Tower Holdings today announced the start of an international campaign seeking to attract investors in the iconic Great Keppel Island, located at the southern end of the Great Barrier Reef.

Tower Holdings’ Executive Chairman, Terry Agnew, stated, “I congratulate the Queensland State Government for their welcomed support for the redevelopment of Great Keppel Island. The State Government’s commitment to deliver power and water infrastructure to the island is a major incentive and a game changer in getting the project started. Following this commitment, we have now commenced demolition of the old resort buildings and have engaged the services of two leading agencies to undertake an international sales campaign. We are confident that the combination of the State Government’s infrastructure investment and our instructions to the agents will deliver a positive result – this will sell”. 

JLL Hotels & Hospitality Group’s Tom Gibson, together with Knight Frank’s Pat O’Driscoll, Ben McGrath and Dominic Ong have been engaged to manage an expressions of interest campaign, closing Friday 15 June, 2018. 

“We are receiving record levels of domestic and international investor interest for leisure assets in Australia, a product of continued investment into supporting infrastructure and the improvement of macro-economic market conditions.” said Mr. Gibson, Vice President of JLL Hotels & Hospitality Group. “We have sold three island’s in the past 24 months and expect to receive record interest on Great Keppel Island.” Mr Gibson added. 

The announcement comes off the back of the Government’s willingness to work with new owners to provide tenure certainty and commitment to fund the installation of a mains power and water connection to the island for a new owner – an estimated incentive of approximately $25 million. 

“Not only will this significantly assist in the viability of a new development, the provision of this infrastructure will drastically reduce the future operating costs for a new hotel owner – an exceptionally rare feat for island resorts.” said Mr. Gibson, Vice President of JLL Hotels & Hospitality Group. 

Tower Holdings’ Executive Chairman, Terry Agnew, stated “The Queensland Government has clearly indicated it is committed to ensuring Great Keppel Island realises its potential as a tourism icon with its $25 million funding commitment to power and water infrastructure, its support for the investment campaign through its Tourism Investment Attraction Unit and a willingness to work with new investors who are interested in being involved in the project.

The offering of Great Keppel Island includes a 162-hectare land holding on the Great Barrier Reef with extensive approvals for a mixed-use development to include a spectacular beachfront hotel, waterfront apartments, luxury villas and a marina with retail precinct. 

The island also features approvals for a new 1.5 kilometre runway, which will be enough to cater for domestic flights from major international airport hubs such as Sydney, Brisbane and Cairns. 

Knight Frank’s Managing Director, Pat O’Driscoll added, “The offering of Great Keppel Island provides the perfect clean slate for a new owner to capitalise on the strength of the Queensland market to deliver Australia’s next tourism icon. With 17 spectacular white sandy beaches, there is no other island opportunity in Australia which can match Great Keppel Island.” 

The Queensland tourism market is undergoing record market performance with seven consecutive years of visitation growth. This monumental growth, combined with the Government’s commitment to support a new tourism project on the island has been the catalyst for Terry Agnew to sell the island.

To discuss the opportunity in further detail phone or email Tom Gibson or Pat O’Driscoll via the below contact details.

See also:

Click here to view Tom Gibson's Profile on The Hotel Conversation.

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