Queensland island property sold for circa $3 million by ResortBrokers

The rare and combined freehold and leasehold interest to Castaways on Moreton, in Bulwer on Moreton Island – the world’s third largest sand island – has changed hands in a transaction close to $3 million.

ResortBrokers Director Alex Cook and Gold Coast Broker Steve Campbell have sold the property owned by Moreton Island Adventures to local Bulwer couple Craig and Belinda Wilson, who own Moreton Island Wilderness Camp.

Mr Cook says the opportunity includes a fully licensed store/café and a range of associated accommodation options.

“The store is the only seller of fuel and gas on the island and is the only reliable source of fresh groceries, milk, bread and other household essentials,” he says.

“The café is open for breakfast and lunch, seats up to 75 people, and is popular with visitors and guests.

“The accommodation part of the business comprises eight self-contained units, 11 eco-cabins, and a large self-contained lodge. The majority of these assets sit on freehold land, with the exception of the eco-cabins which sit on government land on a leasehold basis.

“The self-contained lodge, popular with international backpacking groups, has been largely non-operational since the pandemic. Moreton Island Wilderness Camp specialises in school trips, so are poised to ramp up this part of the business very quickly.”

Mr Campbell says Moreton Island Adventures, which own and operate the Moreton Island Ferry (MICAT), purchased the property in 2008 and brought the business back to life with a number of improvements, including the addition of the Eco Cabins.

“The eco cabins have been an incredible addition to Castaways accommodation options,” he says.

“Castaways has benefited from the resurgence in domestic tourism since pandemic restrictions lifted and there exists myriad revenue streams ripe for growth and improvement.

“New owners Craig and Belinda will be expanding the operational hours of the shop and café from the outset. They will now be open 7 days a week, for longer hours, and will now be providing dinners on the weekend.

“Bulwer is one of three townships on the island and is a short 10-kilometre drive from the vehicle ferry landing point at the Tangalooma Wrecks.”

Queensland island property

Article source: www.thehotelconversation.com.au

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