p>The Kingfisher Bay Resort Group calendar year 2017 EBITDA was $7.9 million, and EBIT of $5.8 million, respectively.</p>
<p>The stockmarket was advised today that Cosmos Australia Pty Ltd, an entity owned by publicly listed Cosmos Initia Co Ltd of Japan, was disposing of their interest in the businesses to focus on residential development and other investment opportunities in Australia.</p>
<p>Cosmos Australia, together with their partner since 1991 Tourism Leisure Corporation, jointly developed or acquired, and operated the resorts and businesses</p>
<p>The property is on the World Heritage-listed Fraser Island, 300 kilometres north of Brisbane in Queensland.</p>
<p>The acquisition includes the two island resorts Kingfisher Bay Resort and Eurong Beach Resort, as well as Fraser Explorer Tours and the Fraser Island Ferry business operating from Hervey Bay to the Western side of Fraser Island. </p>
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
<p>Kingfisher Bay Resort Group accounts for 90 per cent of accommodation options and the majority of touring experiences on Fraser Island.</p>
<p>The purchase price of $43 million (plus working capital adjustments) includes land and buildings, plant and equipment, three vehicular ferries, a 30-vehicle touring coach fleet, all contracts, licences, intellectual property and goodwill. </p>
<div class="page" title="Page 2">
<div class="section">
<div class="layoutArea">
<div class="column">
<div class="page" title="Page 2">
<div class="section">
<div class="layoutArea">
<div class="column">
<p>The Queensland Government has welcomed the transaction and the establishment of SeaLink’s business hub in Brisbane.</p>
<p>SeaLink already has significant operations in Queensland, servicing Magnetic Island and Palm Island from Townsville, the LNG Plants on Curtis Island from Gladstone, North Stradbroke Island and the islands of Moreton Bay, and will add its new Brisbane office as a hub to complement its Adelaide headquarters.</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="page" title="Page 2">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>Cosmos Australia Pty Limited (“Cosmos”), a controlled entity of Cosmos Initia Co Ltd of Japan, partnered with Tourism </span><span>Leisure Corporation to develop the Kingfisher Bay Resort which opened in 1992 and expanded their operations on </span><span>Fraser Island </span><span>by acquiring Eurong Beach Resort, Fraser Explorer Tours and Fraser Island Barges in 2002. </span></p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div></body></html>

j.ballantyne1990-6AQqhLzZaK

Kingfisher Bay Resort Group on Fraser Island sold to SeaLink

<html><body>
<p>More than $50 million worth of Australian tourism properties has been listed by Japanese real estate group Cosmos Initia, including Fraser Island Kingfisher Bay Resort, Eurong Beach Resort, Fraser Explorer Tours and Fraser Island Ferries to be sold as one lot. </p>
<p>According to the <em>Australian Financial Review</em>, Cosmos Initia, was looking to diversify into other areas such as residential development, sources said. </p>
<p>Colliers International said the two resorts in the group account for more than 90 percent of commercial accommodation options on Fraser Island.</p>
<p>The group turned over $55 million in 2016 and made a net profit of about $7 million.</p>
<p>Colliers' Neil Scanlan and Gus Moors are handling expressions of interest.</p>
<p>Neil Scanlan said the operations could be integrated within another established tourism portfolio in Australia or operated under full management as it is today.</p>
<p>"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," he said.</p>
<p>"Less than 1 percent of the island is freehold or leasehold land, so new development options are very limited.</p>
<p>"There is also an opportunity to redevelop 1.4 hectare of beach front land at Eurong Beach Resort.</p>
<p>"Development options are very flexible and could include a mixed use tavern/hotel, new hotel or strata titled apartment development."</p>
</body></html>

Kingfisher Bay Resort

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Kingfisher Bay Resort

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News