Gerry Harvey selling luxury resort

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ONE of Australia’s top-rated luxury resorts, the Byron at Byron Resort and Spa, has been listed for sale by prominent businessman Gerry Harvey for the first time since opening in 2005, opening the door for the tourist destination to receive its first international branded resort.

CBRE Hotels’ Wayne Bunz and Andrew Jackson have been exclusively appointed to lead the expressions of interest campaign, closing July 10th July. Expectations are for a price tag of up to $50 million.

Set amongst 18 hectares of subtropical rainforest close to the centre of Byron Bay and with beachfront access, the resort features 92 suites, a one-hatted restaurant, conference centre, infinity swimming pool, tennis court, gymnasium, lobby retail shop and day spa.

The resort has been built using environmentally sustainable design and constructed to blend in with the rainforest surrounds, as well as incorporating best practice systems to minimize its carbon footprint.

Jackson said the luxury resort is owner-operated, and with no international branded resort existing in Byron Bay to date, interest is expected from world-renowned leisure brands eager to enter this tightly held market.

A half share in the Byron at Byron is currently held by a private entity of Gerry Harvey’s, and the remaining 50% by a subsidiary of Harvey Norman Holdings.

Bunz said that he expected a high level of interest due to the calibre of the property and the high barriers to entry for new accommodation offerings presented by environmental protection laws in the Byron Bay area.

“Acquiring a land parcel and gaining the necessary approvals to build this type of asset in Byron Bay is notoriously difficult, and approvals of this nature may never again be repeated in the area, making this a very exclusive opportunity.”

He said CBRE submitted an off-market expressions of interest for the Byron at Byron, “after several high-profile clients approached us to find a location in Byron Bay”, and convinced the vendors to take it to a public marketing campaign.

Australian Property Journal

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