Press Release
Wellington Capital Limited as responsible entity of the Premium Income Fund is delighted to announce that
a contract for the sale of the property known as the Kooralbyn Resort has been signed.
The property is subject to a conditional contract for sale. Wellington Capital
Limited is selling the property as Responsible Entity of the Premium Income
Fund and mortgagee in possession. The purchaser is a consortium advised by
DLA Piper.
Spokesman for the consortium Murray Bailey said:
Kooralbyn has extraordinary potential to become the premier address in the
SE Queensland growth corridor.
It is the incoming purchaser’s intention to undertake a full refurbishment of the
property and re-open it as a premier, 5 star tourist destination and seek to
optimise the residential opportunity within the resort area over time.
The property known as Kooralbyn is situated on more than 350 hectares of land
within the beautiful Kooralbyn hinterland valley. The property is 64 kilometres south-west of Brisbane and
includes the Kooralbyn Resort and Golf Course, and Kooralbyn International School.
The Kooralbyn Resort operated until 2008 as a 100 room hotel. The Kooralbyn Resort Golf Course was the
first resort golf course built in Australia. From 1986 to 2008 it was featured in every national rating list.
Kooralbyn International School continues to operate today providing private education to students from prep
through to year 12. The school offers a well-renowned sports excellence program and is considered the preeminent golfing academy in Australia. The school’s list of past students is impressive, including Cathy
Freeman and four current US PGA Tour winners, Adam Scott, Jason Day, Steven Bowditch and Adam
Crawford.
Managing Director, Jenny Hutson said:
To have a contract for sale of the Kooralbyn Resort is excellent for Unitholders. It is also an exciting step
forward for the residents of, and visitors to, the Scenic Rim and broader South East Queensland. It is
particularly pleasing that the contract for sale has been negotiated with a party whose intentions are to
return the once outstanding resort to its former glory.
Wellington Capital, as mortgagee in possession, has previously taken the property to market through Jones
Lang LaSalle. This transaction is anticipated to return net proceeds of approximately $22 million to the
Fund.
At the request of the purchaser the contract contains a change in
control clause, meaning that the purchaser can choose whether to
proceed with the contract if Wellington Capital Limited is not the
responsible entity of the Fund.
The contract is subject to an 18 month deferred settlement and is
conditional upon finance and finalisation of town planning
considerations by the Conditions Date which is eight months from
the contract date namely 16 January 2012. The purchaser plans to
undertake capital works following the conditions date.
Source: http://www.wellcap.com.au/assets/pif/updates/2011/nsx_release_kooralbyn_contract_18may2011.pdf
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