Ocean Capital boosts portfolio

Ocean Capital has purchased the freehold and business interests in the Cape Tribulation resorts in Far North Queensland for $8.5 million. The properties have been acquired from GPT and Voyages.

The resorts are located in the heart of Cape Tribulation and the Daintree Rainforest and are approximately two hours drive north from Cairns.

The Cape Tribulation resorts comprise three freehold/perpetual leasehold properties known as Coconut Beach Rainforest Lodge, Ferntree Rainforest Lodge and Jungle Lodge. Together the resorts offer 120 rooms in the 3 – 4 star category plus camping sites.

The resorts and separate staff accommodation occupy approximately 20 hectares and also include a further 90 hectares of rainforest land. The acquisition includes the purchase of the H2O Odyssey marine business.

The Cape Tribulation resorts acquisition is Ocean Capital's third in 2006, and the company now owns and operates five tourism businesses in North Queensland.

Reprinted with permission. The Australian Property Review. http://www.apr.com.au