After obtaining a permit for a luxury hot springs resort, developers Don Musto, Dug Pomeroy and Peter Quattro have sold a 78.6 hectare site near Victoria’s 12 Apostles for a speculated $15 million – five times what they paid two years ago.
Sydney based Sheargold is the buyer – it is the group’s maiden Victorian asset.
To be called the 12 Apostles Hot Springs and Resort, it has already called in a building project team.
The end value is mooted at c$200m with construction costs about half that.
Mr Musco, who leads Rocdon, Mr Pomeroy, of Pomeroy Pacific and Mr Quattro’s Quattrocorp struck a deal to buy the land seven years ago on a long settlement allowing it to propose the resort.
They settled on the property, zoned both Rural Activity 1 and Mixed Farming and Grazing, in November, 2021, for $2.906m.
“The 12 Apostles is the most visited tourism destination in Australia, however there is a severe lack of accommodation or associated leisure activities close by,” Stonebridge’s Julian White who marketed the Booringa Road, Princeton, site with Chao Zhang and HTL Property’s Andrew Jolliffe and Andrew Jackson, said.
“The market recognised this, with a highly competitive campaign that saw…enquiries from local, interstate and international markets, keen to explore the opportunity,” he added.
According to Mr Jolliffe, wellness is one of the world’s faster growing industries post COVID: worth US$4.4 trillion then, it is expected to surpass US$7t in three years (story continues below).
New state, new sector
About 900 metres from the Great Ocean Road and 12 Apostles tourist car park, the Princetown block is permitted for the country’s largest private hot spring bathing operation, a 150 room wellness focused resort and restaurants.
Sheargold has appointed Genton principal Steven Toia to lead the project team for what will be a new sector.
“The 12 Apostles, carved from the mainland’s limestone cliffs, are one of Australia’s great natural icons,” according to the developer’s managing director, Michael Sheargold.
“The acquisition represents an exciting opportunity for our organisation and team in a globally growing industry, expanding into a new geographic market and sector,” he said.
“I’m confident our experience of over 60 years developing great projects across the residential, industrial and commercial sectors, along with our deep understanding of what it takes to deliver major regional projects, will stand us in good stead for the delivery of the 12 Apostles Hot Springs and Resort,” he added.
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