Vaughan Bullivant is re-launching the sale of his Whitsundays resort Daydream Island after almost two years on the market.
Agents for the colourful businessman issued a fresh expressions of interest campaign yesterday for the Great Barrier Reef island, citing a 2010 replacement cost of $157 million.
Mr Bullivant said the island was “the most beautiful in the Whitsundays”, but following recent ill health he was ready to move on from ownership of the 226-room resort.
“I believe someone with vision can take the island to its next stage and realise its true potential,” he said.
Ray White’s Dan White said the resort, which has an annual turnover of $27m, also had development potential.
“This is an outstanding opportunity for a buyer to acquire the island substantially below replacement cost,” Mr White said.
Mr White said the island, offered with vacant possession, could be upgraded to mirror high-end luxury Whitsunday offerings, including Hamilton Island’s Qualia and Hayman’s One & Only.
CBRE’s senior director of hotels, Wayne Bunz, said Daydream’s true value was above the current market rate.
“The owner … is now motivated to sell, and is realistic on current pricing levels,” Mr Bunz said.
“Unlike many other islands in this prime tourist region, Daydream Island has been continually maintained and remains profitable.”
It has conference and recreation facilities, plus pools, a private marina, wedding chapel and two helipads.
Mr Bunz said he expected significant interest from Asian investors. Expressions of interest close on November 6.