When seeking investors to turn around an abandoned tropical island once favoured by billionaires and Hollywood stars, like all property, it’s usually the highest bidder who wins.
That is, unless you’re keen to prevent a second disaster at “left to rot” Double Island, a short five-minute boat ride off the coast of Palm Cove and a half hour drive north of Cairns.
Double Island is now back in the hands of the Queensland Government after billionaire Hong Kong-based investor Benny Wu failed to maintain or open the island.
In 2012, he paid $5.68 million to operate a high-end resort through his company, Fortune Island Holdings, but his lease was revoked last June after he failed to comply with the conditions.
In a race against time, the Queensland Government is on the prowl for an “experienced tourism operator” to transform the overgrown, deserted and neglected 16.2-hectare island into a “world-class destination” ahead of the looming Brisbane Olympic Games.
Only those who meet strict criteria can step in – money alone isn’t enough to take advantage of beachfront access, protected coral reefs, native rainforest, and a marine sanctuary. The island’s saviour must meet a stringent list of KPIs.
CBRE Hotels has been appointed to market the property, as well as filter potential candidates and create a shortlist of those worthy of inspecting the island, which is closed to the public due to safety concerns.
Wayne Bunz of CBRE Hotels says candidates will be assessed on how they plan to balance both community benefits and tourism objectives, as well as their bold vision and experience in running similar initiatives.
“It’s not about the price,” Bunz adds.
“When you drill down into it, it’s a challenge to make these things successful. Our goal is to weed through all that level of inquiry to find a successful outcome.”
“It’s more about the successful proponent for the government being the right custodian, and having a vision and a plan for the island that is good for the Queensland tourism industry and good for the local community.”
The successful bidder must also remediate existing facilities, secure planning approvals, demonstrate financial viability and undertake capital works.
It could be reimagined as a luxury, high-end boutique accommodation, with add-ons like day trips, food and beverage facilities, including a beautiful restaurant or beach club, kayaking tours, and First Nations experiences, Bunz says.
“It could be snorkelling, diving, and tours around the island, it could be walking tracks and definitely, anything to do with eco-tourism. It could also be, you know, glamping or camping,” Bunz adds.
The island, years overdue for its comeback, has the potential to become a jewel in the crown of the Great Barrier Reef.
“Positioned within the Great Barrier Reef Marine Park, this island offers an opportunity to establish a premium tourism, hospitality and accommodation experience in one of Queensland’s most recognisable coastal locations,” the listing reads.
In its prime, the island featured a boutique resort that attracted high-profile guests, including celebrities Keanu Reeves, Brad Pitt and Jennifer Aniston.
The resort offered upscale accommodations and amenities, making it a sought-after destination for affluent holidaymakers seeking privacy and tranquillity.
Double Island was initially developed in the late 1970s by a consortium of families – under Island Developments Pty Ltd – who constructed an eco-friendly resort inspired by designs from Hawaii.
In 1987, the island was acquired by Janet and the late Robert Holmes à Court, prominent West Australian billionaires, who used it mainly as a private retreat.
The island changed ownership several times before Wu took hold 13 years ago.
Bunz says that since the listing went live a few weeks ago, his team has been inundated with interest, noting that many people have the ambition but not the ability to own a private island.
“So, whatever you have on an island has substantial capital expenditure requirements to maintain, and everything that goes on to an island and comes off an Island’s got to come off by a boat. So you need access, you need boat boats. You need marinas,” he says.
Following Wu’s era of non-compliance, the Queensland Government last year converted the island to state-owned freehold land, allowing for its revival.
Hundreds of jobs will be created through the redevelopment, and Far North Queensland will have another drawcard to stimulate its economy, attracting both domestic and international visitors to its highly accessible location.
Minister for Natural Resources and Mines Dale Last says he is determined to see Double Island “become a vibrant tourism asset” once again.
“With the 2032 Olympic and Paralympic Games around the corner, this is a unique opportunity for a tourism operator who has the vision to transform Double Island into a world-class destination once again.
“We need the right operator with a bold and forward-looking vision to ensure this gem in the Far North’s tourism crown lives up to its full potential.”
The island is being offered with flexible zoning, a long-term leasehold, and scope for year-round use.
The expressions of interest campaign closes at 4pm on May 9.