Fitzroy Island Resort off Cairns up for sale, expected to fetch more than $35m

Posted by Delta Gatti on Tuesday, June 11, 2024

For just over half the price of Sydney’s most expensive home – you can nab yourself an island resort in tropical far north Queensland.

Fitzroy Island Resort, one of the largest island resorts in Queensland, is up for sale with expectations that both international buyers and Australian rich-listers will be bidding for the property which is expected to sell for $35 million.

The resort, located near Cairns, covers 4.4 hectares of beachfront land within the 339-hectare national park. Fitzroy Island Resort is one of only five operational island resorts of its scale in the state.

This is the third time in seven years the resort has been put on the market by property developer Doug Gamble and his family.

The last time was in 2019 when the resort was listed for around $30 million.

The real estate agency Colliers has listed the resort for sale through an expressions of interest campaign, with expectations that it could fetch more than $35 million.

The island’s website describes the destination as: “Surrounded by a reef system that forms part of the Great Barrier Reef Marine Park, making it the perfect accessible base for snorkelling, diving and exploring the reef.

“Idyllic beaches lead into the safe, sheltered waters, which are also ideal for swimming and water sports as well as yachting and boating.”

Colliers Australia’s head of hotels, Karen Wales, told The Australian Business Networkthe sale represents a profitable and income-generating business with opportunities for repositioning in an irreplaceable location within the Great Barrier Reef World Heritage area.

“Fitzroy Island is one of the most unspoilt islands on the Great Barrier Reef, providing travellers with pristine Australian natural beauty at their doorstep,” she said. “The resort operates a range of sustainability programs and initiatives to engage in the circular economy.”

The resort is a 30km ferry ride from Cairns and includes a waterfront restaurant and 106 accommodation suites.

Doug Gamble bought it for $8 million in 2010 from receivers and has reportedly pumped millions of dollars into the resort.

Last year saw plenty of cashed-up Aussies buying Queensland island resorts.

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Hospitality entrepreneur Glenn Piper paid about $12 million for Hook Island in the Whitsundays.

Travel insurance and investment tycoon Shayne Smith paid about $8 million for Elysian Retreat on Long Island.

Queensland developer Shaun Juniper and his wife Samantha purchased Lindeman Island resort for a rumoured $20 million to cap off the year of island sales.

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