Daydream Island in $100m renovation nightmare
The Shanghai-based owners of Queensland’s Daydream Island Resort and Spa have been forced to double the renovation costs of their beleaguered resort to $100 million, following substantial damage caused by Tropical Cyclone Debbie last year.
The construction time frame has also blown out from an expected completion in the middle of this year to a soft opening not expected until the end of September.
Most of Queensland’s resort islands remain shut. Hayman Island was up for sale following the loss of its operator One&Only, while Dunk, Double, Brampton, Long and South Molle remain closed. Great Keppel Island is now up for sale while the Chinese owners of Lindeman Island, the White Horse Group, recently announced their intention to proceed with a $583 million renovation of the resort.
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The China Capital Investment Group bought Daydream Island in the Whitsundays in 2015 for $30 million and by May 2017 were pledging to spend $50 million redeveloping it.
Daydream Island was devastated by Cyclone Debbie. Picture: Bree Bryde.
It had planned to redevelop the reception, Lagoons Bar, and rooms as well as adding an Asian-inspired restaurant overlooking Mermaids Beach.
But following cost blowouts by June last year, China Capital Investment Group said it would need to spend an extra $15m refurbishing the island, taking the total investment to more than $65 million.
A washed away jetty at Daydream Island after Cyclone Debbie hit the Whitsunday Islands. Picture: Jessica Swann.
The increased investment commitment by the island’s owners included funding for a new marina.
The original developer of Daydream Island, vitamin tycoon Vaughan Bullivant, had initially asked $65 million for the resort but dropped his asking price to $30 million in March, 2015. Bullivant spent years trying to sell it.
This article originally appeared on www.theaustralian.com.au/property.
