Coast Entertainment Holdings (ASX:CEH) has disclosed updated independent valuations of its Dreamworld and SkyPoint properties conducted by CBRE Valuations Pty Limited, with Directors determining a fair value of $295.9 million for Dreamworld and $51.7 million for SkyPoint as at their respective valuation dates.
Key Points
- Directors determined the fair value of the Dreamworld property to be $295.9 million as at 31 July 2026, based on an independent CBRE valuation.
- The Dreamworld valuation includes an immediate uplift in gross value of $52.0 million compared to the pre-approval valuation, relating to surplus landholdings adjoining Dreamworld and WhiteWater World.
- A further potential $38.5 million uplift in gross value could be achieved through higher and better use of the car park area, subject to relocation of existing car parking facilities.
- The SkyPoint property fair value was determined at $51.7 million as at 30 June 2026, representing a $14.7 million uplift since the last independent valuation conducted in December 2023.
Dreamworld Property Valuation Details
CBRE Valuations Pty Limited conducted an independent valuation of the Dreamworld property as at 31 July 2026, following the Queensland State Government‘s approval of a preliminary development application for the company’s 55-hectare Coomera landholding, as announced on 20 July 2026. The Directors determined the fair value of the property — comprising underlying land, buildings, rides, attractions, other property, plant and equipment, and intangible assets — to be $295.9 million. The filing states the fair value is on a gross basis, excluding transaction costs and costs associated with road and service access, in-filling of certain developable parcels, and car park relocation.
Valuation Uplifts and Conditions
The Dreamworld valuation incorporates an immediate gross value uplift of $52.0 million compared to the pre-approval valuation, attributable to the group’s surplus landholdings adjoining Dreamworld and WhiteWater World. The valuation also assumes a further potential gross value uplift of $38.5 million, which the filing states could be achieved through higher and better use of the car park area. The company disclosed that realising this potential uplift would require relocation of the existing car parking facilities servicing the theme park. The quantum and responsibility for associated costs are yet to be determined and will be disclosed as they become known.
SkyPoint Valuation and Accounting Treatment
Concurrent with the Dreamworld update, the company engaged CBRE to provide an updated independent valuation of SkyPoint as at 30 June 2026, with Directors determining its fair value at $51.7 million. The filing states this represents a $14.7 million uplift since SkyPoint’s last independent valuation, which was carried out in December 2023. The company noted that the Dreamworld development approval and subsequent valuation were received after 30 June 2026 and are classified as non-adjusting events under AASB 110, meaning they do not affect Dreamworld asset values at the 30 June 2026 reporting date. Under the group’s accounting policy, Dreamworld and SkyPoint assets are carried at cost, so valuation uplifts are not expected to be recorded in the financial statements.
