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Luxury tourism plans for John Morris-led syndicate purchase of Queensland's Crystalbrook Lake cattle station
By
Jonathan Chancellor
John Morris, the founding director of Port Douglas Reef Resorts, heads a syndicate that has bought Crystalbrook Lake Station, a north Queensland cattle station, with plans to turn it into a five-star tourism destination. Morris – known as "Mister Port Douglas" to his friends – and colleague Jim Noli’s company, Port Bajool, bought the 34,000-hectare station, set 220 kilometres west of Cairns at Mareeba, from cattleman Gary Hill for $2.2 million. With good reliable rainfall of 35 inches (about 89 centimetres) per annum, the property comes with large Queenslander homestead set in tropical gardens and a lake house set 15 kilometres from the main homestead. The property has a 120-hectare lake, built in the late 1960s in the boom of the tin mining days, and water courses. Morris is credited with establishing Port Douglas as a resort destination having developed and operated several accommodation properties, including the Radisson Treetops Resort. He plans to add five suites to the homestead on the station’s lake and co-ordinate holidays for upmarket travellers starting their tour at the Great Barrier Reef and plans to helicopter people. “Tourism needs a boost, and I think we need to think more laterally and make the destinations more attractive,” Morris told the Australian Financial Review. “We are anxious to support outback tourism as well and leverage the potential from the reef and the rainforest,” he said. The cattle development program will be maintained. Crystalbrook was leased to the collapsed listed managed investment scheme company Great Southern with a carrying capacity of 2,750 adult cattle. The sale was negotiated by Richard Larkin from Landmark Harcourts, Mareeba, and Henry Slaney from Slaney & Co, Charters Towers. It was at below the recent $2.6 million asking price and a 25% discount to the station’s 2009 valuation, according to the AFR. Last traded in 2000, it was sold to finalise the deceased estate of a family member. Morris, then a Sydney businessman and a dedicated sailor, came to Port Douglas around 1972 seeking a good anchorage.
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No matter how high the population growth rate, it won’t create capital growth if developers generate an over-supply.
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