Great Keppel Island set to be sold again

Noosa-based Altum Property Group has exchanged contracts to acquire the leasehold for Great Keppel Island from Terry Agnew's Tower Holdings.

It is subject to approval from the Queensland government.

The real estate developer made the move after a previous $50 million sale, to Wei Chao Pty Ltd in October last year, did not proceed to settlement.

It is understood the new buyers have negotiated an extended settlement period.

The island, which lies 12 kilometres from coast of Yeppoon, has approval for a $400 million major development including a hotel, eco-tourism villas, apartments, a marina, and a ferry terminal.

The previous decaying resort on the island was demolished last year.

The Queensland government has reportedly committed $30 million for common-user power and water infrastructure connections to Great Keppel Island, in the interest of boosting tourism.

Altum's group has no track-record of delivering tourism projects.

During the 1990s, Great Keppel was a famed party destination known by the slogan "Get Wrecked on Keppel".