Australia’s first timeshare resort sold, set for repurpose
The Cedar Lake Country Resort – Australia’s first timeshare resort, developed in 1977 – has sold.
Christian Ministries controlled Christian Youth Camps, or CYC, bought the freehold going concern, for $16 million.
The 35.72 hectare property, 555 Nerang Murwillumbah Road, Advancetown, in the Gold Coast Hinterland, will be repurposed as a campus.
PKF acted as trustee for the land owner which offered it vacant.
Management of the business, with 60 two bed units, a restaurant and amenities block completed in 2015 – all up some 720 square metres – has changed several times since the complex was completed.
Also with a three bedroom house, bar, games room, pool, picnic cabanas, pitch-and-putt golf course and wharf overlooking the lake, the venue closed following 2013 floods and Cyclone Debbie three years later.
Avanti Commercial’s Simon Torn and Bradley Tonks were the agents.
The deal comes three months since we reported Epochal Hotels bought the historic Bermagui Beach Hotel from the great grandson of Sir Sidney Myer.
The group on behalf of syndicates has also in recent years acquired the Merewether Beach Hotel, near Newcastle and Commodore Hotel in North Sydney.
Mr Piper also bought Queensland’s Hook Island, in 2022, from David Marriner.
Advancetown is about 15 kilometres west of Surfers Paradise.
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