Luxury Kangaroo Island resort project in the market
A $40 million resort development on Kangaroo Island is in the market for investors willing to joint venture or buy out the completed project.
Its developer, CCC, is looking for investment under a fund-through style deal or as a turnkey delivery.
Colliers International Karen Wales, Guy Wells and Alistair Mackie have been appointed to broker the American River Resort development on the island’s eastern cove overlooking the Great Australian Bight.
The project has approval for 100 rooms on a large landholding which has potential for additional luxury accommodation and the development of a staff village.
“The American River resort is proposed to be operated under the Cordis brand, by Langham Hotels & Resorts and with future luxury villas to be operated under the Langham brand,” Ms Wales said.
Mr Wells said demand for accommodation on the island has risen in recent years with growth in overnight stays increasing on average by 4.9 per cent annually over the past four years.
“Direct connectivity to Australia’s major capital cities has increased demand for higher quality tourism infrastructure and accommodation options on Kangaroo Island with a very high proportion of visitors choosing to stay overnight,” he said.
The proposed resort is 30 minutes from SeaLink’s Penneshaw ferry terminal and about 20 minutes to Kangaroo Island (Kingscote) Airport.
The third- largest island in Australia is 112 kilometres southwest of Adelaide and is one of South Australia’s most popular tourist attractions.
Investment is picking up on the island. In February, billionaire media mogul Kerry Stokes and veteran cattleman Peter Murray sold their Cygnet Park Farms aggregation on for about $25 million.
The buyer, Growth Farms, has more than $400 million in farm assets under management and investment mandates including from hedge fund billionaire Sir Michael Hintze, and was co-founded 20 years ago by Angus Taylor, the current federal Energy Minister.
