Resort sells after $1.2m price cut

THE former Quoin Island resort has at last been sold for an undisclosed price.

Quoin Island Resort caretaker Carol Willis has seen the island go from a booming resort to a deserted, run down establishment. . Picture: File photo

THE former Quoin Island resort has at last been sold for an undisclosed price.

Selling agent Peter White for Raine and Horne confirmed the buyer was Gladstone businessman Bob McCosker, of McCosker Contracting.

The resort, on the southern end of Quoin Island in the middle of Gladstone Harbour, was put on the market in March last year by Sydney-based liquidators PKF Chartered Accountants.

The property contains a five-bedroom manager's residence, 16 cabins in various conditions of repair, a swimming pool that has been empty for years, a tennis court, a jetty and a one-tonne statue of a female Buddha.

PKF partner Ken Whittingham said the buyer had not at this stage revealed what he intended to do with the property.

If it is to be restored to resort status, it would be subject to Gladstone Regional Council conditions.

When first listed for sale by expressions of interest, the resort, situated on 2.9 hectares of land, attracted an offer of $2.7 million from a consortium of Gladstone and Bundaberg shareholders. The sale, however, did not proceed.

Last month the liquidators slashed $1.2 million off the price.

Mr White said the resort sold in line with the reduced price.

Attempts to speak to Mr McCosker yesterday were unsuccessful.

Originally published as Resort sells after $1.2m price cut