Cryptocur­rency crew Royalty Blockchain head for Dunk Island

The cryptocur­rency consortium that was the underbidder on Great Keppel is now attempting to buy Dunk Island.

Peter Bond, Linc Energy boss. Picture: Anthony Weate

The international cryptocur­rency consortium that was the underbidder on Great Keppel Island is now attempting to buy Dunk Island, with several other islands also igniting its interest, including Brampton Island, off the Queensland sugar town of Mackay.

Represented by Tim Sommers and Sean Neylon, Royalty Blockchain is understood to have signed a contract to buy the derelict Dunk Island off Mission Beach, just south of Cairns, and has entered an exclusive period of due diligence after paying a cash deposit.

Several independent sources confirmed yesterday that is interested in Dunk Island. Royalty Blockchain was the underbidder on Great Keppel Island, which was sold to wealthy Singaporean and Taiwanese interests for about $70 million last week through JLL executive Tom Gibson.

Contacted by The Australian yesterday, Royalty Blockchain said it would comment later this week.

The island was extensively damaged by Cyclone Yasi in early 2011 while Mr Gibson declined to comment.

Dunk Island’s resort needs millions of dollars to be spent on a complete redevelopment after the resort was damaged by Cyclones Yasi and Larry. Once viewed as a jewel in the crown of Queensland’s tourism industry, it was bought cheaply by the founder of the failed Linc Energy, Peter Bond, in 2012.

Mr Bond has since allowed the lease over the neighbouring spit, which is part of the island’s national park, be taken over by a Cairns-based skydiving outfit following a public tender by the local council.

The freehold Dunk Island was valued at $25m-$30m, sources said.

Royalty Blockchain was also interested in acquiring Brampton Island, 32km northeast of Mackay, which has been in disrepair for about seven years, sources said.

At one stage its owner, United Petroleum, had plans to redevelop the island as a seven star resort, but it listed the island for sale in March.

The independent Melbourne-based petrol retailer United Petroleum bought it for $5.9m in 2011.

The only major Queensland island which is operational at present is the Oatley family-owned Hamilton Island. Hayman Island Daydream Islands are being redeveloped, with both expected to open for business next year after facing severe cyclone damage several years ago. Chinese interests, White Horse, are redeveloping Lindeman Island.