AUS - Former Club Med Island on the Block
One of Queensland’s tropical resort islands is on the block and is expected to fetch more than $20 million.
Following a string of Queensland island sales, Chinese firm White Horse Group has put Lindeman Island in the Whitsundays on the market.
Five major Queensland islands have been returned to Australian investors in the past 12 months, including the most recent transaction of Dunk Island.
Atlassian co-founder Mike Cannon-Brookes’ wife, Annie Cannon-Brookes, picked up the embattled island for $25 million.
White Horse Group spokesman Michael Dawn said the group hoped the new purchaser would pursue the masterplanned development of the island.
“It is with regret that after 10 years of ownership, White Horse has made the decision to divest Lindeman Island, despite having successfully completed the Environmental Impact Statement component of the redevelopment,” Dawn said.
“White Horse hopes that the new owner continues with its vision to redevelop this once great island resort and restore it to its former glory.”
Twiggy Forrest’s Tattarang bought Lizard Island for $42 millionthis year, while Gina Rinehart backed out of a deal to acquire Great Keppel Island.
CBRE Hotels’ Wayne Bunz and Hayley Manvell will market the asset, one of 24 Queensland islands offering resort approvals, through an international expressions of interest campaign.
The island features a perpetual leasehold and four long-term leases over 136ha of land, comprising the closed beachfront resort, golf course and air strip. The island also features 637ha of national park area with seven private beaches.
Lindeman Island is within the booming Whitsunday archipelago, about 15km from Hamilton Island. It can be accessed by boat—either via a 20-minute trip from Hamilton Island Airport or a 40-minute trip from Airlie Beach—with small aircraft and helicopters also able to land on the island’s airstrip.
The region has returned to form as a tourist mecca for domestic tourism with overnight visitor expenditure growth of 45.2 per cent in March 2022, compared to March 2019.
“The Whitsunday region has been one of the most resilient markets through the pandemic and was recently recognised as the world’s second-most-loved tourist destination in 2022 by the Tourism Sentiment Index, highlighting the region’s robust tourist market,” CBRE Hotels national director Wayne Bunz said.
“Lindeman Island provides investors with the opportunity to redevelop the asset in line with other nearby successful luxury resorts, such as qualia Hamilton Island, to capitalise on strong domestic tourism demand and a resurgence in the international inbound market.”
The island offers a “blank canvas” with the opportunity to develop the masterplan or develop new plans for the investment.
The masterplan incorporates a variety of four to six-star accommodation offerings, with 325 villas, suites and apartment, an ecotourism education centre, restaurants, bars, beach club, night club, conference centre, arrival centre, retail shops, sport and recreation centre and a staff village.
The international expressions of interest campaign closes on August 25, 2022, unless it is sold prior.