Gina Rinehart’s Hancock Prospecting plans to redevelop Great Keppel Island

The Australian mining magnate’s company has entered into an agreement to acquire the GKI development project from Tower Holdings.

Central Queensland’s peak tourism and economic development organisation boss has welcomed news that Australian business identity Gina Rinehart is looking to develop Great Keppel Island.

Capricorn Enterprise CEO Mary Carroll was responding to media reports about Ms Rinehart’s company Hancock Prospecting plans for the resort island.

It is understood that Hancock has entered into an agreement to potentially acquire the Great Keppel Island development project from Tower Holdings, subject to “myriad of state and local government approvals”.

“We welcome this investment from a great Australian company and great Australian to this region on Queensland’s southern Great Barrier Reef,” Ms Carroll said.

“After months of speculation it is indeed wonderful to have Hancock enter into an agreement to potentially acquire the Great Keppel Island resort project from Tower Holdings.

“Whilst it is early days in the conditional contract process, which remains subject to numerous state government approvals, I have absolutely no doubt that we finally have a strong and determined Australian-owned business which can deliver a truly world-class tourism development of which we can all be proud.”

News of Rinehart’s investment comes several months after the State Government decided against transferring leases from Tower Holdings to Altum Property Group.

Queensland Resources Minister Scott Stewart declared in June that Altum would not receive the leases required for its proposed resort due to a lack of funds.

Great Keppel Island.

It is understood Rinehart’s deal will be for the 970.9ha of development approved land on the island, subject to State and Federal government requirements.

There is no confirmation of the price but it is believed to be around $50 million.

A statement from Hancock Prospecting said the company hoped to make the GKI resort better than it had ever been, “with a world-class year-round beach club, sandy bars, shopping and more experiences circling around a marina modelled after successful marinas like Puerto Banus”.

Current development approvals for the island include a 250-room beach front hotel, 300 luxury apartments, 285 luxury villas, 9000 sq m of retail shops and a 250-berth marina.

The airstrip also has approval to be extended from the current 800m.