Lindeman Sold as ‘XXXX Island’ Comes to Market

An abandoned Whitsunday island has sold for a cut-price rate while an island made famous by Queensland’s homegrown brewer has come to market.

Lindeman Island has been sold to an unnamed high-net-worth Singaporean family in a $10-million deal.

The sale comes after The Juniper Group, headed by Shaun and Sam Juniper, backed out of a deal to acquire the island earlier this year.

Former owners White Horse Group took a $2 million loss on the sale after acquiring the island for $12 million more than a decade ago.

CBRE was appointed to market the property in July last year with hopes the new owners may follow through on a proposed $600-million revamp put up by White Horse.

Meanwhile, nearby Pumpkin Island eco-resort, formerly known as XXXX Island and used for beer commercials, has been listed for only the second time in 62 years.

Australian’s richest person, Gina Rinehart, has previously expressed interest in the 6ha island.

The island, Australia’s first zero carbon emissions island resort, has been tipped to fetch in the vicinity of $20 million.

CBRE’s Wayne Bunz and Hayley Manvell will market the property on behalf of owners Wayne and Laureth Rumble.

“Pumpkin Island is a profitable island resort which is largely booked out three years in advance to 2026, averaging more than 90 per cent occupancy levels and an average rate in excess of $400 per day per room,” Bunz said.

“With the increasing demand for exclusive eco-tourism offerings, we believe that Pumpkin Island is a bespoke offering that will attract significant interest from domestic and international buyers.”

Pumpkin Island is about 14km off the coast of Yeppoon and 10km north of Great Keppel Island. It is accessible via a private ferry, Pumpkin Xpress, and boat charter as well as helicopter transfers.

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▲ For sale: Pumpkin Island, made famous by Queensland brewer XXXX.

“Pumpkin Island has significant growth potential, offering financial and development upside for an incoming custodian,” Manvell said.

“There are multiple avenues for revenue enhancement, including the ability to implement dynamic pricing, elevating the offering to an ultra-luxe guest experience with additional guest services and amenities.

“There is also approval to expand the room inventory with the development of an additional two villas and scope to further expand on this subject tocouncil approvals.”

The resort comprises seven self-contained villas accommodating up to 34 people.

Five major Queensland islands have returned to Australian investors in the past 18 months, including Dunk Island.

Atlassian co-founder Mike Cannon-Brookes’ wife Annie Cannon-Brookes picked up the embattled island for $25 million.

Twiggy Forrest’s Tattarang bought Lizard Island for $42 million last year, while Gina Rinehart backed out of a deal to acquire Great Keppel Island.

Article source: Queensland Property Investor