NRMA drives off with holiday treasure trove

The Treasure Island Holiday Park at Biggera Waters and theaccompanying Harbourside Residential Resort have been snapped up in a multi-million- dollar hush-hush deal by NRMA Insurance.

The deal, which could be worth up to $20 million, is understood to be subject to a confidentiality clause and both the NRMA and the holiday park’s owners have declined to comment.

However, holiday park industry sources say the purchase was a point of conversation at an industry association meeting in Brisbane earlier this month.

They say the deal is due to settle next month and that Treasure Island, on Brisbane Road, is one of a chain of holiday parks being assembled by NRMA Insurance along Australia’s east coast.

The holiday park, which shares a 9ha site with the residential resort, is understood to be the largest on the Coast.

It has extensive facilities and was the f8irst holiday park in Australia to acquire a licensed restaurant and bar.

The park’s accommodation comprises and 18 suite motel: 100 one, two and three bedroom short stay cabins, many of five state st6andaard: 80 caravan sites; more than 50 camp sites; and 80 homes that are let to permanent residents.

Short stay holiday options range in price from $25 a night for an unpowered tent site to $220 a night for a five stat three bedroom townhouse.

The park’s facilities include clubhouse, convenience store, two resort pools, bistro restaurant and bar, 18 hole mini golf course, tennis court, children’s play ground and three camp kitchens.

The park is rated four and half stars and is a member of the big 4 Holiday Parks chain.

It employs 50 staff and has been operating at 92 per cent occupancy.

The neighboring Harbourside Residential Resort is a lifestyle facility for the over 50’s and comprises 101 homes.

The resort has its own separate entry, clubhouse, bowling green, heated pool and jetty on Biggera Creek. Treasure Island and an adjoining 2ha parcel fronting Oxley Drive were acquired in 1997 by companies Acegrange and ZW2, the first linked to builder developer Bob Morrison and partner Lester Atkinson and the second to Brisbane investor

Julian Lees.

At the time, Treasure Island had more than 100 permanent residents and about 220 caravan and camp sites and 14 staff. The partners in 1998 added the clubhouse and went on to upgrade amenities and develop the motel and the cabins as well, as an additional resort pool, children’s playground and other facilities.

The 2ha portion fronting Oxley Drive and Brisbane Road was sold off and now houses vehicle sales yards, fast food outlets, bottle shop and other businesses.

The partners also gained approvals for and developed the Habourside Residential Resort, a project that was undertaken in 2000-2001.

The resort sits on a 4ha parcel behind the holiday park that earlier was used for caravan storage.

The sale of Treasure Island is understood to have followed a decision by the partners to pursue separate interests.

Mr Morrison and Mr Atkinson developed a number of up market townhouse projects in the Runaway Bay area in the 90’s and at one time owner the Tipsy Prawn restaurant, on the corner of Ashmore Road and Upton Street at Bundall .