A proposed Great Ocean Road spa resort is now on the market for around $200M

A Great Ocean Road spa resort is now on the market for $200 million. 

The resort, which is opposite Victoria’s famous Twelve Apostles is shovel ready after developers secured the necessary approvals.

Price expectations are confidential, however valuers estimated that the 79-hectare property could be worth about $15 million.

While the acquisition price for the proposed 4092 sq m eco-resort is reasonable, the property is likely to cost a further $100 million to build.

The property comes with a planning permit, thermal bore licence, Environmental Protection Authority (EPA) approval and a conditional state government grant for more than $7 million.

It also includes 3363 sq m of bathing facilities, 150 accommodation pods, a wellness spa and conference facilities.

The development is a long time in the making. It was seven years ago when Twelve Apostles Hot Springs & Resort agreed to buy the farmland site from owners Daryl and Jocelyn Salmon.

Local developers Don Musto of Rocdon, Peter Quattro of Quattro Corp, and Dug Pomeroy’s Pomeroy Pacific, were behind the proposed construction.

According to a spokesperson for developers, the sale does no deviate from the original strategy.

“Our intention was always to find either a development partner or to de-risk the project to a development-ready position and to sell to an appropriate developer,” she said.

“With our combined expertise, we believe we have added significant value through this risk mitigation process. Therefore, we are now at a point where we can offer the project for sale.”

Any new owner could potentially capitalise on the growing health and wellness economy, which has seen the likes of the Smorgan family enter the market.

Smorgon family backed developer Trenerry is planning a $100 million redevelopment of the historic Burnham Beeches into Australia’s first Six Senses resort and spa.

Rich Lister Tim Gurner recently opened a private anti-ageing wellness centre and will soon open Olympia Bath House in Toorak featuring 15 bathing options.

The Twelve Apostles attracts 2.2 million people each year and 7.4 million travels past them on the Great Ocean Road, however only limited accommodation is available making the site a rare opportunity.

Buyers could develop to plan or build a smaller experience.

Jonathan Jackson, 24^th July 2023