BIG PLAYERS JOIN UP FOR SMALL TOURISM DEAL

Written on the 14 September 2016

BIG PLAYERS JOIN UP FOR SMALL TOURISM DEAL

THE founders of Carsales.com and Jayco Caravans have made a minor play in the Melbourne tourism market with the $4.65 million acquisition of Gumbaya Park, an  amusement park near Pakenham in the city's south-east.

Jayco's Gerry Ryan, who is worth an estimated $370 million, and Carsales' Wal Pisciotta have joined forces in the joint venture which will see a major upgrade of the property.

Gumbaya Park, which was developed in 1978 by Italian immigrant the late Ron Rado, has a land area of 166.26ha and features amusement rides, water slides and a mini golf course.

It also houses 300 animals, largely native fauna such as dingoes, cockatoos, wombats and koalas.

The partners are planning a broad upgrade of the tourist attraction, including a revamp of the function centre and the development of new accommodation facilities.

"The buyers will look to introduce new attractions and some accommodation, helping bring the park back to its former glory," says CBRE's David Minty, who negotiated the sale with colleagues Duncan McCulloch and James Beer.

"A change of hands of this iconic park will ensure it remains one of Melbourne's most popular, small-scale amusement parks, frequented by both local residents and interstate visitors."  

Gumbaya Park was originally established as a pheasant farm by Rado, who later converted it into a wildlife park. He added a restaurant in 1981.

The property was sold by a group of private investors, which included members of the Rado family.

Ryan, a co-owner of Melbourne Storm, has extensive business interests, including resorts, wineries and online retail. He still retains ownership of Jayco which he established in 1975.

Pisciotta co-founded Carsales in 1996 before floating it on the ASX in 2009 for $800 million.

 


Latest News

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

BHP AND VALE EDGE CLOSER TO $47.5 BILLION SAMARCO DAM DISASTER SETTLEMENT

BHP Billiton (ASX: BHP) and Brazilian mining company Vale have entered into a preliminary agreement with Brazilian fe...

BLK SPORT FOUNDER TYRON BRANT REMAINS CEO UNDER NEW OWNERS

BLK Sport has been purchased from receivers McGrathNicol by a private consortium composed of a TimorLeste-based oi...

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter