Property

Mining giant execs could sun themselves on region's island

OFFERS INVITED: Potential buyers are showing interest in Camp Island, off the coast of Bowen.
OFFERS INVITED: Potential buyers are showing interest in Camp Island, off the coast of Bowen.

EXECUTIVES from one of the region's major mining companies could soon be sunning themselves on their own tropical island, LJ Hooker commercial real estate agent Keir Kreis claims.

Although he couldn't disclose the parties who had shown interest in purchasing Camp Island, 3km off the coast north of Bowen, he confirmed he had been in talks with "people who may run it as a private resort for (mining company) executives".

When asked if they seemed interested, he said "potentially".

Adani, which plans to open the $21b Carmichael coal project later this year, denied having ever shown interest in the island.

Glencore was also contacted for comment.

Offers of more than $2m continue to be invited for the 2.48ha lease on the island .

It last sold for $350,000 in 2003.

However, the mining company wasn't the only party to have shown interest.

 

A cabin on Camp Island, offshore from Bowen.
A cabin on Camp Island, offshore from Bowen.

Given the island was set up to run as a holiday resort, and had four ensuite cabins coupled with kitchen facilities, a central living area, a caretaker's residence, pool and tennis court Mr Kreis believed it could be opened as a wellness retreat or fishing resort tomorrow, if someone wanted to.

Another island Mr Kreis has on the market, St Bees off the coast of Mackay, has also attracted interest.

A major university looked at buying it to build a koala research centre, as the island is home to a unique population of the animal.

Sydney investors also looked at building a backpackers resort.

St Bees last sold for $316,000 although this was dubbed a "distressed sale".

In 1994 it sold for $5.6m.

 

St Bees Island.
St Bees Island. Shakira Sellen

However, Mr Kreis said selling islands posted a unique challenge, as banks tended to have a limited appetite for such a luxury purchase. The clout that came with buying an island also could make investors jittery, he believed.

Emily Smith

Topics:  bowen camp island lj hooker mining real estate



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