Whisper Bay sells for $60 million

WHISPER Bay Resort in the Whitsundays has sold for about $60 million – to David Marriner.

This is believed to be the second largest real estate transaction on the mainland in the Whitsundays region in history.

The largest was Abel Point Marina which sold before the downturn in the economy before the global financial crisis.

Mr Marinner owns other property and businesses in the Whitsundays including Laguna Whitsundays, Hook Island, Air Whitsunday seaplanes and a local travel agency.

Whisper Bay includes 104 apartments and is located overlooking the Coral Sea near Abel Point Marina.

The development has been in receivership and the negotiations for this sale have been ongoing for several months but the deal has now been settled.

Mr Marriner said Airlie Beach was well primed for growth and that Whisper Bay would form an integral component of both tourism and residential infrastructure as the region advanced.

“Whisper Bay was caught up in the global financial crisis yet the underlying strengths of the product and the region will allow it to become highly successful in future,” he said. “It has provided a once in a lifetime opportunity for buyers.

The sale was conducted by KordaMentha, which was appointed to sell the resort on behalf of the Commonwealth Bank and Bank of Scotland.

Plans are being drawn up for a re-launch of marketing with PRD Whitsunday as the lead agents.

PRD Whitsunday principal, Christie Leet said the sale of Whisper Bay was significant for the region.

Mr Leet said the sale of big properties like this were the pre-cursor to growth in the residential market.

He said PRD expected to start a revitalised sales and marketing approach in coming weeks that would provide a significant advantage to buyers and those currently looking to invest in the local market.

Mr Leet confirmed there were already 14 contracts for apartments in the development.

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