PHOTO: Olivia Newton-John. FILE
Andrew Forrest’s family investment firm, Tattarang, has snapped up a luxury wellness retreat outside Byron Bay from Olivia Newton-John and her co-owners for an estimated $30 million.
Tattarang’s first move into the accommodation space involves a retreat consisting of 22 rooms, a day spa, fitness centre and restaurant set on more than eight hectares with walking trails in the hinterland and views of the Byron and Ballina coastline.
The group’s property division, Fiveight, acquired the retreat, with its lifestyle division, Z1Z, to deliver all hotel and associated services.
The price was not disclosed but is understood to be about $30 million.
Gaia was started in 2005 by co-owners Newton-John, Gregg Cave, Ruth Kalnin and Warwick Evans, and has since won numerous awards including “Global Winner – Luxury Wellness Healing Retreat” and “Continent Winner – Luxury Spa Retreat” at the World Luxury Spa Awards 2021.
Newton-John said she was thrilled to see how the innovative group would preserve the legacy of the property.
“After 16 years, we are excited to pass the baton to new visionaries to nurture and grow this majestic hinterland oasis – a place which has been so deeply embraced as a ‘home away from home’ for so many on their wellness and healing journey,” she said.
Tattarang director Nicola Forrest said the group was investing in and developing unique and meaningful places that had the capacity to enhance the health and wellbeing of communities.
“Tattarang’s business approach is holistic,” Ms Forrest said. “It’s not just about investing in quality businesses, but ensuring sustainability and community benefit.”
The Byron shire has been home to those looking for a low-key lifestyle, having became popular with backpackers over the past 20 years. Today, the coastal town with Cape Byron’s famous lighthouse is synonymous with the rich and famous. Chris Hemsworth, Zac Efron and Matt Damon own property, and Netflix has made a reality series about Byron’s social media influencers.
House prices in Byron surged nearly 40 per cent in 2020 and now rival Sydney.
Sources close to both companies said Gaia was a highly profitable business over a long period and is fully booked for the coming season.
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