While $25 million is enough to get you a luxury house in Sydney, slightly less will buy you an island in the Great Barrier Reef.
Long Island in the Whitsundays has just sold for $20 million to a Sydney-based hotel group with big plans.
Approximately eight hectares of prime beachfront land were sold via an expression of interest campaign run by CBRE Hotels’ Hayley Manvell and Wayne Bunz.
Wayne says the sale is another sign Australia’s tourism industry is bouncing back, and it is especially encouraging to see local investors looking at opportunities outside of Sydney and Melbourne.
As the closest of the Whitsundays to the coast, Long Island is a well-known tourist attraction. At 9 kilometres long it lives up to its name, despite narrowing down to just 300 metres wide! While the island is primarily a national park, secluded bays and expansive coral reefs are a natural wonderland for holidaymakers to explore.
The site purchased by Oscars Hotel Group includes the 350-metre-wide Happy Bay, the Palm Bay Resort, as well as a parcel of unspoiled rainforest.
The dual beachfront island resort, just seven kilometres off the Queensland coast, has been closed since 2016, but it is believed plans for an upscale resort are already underway by the new owner.
A development application is yet to be lodged for the project.
The announcement comes as a number of other islands in the Whitsundays also seek new owners. Luxury Daydream Island has just undergone a $100 million refurbishment and is reportedly being marketed for between $140 million and $200 million. Further south, Keppel and Pumpkin Islands are also on the market, although not attracting as much attention.