Cyclone damaged Port Hinchinbrook Resort is set to rebuild after a private buyer signed a contract to purchase the liquidated resort from FTI Consulting.
The resort near Cardwell south of Cairns, previously owned by the late legendary Queensland entrepreneur, Keith Williams was extensively damaged by cyclone Yasi in 2011 and has now been sold for approximately $5 million to an unnamed Queensland buyer.
The $5 million contract includes the resort, including the marina, shipyard, public boat ramp and a tavern.
In an interview with The Australian and FTI consulting’s Joanne Dunn the new owner plans to develop the abandoned resort, getting it back on the tourism map of Queensland.
“It is the buyer’s intention to seek planning approvals to begin development work as soon as possible,” Ms Dunn told The Australian.
The rest of the properties on Hinchinbrook Island including rundown tourist accommodation such as 22 tree house style apartments are recorded to fetch up to $10 million according to CBRE’s REM Rafter and Danny Betros listings last year.
Separate areas on Hinchinbrook that were wrecked by the cyclone are also scheduled to be sold for reconstruction such as 202-berth Port Hinchinbrook Marina.
The resort originally developed by Queenslander Keith William’s who died in the same year of the cyclone is remembered for transforming Queensland tourism with his Gold Coast Sea World theme park and Hamilton Island resort.