After promising to sell the Islander three years ago when he entered politics, Tom Tate has unloaded the venue – reportedly to nightclub owner Lou Bickle Surfers Paradise from the air. A search of property records shows the Islander surged in value in Tom Tate’s hands over the past four years. Photograph: Tertius Pickard/Getty Images for XCAT The Gold Coast mayor, Tom Tate, has made a $15m profit on paper after selling a Surfers Paradise hotel he promised to unload three years ago when he entered politics. Tate has reportedly sold the Islander hotel, a popular venue among revellers at the annual “Schoolies” festival in the heart of the city’s party precinct, for $26.5m. A search of property records shows the Islander surged in value in Tate’s hands over the past four years. His family company acquired the Surfers Paradise Boulevard property from his father, Warwick, for $11.3m in 2011. The buyer, according to a Gold Coast Bulletin report, is the Brisbane nightclub maven Lou Bickle.

Bickle previously spent upwards of $15m turning an empty parking lot in Fortitude Valley into one of Queensland’s most expensive nightspots, Cloudland. The spectacular rise in the Islander’s value is a marked contrast with the nearly two decades during which Tate’s father held it. Warwick Tate bought the property in 1992 for $9.2m, meaning a gain of a mere $2.1m when he sold to his son 19 years later. Tate the younger told the Gold Coast Bulletin he had taken over the running of the hotel in 1993. business for sale buderim qldHe promised to sell it during his successful run for mayor in 2012.business for sale rosanna Gold Coast council records show one of Bickle’s companies applied in June to add 356 beds for hostel accommodation.handyman service license fl

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"We're truly excited to have Marriott Vacation Club at Surfers Paradise in our portfolio of amazing destinations," said Stephen P. Weisz, president and chief executive officer of Marriott Vacations Worldwide. "The sale completes our capital efficient transaction and we will look to re-invest the proceeds to add more exciting new destinations in our Asia Pacific portfolio. We look forward to sharing this beautiful resort with the hotel's new owner at this prime location on the Gold Coast." The resort is ideally situated on Australia's Gold Coast, which enjoys temperate year-round weather and 300 days of sunshine per year. The Gold Coast is home to Queensland's most popular tourist destinations and offers a diverse selection of retail shops, restaurants, internationally renowned surf beaches, national parks, entertainment districts and several major theme parks and attractions. For guests seeking to further explore the east coast of Australia, the Gold Coast is a perfect base with Brisbane a short drive away and Sydney, Melbourne and the Great Barrier Reef within a one- to two-hour flight.