Greaton buys Keswick Island in Queensland
Adelaide-based developer and investor Greaton has acquired Queensland’s Keswick Island, as the group continues to diversify its portfolio from apartments to hotel resorts.
While the price is confidential, the island was listed for sale at just under $20 million.
The island on the southern end of the Whitsunday islands, which has been on the market since 2016, was sold by Keswick Developments, led by Edward Dawson-Damer, a former equerry to Queen Elizabeth and a family friend to the royal family.
The Queensland government has approved the sale of the island which involves the transfer of the lease of the island to Greaton until 2096. The island has permits for a 117-hectare residential and tourism resort redevelopment.
The mixed-use zoning on the subtropical island can accommodate 1000 dwellings and 3000 people.
Greaton will also have a 25-hectare seabed lease for a 180-berth marina and deep-water jetty.
Altogether, the island is 517 hectares with 400 hectares of national park.
It is understood Greaton has plans to give the island a complete facelift, turning it into a tourism hotspot. The company has plans to turn it into the “best destination” in the Whitsundays.
Sources say the cost of redeveloping the island could amount to about $500 to $600 million.
The sale of the island drew strong interest from Chinese developers and buyers due to their ability to harness strong Chinese tourism numbers and make an island resort profitable.
Greaton, which is quickly expanding its property footprint across Australia, started out as an apartment developer in Adelaide and is now developing the $730 million Ribbon hotel mixed-use project in Sydney’s Darling Harbour.
Colliers International’s Steam Leung brokered the sale of Keswick.
