$70m sees Great Keppel Island fully sold

Great Keppel Island.
Great Keppel Island.

The Singapore and Taiwanese family of high-net-worth individuals buying Queensland’s Great Keppel Island will pay about $70 million to purchase the second half of the island’s staged development, known as the Clam Bay lease, from Sydney developer Terry Agnew.

The Asian group, Wei Chao, are expected to start building the $600 million approved development by the end of next year, unlike other groups such as China’s Whitehorse, which is yet to turn a sod on Lindeman Island even though it completed the purchase in 2012 from Club Med.

On Great Keppel Island it is understood Wei Chao has exchanged contracts on the entire 971ha of the 1070ha island.

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In agreeing to buy the second half of the island it will obtain the rights to develop the Greg Norman-designed 18-hole golf course as well as some villas.

The first stage of the development, which they bought for $25 million, encompasses about 165ha and is where the bulk of development approvals have taken place including a 250-room beachfront hotel, 300 luxury apartments, 9000sqm of retail space and the 250-berth marina.

Great Keppel Island

Wei Chao has exchanged contracts on the entire 971ha of the 1070ha Great Keppel Island.

The sale to the Asian group, which was tipped by The Australian earlier this year, comes despite several reports last month that the island was going to be bought by a cryptocurrency group.

Agnew’s Tower Holdings backed the sale to the ambitious cryptocurrency group.

Knight Frank Rockhampton’s Pat O’Driscoll and JLL Hotels’ Tom Gibson negotiated the sale of Great Keppel, which was put on the market after Agnew failed to convince the Queensland government to allow a casino on the island.

Agnew also failed to find a joint venture partner to develop the island.

Meanwhile, Agnew has embarked on a major selldown of his real estate assets of late, with his Bellevue Hill home in Sydney’s eastern suburbs, Rona, expected to sell soon to a local resident for about $60 million. It has been languishing on the market for the past two years.

This article originally appeared on www.theaustralian.com.au/property.