Paradise Palms for sale – again.

24 Jan 2018

The Cairns Post is today reporting that the well respected Paradise Palms Golf Course in Far North Queensland is set to be put up for sale by its current owners, through global Real Estate specialists CBRE.

Paradise Palms owner Darren Halpin confirmed to the newspaper that an announcement was imminent, but did not specific any details of the sale.

According to the paper, Halpin and a group of investors purchased the golf course, clubhouse, resort and additional development land less than three years ago for around $20 million.

Shortly after the sale they released plans for a half billion-dollar expansion, which was to include more than 1,500 additional units and apartments. They also engaged Troon Golf to manage the facility, and have spent money on improving the conditioning of the course and attracting new golf members.

To complete the development, however, will require significant funds and a full sale of the property or joint venture partnership are likely to be options for consideration.

Paradise Palms was originally developed by Japanese company Daikyo in the late 1980s, with the Graham Marsh and Ross Watson designed golf course opening for play in 1990. It was one of the last courses built by the pair, prior to Watson establishing his own independent design business.

From the Cairns Post article:

It is understood Mr Halpin has taken the property as far as he can, focusing on returning the course to its best condition and boosting golf membership and play, as well as increasing the number of functions.

The golfing operations are run by Arizona-based international managers Troon.

The development stages require significant capital injection which may involve joint partners or a complete sellout to a new owner.

Paradise Palms was the jewel in Japanese corporate giant Daikyo’s crown in the tropical north in its 1990s heyday. It was bought by failed development company H & S Vision which was placed in receivership in August 2013.

Last year outside parties considered a casino operation, hoping to pick up a lucrative regional gaming licence set aside for the Far North in the wake of the abandoned Aquis project at Yorkeys Knob.

The interest came to nothing.

by Darius Oliver

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