Queensland's South Molle Island sold for $25 million
One of the Great Barrier Reef’s most famous tropical islands has changed hands.
The South Molle Island leasehold has been sold to a Chinese company for about $25 million, The Australian Financial Review reports.
The buyer, China Capital Investment Group, bought Daydream Island Resort and Spa last year for about $30 million.
Part of the Whitsunday Island group, South Molle had been held on a perpetual lease by Koala Adventures owner Craig Ross.
The sale was mooted in April and agents were already fielding interest from local and international buyers by the time the property was officially put on the market in late May.
JLL’s Peter Harper and Tate Stubbs managed the expressions-of-interest campaign.
Interest in the holiday resort island is expected from local and international buyers. Photo: Supplied
The 4.6-square-kilometre island and surrounding region is famous for its white-sand beaches, pristine coral reefs and extensive national parks.
According to the Commercial Real Estate listing, it has 12 hectares of developable beachfront land.
In May, Mr Stubbs told Commercial Real Estate the island’s resort infrastructure was not entirely operational.
“The offering currently available doesn’t do it justice. It’s good, but it could be fixed up. The way we see it going is a complete redevelopment – it’s a blank canvas.” he said.
Early this month, the Queensland government announced it had formed an inter-agency working group to rejuvenate rundown resorts on the Great Barrier Reef.
Of the 24 resorts on leasehold land in the Great Barrier Reef, only 13 are open.
Two other Great Barrier Reef Islands, Turtle Island and Keswick Island, are still for sale.
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