Burraga Island sells to Chinese interests
As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
Burraga Island, a 121-hectare Shoalhaven River island, has been sold for $2.5 million to Chinese interests.
It is one of a handful of privately owned NSW coastal islands, hardly paradise, but its sale price ranks it among the many tropical island counterparts.
It was sold recently, ending 34 years of Kennedy family ownership of the island.
It is about six kilometres up from the coastal Comerang Island, not far from the Princes Highway, Nowra Bridge. It is set between the northern village of Bomaderry and the southern village of Terara.
The purchasing entity gives its director as the Shanghai-born property developer Quan (David) Fang, and its beneficial owners as Beauty Castle Enterprises, a British Virgin Islands-based company.
Although there appear to be no formal links, Fang is also a director of ASF Group, the publicly listed company that operates in Australia and through subsidiaries and investments in controlled entities across China, with a focus on mineral resources and energy, property marketing and travel services.
Fang came to Australia in 1988 and has since spent most of his entrepreneurial life in Sydney. He has experience in the property sector covering property sales/marketing, development, acquisition, and syndication.
ASF is undertaking exploratory coal work in the Canning Basin of Western Australia.
Burraga Island, known officially as Pig Island, last sold in 1977 for $105,000 after the collapse of plans for a $4 million hotel/motel.
The development had met strong opposition from environmentalists concerned for the snipe, migratory birds from Japan.
The actor Walter Chiari, star of the 1966 film They’re a Weird Mob, had been among the investors in the proposal.
Its recent marketing campaign was through Ray White Gerringong agent Neil Campbell, who had given $2.5 million as its likely selling price.
Burraga Island is prime grazing land with billabongs, with a 1998 built five-bedroom house and its own ferry to the mainland.
The district’s last serious floods were in the 1970s, especially 1974, when 8000 hectares were underwater in the district.
Burraga was briefly caught up in a 1995 native title claim by the Jerrungarugh tribe involving the neighbouring stretch of the Shoalhaven River.
The elders suggested Pig Island had been used for ceremonial dancing.
The island is zoned rural flood liable, so agriculture pursuits is its most likely use.
Just one residence is permitted, which could be used for low-key tourism accommodation.
It ceased operating as a dairy farm several years ago and now has 190 beef cattle.
