ResidentialLindsay SaundersWed 15 Nov 23

Approved Spa Project Opposite 12 Apostles Finds New Owner

A DA-approved site opposite Victoria’s 12 Apostles on the Great Ocean Road has sold.

The site, approved for the 12 Apostles Hot Springs and Resort, has been acquired by Sheargold, a Sydney-based property company specialising in major residential development projects.

Julian White and Chao Zhang of Stonebridge Property Group, and Andrew Jolliffe and Andrew Jackson from HTL Property managed the sale via an international expressions-of-interest campaign.

The vendor is a Melbourne-based property consortium, who the agents said were “delighted with the outcome after it obtained the permits for the proposed development and confirmed the presence of thermal hot water almost 1000m below the surface of the ground”.

▲ A render of the spa and resort approved for the site.

While a sale price has not been revealed, The Urban Developer reported in July when the site came to market that the project has been estimated to be worth about $200 million.

Approved for the site is a project with a GFA of 4092sq m that includes 3363sq m of state-of-the-art bathing facilities, up to 150 luxury eco-pods for accommodation, a 12-room spa catering to public and resort guests, conference facilities for corporate and private events, multiple food and beverage operations, an amphitheatre and visitor centre, and on-grade carparking.

Sheargold managing director Michael Sheargold said the acquisition represented “an exciting opportunity for our organisation and team in a globally growing industry”.

▲ The site is approved for up to 150 luxury eco-pods for accommodation.

Stonebridge Property Group national partner Julian White said the 12 Apostles was among the most visited regional tourism destination in Australia, however, there “is a severe lack of accommodation or associated leisure activities close by”.

“The market recognised this, with a highly competitive campaign that had more than 250 enquiries from local, interstate and international markets, keen to explore the opportunity.”