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THE headland at Buchans Point at Palm Cove in Cairns has hit the market after being held for 30 years by the Ho family of Singapore.
Expressions of interest in the $20m range are sought for the 6.73ha parcel of land being marketed by Forbes Global Properties Australia Pacific director Robert Fletcher.
Port Douglas architect Gary Hunt is adviser on the project.
Mr Fletcher said the Ho family was reducing its Australian property portfolio, which has included shopping centres and hotels in Sydney, Brisbane’s Hilton Hotel and the Shangri-la Holiday Apartments on the Gold Coast.
“In recent years the family has been reducing its Australian assets as they consolidate and expand in Asia – this Palm Cove property is one of the last they hold in the country – as it was the property that held the most emotional appeal,” Mr Fletcher said.
“It is a rare opportunity to acquire one of the last remaining absolute beachfront sites along the east coast of Queensland – it’s a sizeable holding.
“It comes to the market as something of a hen’s tooth, having gone through an exhaustive application process that secured three approvals to develop either as a luxury resort, a multi-unit development or a residential subdivision,” he said.
He said it was now being offered as a trophy residential site in response to a sharp uptick in desire and demand for escapism and lifestyle property in the wake of the pandemic.
Mr Fletcher said the ultra high net worth market in particular was seeking shelter property.
“With the kind of approvals that are in place, there would seem few barriers to someone pursuing a pretty exciting private vision – as a single residence or family or company compound.”
The development approval is in place until 2025.
Mr Fletcher said the Ho family had owned it since 1993.
They previously owned Novotel at Palm Cove and purchased the headland during a visit there.
Mr Fletcher said the scale of the development approval for the site could include the option to incorporate a helipad.
“At a time in our lives when the desire to escape and shelter holds more value than ever before, it’s an opportunity to have and to hold a beautiful and precious Australian asset with the scope and scale to create a truly world class getaway,” Mr Fletcher said.