Tropical island on the Great Barrier Reef is for sale

An island on Queensland’s Great Barrier Reef is currently on the market for expressions of interest, with price expectations of around $40 million.

Keswick Island is currently owned by Keswick Developments Director Edward Dawson-Damer, who is said to be a friend of the British royal family.

He has already obtained planning approval for up to 1000 dwellings on the site.

There are currently 26 privately-owned properties on the island.

The property comes with an 80-year-lease to develop 117 hectares of the 517-hectare island, which includes 400 hectares of national park.

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The island sits 32 kilometres off the coast of Mackay and has the white sandy beaches, palm trees and clear waters typical of tropical north Queensland.

Its coral reefs are home to turtles, dolphins and whales, as well as a number of the species of tropical fish associated with the Great Barrier Reef.

The new owner will also be given a seabed license to build an 180+ berth marina on the island.

Selling agent Jordan Lee, of Colliers International Real Estate, says most of the infrastructure is also in place for a developer to build a resort, hotel or retail complex.

“At the moment there’s 26 houses already of the island. Electricity, airstrip, roads and sewerage are all ready (in place),” Lee says.

He says the island has had a “surprising” amount of interest so far from buyers hailing from across the globe, including Asia and Europe.

“We’ve got more interest on this island than some of the houses we sell locally,” he says.

With $30 million already invested in the island’s infrastructure, it is thought the property could fetch up to $40 million.

Expressions of interest for this property are expected by 31 August 2016.

Resource: realestate.com.au