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Keswick island Set To fetch $30 Million

keswick-island

A developable island in the Great Barrier Reef off Mackay is expected to fetch close to $30 million after being listed for sale this week by Colliers International.

The Australian Financial Review reported that despite receiving development approvals for a residential and tourism resort, the owners of Keswick Island had decided to sell it and move onto other ventures.

The new owner will have a 117-hectare development lease with the Queensland government until 2096. Altogether, the island is 517 hectares with 400 hectares of national park. The purchase will also give the buyer a 25-hectare seabed lease for a 180-berth marina and deep water jetty. The mixed-use zoning on the sub-tropical island can accommodate 1000 dwellings and 3000 people.

The island, 32 kilometres off the coast of Mackay, already has a sealed airstrip, 150 subdivided lots, and preliminary key infrastructure for ongoing development, the AFR said.

Marketing agent Steam Leung of Colliers International said the Island's Great Barrier Reef links would make it popular with Chinese buyers.

"The island being in the Great Barrier Reef is particularly unique and a very important destination for Chinese tourists," he told the AFR.

"With a development approval out of the way, the other challenge is getting the numbers; the Australian population is not big enough.""Also, many Chinese developers realised, to buy something this unique is not that expensive, and they can make the resort work with their own market."

 Expressions of interest for the island close in late August.

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Article originally posted at: https://https://theurbandeveloper.com/articles/kewswick-island-set-to-fetch-30-million