26/08/2013 - 16:57

Iconic south west resort put up for sale

26/08/2013 - 16:57

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Malaysian multinational Sime Darby Group is quitting the WA property market after putting its three hospitality assets, including the picturesque Karri Valley Resort, up for sale.

It’s not known what price tag Sime Darby Australia has put on the Pemberton resort, which it acquired for more than $6.5 million from the WA Government Superannuation Board or GESB in 2000.

In addition to the holiday accommodation at Karri Valley, it’s understood Sime Darby has secured a development approval for a residential subdivision on the site that could support more than 140 lots.

This has ensured significant interest in the property, which was once regarded as one of the south west’s premier resorts.

In addition to Karri Valley, Sime Darby owns serviced apartments in Margaret River and on Hay Street in Subiaco.

A source close to the deal said Sime Darby was keen to sell its three hospitality properties as a single lot however given the interest in Karri Valley it may be sold separately.

The Subiaco property is also understood to have attracted a lot of interest and the sale of all three assets is expected to be concluded quickly.

It’s not clear why it’s selling up its Australian hospitality interests but since buying Karri Valley Sime Darby Group has shifted its focus from hospitality and vehicle leasing to palm oil and property development, although it still holds the distrubution rights to French automobile brands Citroen and Peugeot.

Sime Darby Plantation claims to be the biggest palm oil producer in the world, producing about 5 per cent of the globe’s crude palm oil.

It’s also one of the biggest listed palm oil companies in the world and boasts a land bank of 877,000 hectares in Malaysia, Liberia and Indonesia.

More than half of this land is planted with palm oil and rubber.

 

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