ABC Capricornia: Blythe Moore
Great Keppel Island Resort is on the market.
In the 1990s it drew young tourists with the slogan ‘Get Wrecked’, and now Great Keppel Island Resort is on the market.
A 162-hectare land holding on Great Keppel — encompassing the empty resort, marina and associated approvals to develop it further — has been formally listed for sale by its owner, Tower Holdings.
The ABC understands it comes with a price tag of between $20 and $25 million.
Tower Holding’s chief executive Terry Agnew said the State Government’s pledge in late 2017 to spend $25m on vital infrastructure for the island should make it a tempting investment.
“This will sell,” Mr Agnew said in a statement.
After a protracted battle with the government, the company made the first moves this week to start demolishing the hotel, meaning it could be sold as a concrete slab to investors.
The resort, situated off Yeppoon in central Queensland, was made famous in the 1990s by backpacker beach parties and the slogan ‘Get Wrecked on Great Keppel’.
Tower Holdings bought it in 2006 for $16.5m and then shut it down during the GFC two years later.
The resort has been sitting empty since then as the Australian developer’s efforts to finance and get approvals for a huge $600m development, complete with villas and casinos, has played out publicly.
Source
ABC News
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