ASF Group selling Burraga Island on the NSW south coast
A consortium with links to China is offloading Burraga Island on the NSW south coast after eight years of ownership.
The 122-hectare island near Nowra, also known as Pig Island, was purchased in 2011 for $2.5 million by the ASX-listed ASF Group, which at one stage was considering developments on the island including a golf course and an aquatic theme park.
Listing agent Nic Simarro, of JLL, said the south coast island was on the market without a price guide and would sell to the “highest offer”.
ASF Group describes itself as “a creator and facilitator of cross-border investments, trade and technology transfers between China, the UK, Europe and Australia” with a focus on oil and gas, resources, property, infrastructure, travel and financial services.
In 2017 the Queensland government knocked back a proposal by ASF Group to build another Gold Coast casino.
Mr Simarro said the island, currently zoned RU1 Rural, could be turned into an eco-tourism destination or an education facility.
“Burraga Island is a well-kept secret of the south coast and the landholding is primed for multiple end uses. Islands of this scale are exceptionally rare, with only a handful presented to the market over the past few decades,” Mr Simarro said.
Infrastructure on the island includes a single-storey, four-bedroom house and a barge with a loading capacity of 48 tonnes which connects the island with the mainland.
The island is located inland from the coast on the Shoalhaven River at Terara, 164 kilometres south of Sydney.
It is about a 20-minute drive to high-profile tourist destinations including Jervis Bay, Berry and the Kangaroo Valley, according to JLL Hotels’ Tom Gibson, who is handling the sale with Mr Simarro.
“Burraga Island benefits from its close proximity to transport links. Bomaderry train station is right across the river, with 18 connecting services daily to Sydney, and Nowra Airport is a 40-minute drive. The island is also suitable for helicopter landings — it’s a 50-minute flight from Sydney,” said Mr Gibson.
The 2011 sale to ASF ended 34 years of ownership by farming family the Kennedys, who purchased the property in 1977 for $105,000 after plans to develop a multimillion-dollar country club on the site fell through.
The property has previously operated as a dairy farm and is currently running some cattle.
Burraga Island is for sale by expressions of interest closing on July 24.
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