Slice of paradise with a big payoff

by Grantlee Kieza 13th of October, 2021

Slice of paradise with a big payoff
© Michael Evans / Adobe Stock

It's perched in the middle of a tropical paradise overlooking turquoise waters and emerald islands, and has the promise of huge returns for the next 25 years.

Marine Cove at Lucinda, midway between Townsville and Cairns on Queensland's sublime Cassowary Coast, is a 31-room accommodation complex returning profits of close to $300,000 a year for a leasehold of $750,000.

Antonio Curulli from Tourism Brokers says bluntly that anyone looking for a profitable accommodation business “would need rocks in their head" not to inspect Marine Cove.

“It’s a property that offers tremendous value," Mr Curulli said.

“It will return its money in a little more than two years."

“Marine Cove is a 31-room complex that includes 20 motel apartments at the front which all have sea views, and there are 11 cabins at the back."

“The property also has a kitchen and conference function room and also a convenience store and tackle shop, so there are multiple income streams."

“It also has its own wharf and infinity pool and a comfortable three-bedroom manager’s residence."

Marine Cove, Lucinda
Marine Cove Jetty

 

Lucinda is a two-hour drive north of Townsville and three hours south of Cairns. It is also the gateway to the emerald jewel of the Great Barrier Reef, Hinchinbrook Island National Park, where cloud-covered mountains support fragile heath vegetation, and where rainforest and eucalypt forests flow down to a mangrove-lined channel with bays, beaches and rocky headlands.

Marine Cove comes with a 25-year lease that comprises five options of five years.

“The owner is a cane farmer who is looking at retiring as a landlord,” Mr Curulli said.

“You cannot get that sort of location anywhere and the landlord is very fair and reasonable. He wants a good tenant and that’s why he’s pricing the property so competitively.”

“The property is an absolute water frontage leasehold with enormous potential to improve.”

Marine Cove’s resort motel accommodation is rated as four stars but the views of the outlying islands inside the Barrier Reef are priceless.
“Also," Mr Curulli said, “it is the perfect place for all types of activities such as fishing, croc spotting, crabbing, boating, bird watching, swimming and exploring the nearby waterfalls on the island."

“The Resort is also a perfect retreat for company events and conferences, weddings, family reunions and other special occasions.”

Mr Curulli said Marine Cove also offered a “tremendous opportunity" for an experienced hotelier to expand the conference centre and open the property's alfresco area to a full restaurant.

“The resort has seen substantial investment in infrastructure and rooms over the last three years, ensuring that an incoming leaseholder has very little to do for at least the next 7-10 years," he said.

“The leasehold’s annual net adjusted profit is a healthy $279,000 per annum and represents a return on investment of 37.5 per cent."

Lucinda has a six-kilometre jetty – the world's largest bulk sugar loading facility – that stretches far out into the Coral Sea.  When conditions are right, visitors can sometimes spot dugongs and sea turtles at play.

The town is also heaven for keen anglers, with mangrove jack, coral trout, big juicy mud crabs and fighting barramundi in plentiful supply. 

Looming off the coast, Hinchinbrook Island’s pristine natural wilderness is home to the famous Thorsborne Trail, internationally rated as one of the top 10 walks on the planet. 

Find the business listing details HERE.

Find more Motels For Sale HERE.

Find the latest industry news HERE


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