Buyers sought for Gold Coast mountain bike destination

Whether it has been for a round of golf or a lap on the bike, many South East Queensland locals have visited the iconic Boomerang Farm at least once in their life.

Now, the popular tourist attraction is on the market for the first time in over 30 years, as owners Rob and James Kelly look to hand over the reins of the growing multi-income business.

Located at 55 Johns Road, Mudgeeraba in the Gold Coast hinterlands, the property has a nine-hole golf course, a function area for weddings and events plus there is a 14-trail gravity mountain bike park.

There is a nine hole golf course. Picture: realcommercial.com.au/for-sale

Its recreational offerings have seen the property go from strength to strength according to Rob.

“I hope that someone buys it and carries on with most of the stuff in the business and maybe just expand on what’s already here,” he said.

“We already had some people look at it to potentially establish a wellness retreat, which would be quite popular up in the hills, but you could also quite easily set up some eco lodges which I think the council would be supportive of.

“There are around six or seven wedding venues in this region but no accommodation, so there’s real potential and so much history here and people really seem to love the mountain bike park which is operated under leasehold.”

Opportunity to capitalise on mountain biking boom

Southern Queensland Country Tourism CEO Peter Homan said the property has potential for buyers seeking to capitalise on Australia’s mountain biking boom.

“Around 400,000 people a year come into our region to mountain bike, so it’s a key driver of tourism with participation numbers growing all the time,” Mr Homan said.

“They generally traverse into our regions, where these trails are located, and absolutely can help reinvigorate some of the smaller towns.

“However, most only go for day trips as there simply isn’t enough tourism accommodation around … not just for the mountain biking sector but across Queensland as a whole.

“So there’s a lot of potential there if they can get it right, especially with the mountain bike park hosting state events,” he said.

Boomerang Farm is being offered to the market for the first time in over 30 years. Picture: realcommercial.com.au/for-sale

AusCycling estimates there are around 837,352 recreational riders nationally, each contributing to a direct annual spend of around $630.8 million.

Boomerang Farm first rose to fame in 1965 when American aeronautical scientist Dr Lorin Hawes, who had worked on the atom bomb project in the United States, opened the property as a tourist attraction.

Buyer demand strong and diverse

Selling agent Mark Creevey of Ray White Special Projects QLD said the 82.49 hectare property provided the perfect opportunity to capitalise on strong migration growth.

According to the Australian Bureau of Statistics, population on the Gold Coast grew by 2.94% between 2019 and 2021, with an additional 18,654 residents now calling the region home.

Brisbane’s population also grew by 1.19% over the same period, with the city now home to over 1.26 million people.

Part of the property is also used for weddings and events. Picture: realcommercial.com.au/for-sale

“The interest we’ve had so far has been really strong and really quite diverse in terms of background and interest groups,” Mr Creevey said.

“Many have the idea to consolidate and expand on the existing operations but also introduce new elements to the property, including providing onsite accommodation.”

Mr Creevey said the property was being sold via an expression of interest campaign – which closes 6 October – as it was “too hard” to gauge an appropriate price point.

He said interest had been far reaching, however, most had been local or Queensland based.

“The scope of opportunities here are wide and varied so people tend to have a range of opinions on what the property might be worth, depending on what they plan to do with it,” Mr Creevey said.

“But every group we’ve spoken to agrees that it’s such a unique asset. It’s irreplaceable and it’s hard to find another property to compare it with.”