South Molle Island could be sold in the next few weeks
A Whitsunday island with an abandoned resort in a state of disrepair could return to local hands in a few weeks, as three companies —including ‘international brands’ — jostle to snatch the region’s ‘crown jewel’.
Whitsunday
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Three potential buyers are circling a Whitsunday island put on the market last year, with the owners hoping to close the deal in the next couple of weeks.
China Capital Investment Group have tried to sell South Molle Island since August via real estate agency CBRE, with an asking price of $30 million.
The Chinese investment group, who also own Daydream Island Resort and Spa, had initially purchased South Molle from Whitsunday tourism identity Craig Ross in 2016 for $25m.
There are now talks the island could return in local hands in the next couple of weeks.
Director for CBRE Hotels Raymond Tran said there were currently two local “high net worth groups” currently in discussion with CCIG, as well as one Singaporean group.
Mr Tran said the jostle between local and international companies, should ‘hopefully’ lead to a deal in the next couple of weeks.
The companies involved had first reached out around Christmas time to the real estate agency, before entering a phase of due diligence.
“The exciting thing is there could be an international brand present on the island,” Mr Tran said.
CCIG are still hoping to secure a deal for $30 million.
South Molle Island is marketed as the ‘crown jewel’ of the Whitsundays with its 28ha of island beachfront and island centre land, and it has the advantage of being the Whitsunday Island that’s closest to shore.
Established in 1937, South Molle was once a 200-room resort on the northern end of the island at Bauer Bay and also featured a nine-hole golf course.
But the island is currently in state of disrepair, after cyclone Debbie destroyed its resort facilities in 2017, with no repairs having been delivered since then, despite the company publicly stating they would repair the island to its former glory in 2019.
A lot of Whitsunday Islands have changed hands recently, including Lindeman island which was sold to Singapore-based Wells Smart Group for half of its asking price in March 2023, as well as Poole Island which was snatched up for close to $1 million in April 2023.
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