Sale finally looms for Great Keppel Island

Great Keppel Island.
Great Keppel Island.

Queensland’s Great Keppel Island Resort is poised to be sold to offshore interests for around its $20 million asking price after years of languishing on the market along with several of the Sunshine State’s once iconic islands. 

A sale could pave the way for a resurrection of the island off Yeppoon, which has been on the market for years following the failure of its owner Sydney-based property developer Terry Agnew to get the Queensland government to approve a casino and secure a co-development partner.

Sources say a sale is close. However Agnew strongly denies a sale is looming and rejects the $20 million figure. He did not inmmediately comment further.

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At one stage Agnew appointed golfer Greg Norman to help revitalise the resort, planning a $600 million integrated villa, resort and golf development, but in March he put the island on the market for around $20 million, after ploughing a decade of his life and $50 million of his personal fortune to gain approvals from the Queensland government for his ambitious development plans.

Just two of Queensland’s famed island resorts are operational at present — Hamilton and Lizard Island. Others such as Daydream and Lindeman are in various stages of rehabilitation and renovation by their Chinese owners.

Great Keppel Island

Terry Agnew and Greg Norman on Great Keppel Island.

Hayman Island is undergoing a major renovation at a cost of more than $100 million by its Malaysian owner Mulpha and is due to re-open next year under a new management agreement with the British-based Intercontinental Group Hotels.

Last week the Queensland government announced the Great Keppel Island Resort infrastructure had finally been demolished, paving the way for future development.

“This is a major milestone for this project,” says the member for Keppel, Brittany Lauga. “The old island resort has been completely demolished and the site is now ready for redevelopment. Great Keppel Island has the potential to be a thriving tourism destination.”

“We’re committed to partnering with the private sector to deliver new tourism experiences on Great Keppel Island.”

JLL Hotels agent, Tom Gibson who is marketing the resort, is overseas and could not be contacted yesterday.

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