Ningaloo Reef Resort To Be Sold

Aspen-owned asset to be marketed by CBRE and Colliers International

27 May 2014, Perth – Resort chains, owner-operators and syndicates are expected to lead the charge for a tilt at Coral Bay’s Ningaloo Reef Resort, with owner Aspen Parks and Resorts set to send the tourism asset to market.

The campaign, to be launched next week, will be conducted jointly by Colliers International and CBRE and is expected to draw strong interest from buyers keen to secure a rare resort asset.

Located on Robinson Street in Coral Bay, the 34-room three-star resort includes two separate manager’s residences, a cafe, bar and alfresco dining area and swimming pool set in landscaped tropical gardens.

The resort has been owner-managed by Aspen Parks and Resorts since 2007.

Colliers International Director Investment Services Wayne Lawrence said the resort was a unique offering.

“This is a resort sitting on the doorstep of a World Heritage Precinct, and a very major tourism draw – it enjoys very strong occupancy, particularly during the peak periods of April to July, and is a highly-profitable business with diverse revenue streams derived from food, beverage and accommodation,” he said.

“It is a once in a blue moon opportunity to acquire an accommodation property in Coral Bay, which is normally a very tightly-held market.”

CBRE Associate Director Ryan McGinnity said the impact and value of the resort’s location should not be underestimated.

“Coral Bay is essentially the gateway to the Ningaloo Reef which, with its pristine marine environment and diving with the whale sharks experience, is a World Heritage precinct and a ‘must do’ for a growing number of international backpackers and tourists visiting WA every year,” he said.

“This is the only true resort property in Coral Bay, and a unique asset that we expect will be the subject of very strong enquiry from a range of buyers,” Mr McGinnity added.

Mr Lawrence said the size of the resort, which sits on a total land area of 1.8407 hectares, added further scope for buyers.

“Given the size of the land, the scale and position of the existing improvements and the underlying zoning, there exists an opportunity to further develop the land,” he said.

“That opens up the possibility for a buyer to add to the accommodation offering and add further value to the asset – and it’s hard to imagine an opportunity like that becoming available again in Coral Bay.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).  The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.