Billionaire Gina Rhinehart withdraws bid to revive Great Keppel
Gina Rinehart will not be acquiring the dormant Great Keppel Island, after dropping her bid for the once iconic Queensland tourist attraction.
The country’s richest person had mooted an investment of several billion dollars to revive the resort and turn it back into a world-class tourist destination.
The island would have been transformed ahead of the 2023 Brisbane Olympics and it was hoped would have led to a revival of the other abandoned islands – of which there are approximately eight or more.
The Hancock Prospecting owned GKI Investments Pty Ltd, stated that after an “extensive review process” involving the resort owner, government and other stakeholders, GKI “has decided that unfortunately it cannot proceed with the project”.
Great Keppel has been closed since 2008 after gaining infamy in the 1980s after the “Get Wrecked on Great Keppel” advertising campaign.
Owner Tower Holdings has failed to find a buyer, with Rhinehart the great hope for the resort.
The billionaire had planned the construction of more than 800 luxury apartments and villas, an up-market retail precinct and a 250-berth marina on the island.
However, Hancock Prospecting found significant obstacles to making the resort economically viable.
The withdrawal of Rhinehart’s bid comes amid accusations the Queensland government has been mismanaging island resorts through neglect and excessive red tape.
Great Keppel, Dunk Island, Hinchinbrook, Brampton, South Molle and Lindeman are several of Queensland’s islands that remain unused, while coastal resorts including the Capricorn resort in Yeppoon or Laguna Quays near Airlie Beach have also been abandoned.
The Queensland government is now looking for another investor
“The Queensland government will continue to look for investment partners to guarantee a bright future for GKI,” a spokesperson for Queensland’s Department of State Development said.
“The Queensland government is committed to ensuring the most viable future for GKI which is why the State Development Department has commenced master planning to identify the community vision for the preferred future for the island. This will continue.”
Irit Jackson, 1st June 2022
