Paradise Palms is up on the market
Details of an international marketing campaign for Paradise Palms are expected to be announced with global specialists CBRE handling the sale involving their Cairns office headed by Danny Betros as well as their Brisbane-based hotel specialist division.
Owner Darren Halpin confirmed an announcement would be made today but did not elaborate, says Cairns Post.
The chartered accountant and a consortium of investors bought the Kewarra Beach venue more than two years ago and unveiled a $550 million plan to revitalise the 113ha property.
It is believed they paid just $20 million for the property, which includes a three-level clubhouse, a resort and the 18-hole championship course as well as parcels of development land.
Future plans include more than 1500 units and apartments in stages.
It is understood Mr Halpin has taken the property as far as he can, focusing on returning the course to its best condition and boosting golf membership and play, as well as increasing the number of functions.
The development stages require significant capital injection which may involve joint partners or a complete sell out to a new owner.
Paradise Palms was the jewel in Japanese corporate giant Daikyo’s crown in the tropical north in its 1990s heyday. It was bought by failed development company H & S Vision which was placed in receivership in August 2013.
