One of the South Pacific’s prime tourism development sites is now being offered for sale to international developers and investors.
The beachfront property on the southern side of Rarotonga is well known as the former site of a planned Sheraton Hotel. It currently features a pristine white sand beach; expansive grounds, and a variety of rooms and buildings awaiting renovation.
When complete, the property will be Rarotonga’s first five-star resort with potential to accommodate up to 460 rooms, villas and apartments. Completion of the new hotel remains a top priority for Rarotonga’s fast-growing tourism industry.
Bayleys Real Estate has been appointed to oversee the search for an international developer or investor to complete the renovation stage. Strong interest is expected from New Zealand, Fiji, the United States, and throughout Asia.
Although never completed, the original Sheraton buildings and structures remain largely sound and intact. The entire project was about 90 percent complete when work stopped in the early 1990s.
The current owner has already completed plans for a luxury resort featuring stylish hotel rooms; over water bures and a lush tropical garden.
The new developer/investor will be free to make adjustments, or propose a completely new resort, as long as it remains a five-star product.
The current owner has already won approval for changes to the island’s ring road which currently separates the buildings from the stunning beach. Approval has been given to re-route the road so that guests have unimpeded views and access to the 330 metre beachfront.
Bayley’s Real Estate says the current owner is shifting focus to new ventures closer to home in New Zealand. Bayleys salesperson Philip Toogood says the property has huge development potential.
“This is a unique offer,” he says. “It is unlikely there will be a second resort of this calibre and star rating in Rarotonga for a very long time, if ever.”
“From the discussions I have already had with various government and local authorities in Rarotonga, it is clear there will be enormous support for the new developer/investor.
“The timing is right, and the market is ready. This will be very good for Rarotonga and very good for the South Pacific.”
The site is being offered for sale by way of International Tender closing 24th May 2016.
For further information, please contact: Philip Toogood. ‘Phone +679 675 0420.