The liquidation sale of an iconic slice of South Durras paradise has stirred the interest of park operators and investors from around the country.
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Murramarang Resort has been in receivership since May last year, when its owners of two years were hit by the financial slowdown.
When Mariner Coastal Investment Fund was placed into receivership, Grant Thornton was the company appointed to manage the interests of Murramarang Resort, Myall Shores Resort on the NSW North Coast and Nestle Inn Tourist Village at Brisbane.
“It is in the interest of all involved for the resorts to carry on with business as usual,” a spokesman from Grant Thornton said at the time.
“Our priorities are to preserve the strong visitor experience offered by these properties and to assess likely market interest in the resort. We wish to reassure guests in particular that their stays should be entirely unaffected.”
However, 12 months on, the inevitable sale of the eco-focused four-star resort is drawing near.
Murray Wright is director of Cushman and Wakefield, the agency in charge of selling Murramarang Resort.
He says there has been significant interest in the sale.
“Because Murra-marang is recognised as an almost iconic park, it’s a great setting and well situated for both the Canberra and Sydney market,” he said.
“It’s not only attractive to holiday-makers, but for also people having conferences.”
Mr Wright dismissed talk that the price tag for the popular property would be pushed skyward due to the surge of investors coming back into the market.
“There are many different views about that,” he said.
“The interest in the Murramarang property is not because the market is getting better, it’s because Murra-marang is a great opportunity.”
The business and a 21-year National Parks lease for the land on which it lies is for sale by tender.
“That’s conditional upon National Parks agreeing to lease the land to the buyer,” Mr Wright said.
“That’s why we chose to put it out to tender, to give people an opportunity to put forward the price that they think the business is valued at.
“When tenders close on April 7 we will go through and see which one is best.”
Despite the hard times the park has faced recently, Mr Wright said business had boomed over the summer months.
“I think it’s unique from a couple of aspects, particularly the location and what the resort offers,” he said.
Mr Wright said before the property went into receivership it had come close to sale.
“It had more or less been sold but it fell over,” he said.
“It has to sell this time, so that in itself makes it an opportunity worth looking at.”