The Peninsula Hot Springs destination spa in Fingal, Australia, is up for sale after more than 20 years of operation.

The 42 acres of landscaped grounds and hot springs on the Mornington Peninsula in Victoria is being listed for sale by hospitality and commercial real estate company JLL Hotels and Hospitality Group.

The estate agency describes the property as presenting “significant potential for continued growth and success.”

JLL says the property represents a “one of a kind investment opportunity in the rapidly growing wellness industry,” offering “robust financial performance with a proven 20-year track record.”

The property comes with an approved development permit for expansion.

Peninsula Hot Springs was created by brothers Charles and Richard Davidson, who purchased the cleared bushland in Fingal and found hot springs 637 metres underground after 18 months of drilling.

In 2014, Bharat Mitra, an original founder of Organic India, joined Peninsula Hot Springs and continued to develop the resort.

In 2015, Richard Davidson passed away after achieving the transformation of the site into a thriving wellbeing oasis.

The property has undergone a series of additions, renovations and enhancements over the years. It now offers more than 70 geothermal bathing experiences, a range of accommodation options, spa treatments and dining venues.

Peninsula Hot Springs Group’s other operations

Peninsula Hot Springs also operates Metung Hot Springs, another facility in Victoria with a similar offering to those in Fingal, plus additional bathing experiences overlooking the saltwater Lake King. The operation of this property started in 2022.

The Group also started to operate Cunnamulla Hot Springs in outback Queensland last year, offering guests views of the Warrego River and other new nature experiences. This was an AU$10m (US$6.9m, €6.4m, £5.7m) project funded by the Australian Federal Government.

The Group is also expected to operate a development called Phillip Island Hot Springs, which has views over the Bass Strait Ocean at Cape Woolamai. Spa Business originally reported this would be a AU$46m (US$31.7m, €29.6m, £26.3m) development slated to open in late 2023, but an update is yet to be announced.

The market

The Global Wellness Institute (GWI) recently released a report about wellness in Australia, which found Australia’s wellness economy is one of the fastest growing in the Asia Pacific region (out of 45 countries).

GWI defines the wellness economy as industries that enable consumers to incorporate wellness activities into their daily lives – and Australia’s grew by AUS$126.7 billion (US$85.9 billion, €74 billion, £64 billion) between 2022 and 2023.

Also for sale

Gwinganna Lifestyle Retreat, another wellness property in Australia nearing its 20th anniversary, is also up for sale.

Tony de Leede told Spa Business he hopes to sell Gwinganna’s real estate and operations company for between AUS$70-80 million (US$46-52 million, €40-46 million, £34-£38 million).

Depending on the buyer, all minority owners (who collectively own 20 per cent) would exit with him, however, actor Hugh Jackman – who also has a stake in the company – may be open to staying on with the new owner.

De Leede said the reason for selling is that he’s now 72 years old and has five or six other active businesses to oversee.