After five years on the market Sydney property developer Terry Agnew has sold a large portion of Great Keppel Island to high net-worth investors from Singapore and Taiwan.
A high-roller couple behind entity Wei Chao Pty has emerged as the buyer for 971-hectares of development approved land on Great Keppel Island, located at the southern end of the Great Barrier Reef.
The Urban Developer understands the couple snapped up the substantial island property for a figure north of $60 million.
The couple are newcomers to Australian real estate, with the Great Barrier Reef purchase marking their first move to Australian shores.
The sale is unconditional subject to government approvals and is due to settle in early January.
Current development approvals for the island include a 250-room beachfront hotel, 300 luxury apartments, 285 luxury villas, 9,000sq m of retail shops and a 250-berth marina.
Approval has also been given for the airstrip to be extended from 800 metres to 1.5 kilometres which would allow greater visitor access and direct flights from Sydney, Brisbane and Cairns.
A recent agreement with a cryptocurrency consortium for the island, as recently reported, did not proceed.
The sale comes after Agnew was unable to secure government approval for a casino and secure a co-development partner for a $400 million resort on the island.
Knight Frank Rockhampton’s principal partner Pat O’Driscoll, along with Knight Frank's Ben McGrath, Dominic Ong managed the deal along with JLL Hotels Tom Gibson on behalf of Agnew's Tower Holdings.
O'Driscoll said the international marketing campaign attracted significant interest from around the world including America, China, Singapore, Australia, the United Arab Emirates and Europe.
“While an agreement has been reached, the sale process is yet to be finalised – we anticipate the sale will be completed within the first half of next year,” Driscoll said.
“It’s an exciting move forward for the island and Queensland’s tourism industry, with the development of Australia’s next tourism icon in sight now.”
The sale of Great Keppel Island is the fifth island to sell in the Great Barrier Reef in the past two years as private investment continues to pour into the region.
The other island sales include South Molle Island, Daydream Island, Wilson Island and Heron Island.