Great Keppel Island lease sold to overseas investors

A large portion of Great Keppel Island, off the Queensland coast, will be bought by an overseas investor. 

Current leaseholder Tower Holdings has signed a contract with a Singaporean/Taiwanese group, Wei Chao, to buy its lease - paving the way for a major resort development. 

Current approvals for the Great Barrier Reef island include a beachfront hotel, luxury apartments, villas, retail shops and a marina berth. 

The airstrip also has approval to be extended, with the potential for direct flights to Sydney, Brisbane and Cairns.

A recent agreement with a cryptocurrency consortium did not proceed.  

Knight Frank says an international marketing campaign resulted in over 100 expressions of interest from all across the globe. 

The sale process is yet to be finalised, but should be completed within the first half of next year.