The new buyer of the Great Keppel Island Resort Development has been revealed.
The new buyer of the Great Keppel Island Resort Development has been revealed.

GKI Resort’s new investor revealed

GREAT Keppel Island's controversial resort development is once again set to changed hands.

Mystery has surrounded the identity of the Queensland-based investor revealed in late July to be in the final stages of commercial-in-confidence negotiations with leasee Tower Holdings to take over the approved billion-dollar redevelopment.

The Morning Bulletin understands that Noosa company, Altum Property Group has signed at a contract for the purchase GKI's Resort for an unknown price.

It was unable to be confirmed whether GKI's Lot 21 or the Middle Island Observatory were included as part of the sale.

Members of Altum's senior management group and Tower Holdings did not respond to calls yesterday.

DONE DEAL: Tower Holdings owner Terry Agnew is believed to have signed a contract to transfer his resort lease on Great Keppel Island.
DONE DEAL: Tower Holdings owner Terry Agnew is believed to have signed a contract to transfer his resort lease on Great Keppel Island.

On their website, Altum Property Group is described as an award-winning development and construction company based on Queensland's Sunshine Coast - delivering quality residential and commercial projects with a focus on innovation and outstanding quality and craftsmanship.

The meaning of the Latin word 'Altum' is 'sustainable'.

The company focuses on working with their client's "to achieve affordable, long-term sustainable building solutions to not only address energy and climate change issues, but with an aim to reduce future energy costs to the client".

The Morning Bulletin understands that Singapore-based Isabella and CK Wei, who signed a contract with Tower Holdings last year, had struggled to get funds for the purchase out of China.

The Department of Natural Resources confirmed they were not able to progress Wei Chao's due diligence assessment process for the Great Keppel Island leases.

For the sake of an impatient community, Keppel MP Brittany Lauga said last week that she hoped Tower Holdings' negotiations with the new investor would lead to a contract being signed.

PICTURESQUE: Fishing around Great Keppel Island.
PICTURESQUE: Fishing around Great Keppel Island.

She hoped the new buyer would work cooperatively with the Queensland Government to enable the timely transfer of the island's leases.

"This is really good news. It shows that the private sector has confidence in the growth in the tourism industry in Central Queensland," Ms Lauga said.

"The state has been willing to work with Tower as long as they are in negotiations with a buyer because we want a resort built on the island - that's what the CQ community expects.

"We have been working closely with Tower to help provide all the information that any potential buyers might need to determine if they enter into a contract or not.

"Any developer that seeks to take ownership of the leases on Great Keppel Island will need the State Government's approval."

RUN DOWN: The old Great Keppel Island Resort is in a state of disrepair and was partially demolished after closing in 2008.
RUN DOWN: The old Great Keppel Island Resort is in a state of disrepair and was partially demolished after closing in 2008.

Ms Lauga said the due diligence process would ensure the new potential leasee was financially capable of paying the ongoing lease costs while also having the financial capacity to develop the resort.

"I think that it's great that investors who have expressed interest in buying the leases from Tower have all said that the power and water infrastructure commitment by the State Government is one of the key reasons why they've decided to consider investing on the island," she said.