|Ballarat’s Kryal Castle waiting for new king or queen|
Iconic regional Victorian tourist attraction Kryal Castle is on the market after being revitalised with a multimillion-dollar redevelopment.
The property, about 105km north-west of Melbourne’s CBD, was bought just five years ago but has been revamped in a bid to capture more of the school and Chinese study tour industries.
The 10.97ha property features a medieval-style castle and theme park, 17 four-star accommodation suites, three food and beverage outlets, event spaces and retail stores, and sits 8km east of Ballarat’s city centre.
Colliers International’s Guy Wells and Scott Callow have been appointed to sell the castle via an expressions of interest campaign that ends on May 12.
Kryal Castle is the second medieval attraction to hit the market this year, after Maroochydore’s Sunshine Castle was put up for sale in January.
It is understood Melbourne couple Jay Finch and Wendy Alexander paid much less than the 2007 asking price of $10 million when they bought it five years ago, but Wells says they have poured significant money into the site since.
“Both local and offshore interest is already being fielded
“Kryal Castle is a multi-use tourism and entertainment facility which has undergone extensive redevelopment since 2011 to cater to domestic and international visitors as a theme park and accommodation and function facility,” he says.
“The ability to further add value through additional accommodation and events capabilities mean that the next five to 10 years will see this property grow exponentially with the potential to extensively add to this exciting attraction.”
“An opportunity like this cannot be replicated within the Australian marketplace and provides significant growth potential as a multi-use theme park and leisure centre.”
The castle developed a reputation over the past decade as a venue for parties and raves, and was once touted as a potential brothel, but reopened in 2013 in its original guise as a learning-based tourism destination.
“Given the growth in visitation and buyer appetite, they now feel the time is right for a new owner to usher this unique property into its next phase
Callow says investors are already circling the iconic property, which opened in 1974.
“Both local and offshore interest is already being fielded,” he says.
“The Ballarat Station redevelopment and proposed hotel and convention centre is testament to the strength of the Ballarat economy and growth in the tourism market, which Kryal Castle can capitalise on going forward.”
“Given the growth in visitation and buyer appetite, they now feel the time is right for a new owner to usher this unique property into its next phase."
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