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Ballarat’s Kryal Castle up for sale
Medieval themed visitor attraction Kryal Castle, which reopened after a multi-million dollar redevelopment in 2013, is for sale.
The landmark attraction, located 8 kilometres east of Ballarat’s city centre and just over 100 kilometres north-west of Melbourne, features a medieval-style castle, event space, 17 four-star accommodation suites, three food and beverage outlets, and retail stores.
Sitting on 10.97 hectares, the attraction first opened in 1974 and is understood to have been sold $1.3 million in 2011.
Colliers International’s Guy Wells and Scott Callow have been appointed to sell the castle via an expressions of interest campaign that ends on 12th May.
Commenting on the sale, Wells explains “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.
“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.”
Prior to its 2013 redevelopment, partly funded under the Federal Government's Tourism Quality Projects (T-QUAL) Grants program, the venue was a popular location for parties and raves, and was once touted as a potential brothel.
Since reopening it has hosted cultural shows and re-enactments and become a popular learning-based tourism destination.
The current owners now feel the time is right for a new owner to guide this unique property into its next phase of operations.
Callow explained “both local and offshore interest is already being fielded.
“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.”
In 2014, the Sunshine Castle on the Sunshine Coast was also put up for sale.
Kryal Castle is for sale through Colliers International.
Click here for more information on the Kryal Castle sale.
30th April 2014 - SUNSHINE COAST CASTLE SALE A ‘UNIQUE OPPORTUNITY’
6th March 2013 - KRYAL CASTLE LOWERS ITS DRAWBRIDGE
27th February 2013 - BALLARAT PASS UNITES GOLD CITY ATTRACTIONS
27th October 2012 - FEDERAL GRANTS TO IMPROVE ATTRACTIONS IN REGIONAL AREAS
31st August 2012 - MEDIEVAL SPORT COMES TO KRYAL CASTLE
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