Hamilton Island could be yours for just $1bn

One of Queensland’s most iconic tourism assets, Hamilton Island, could hit the market with an asking price of around $1bn, seven years after its purchaser Bob Oatley passed away.

Hamilton Island could be sold after the Oatley family spent millions upgrading its facilities.

One of Queensland’s most iconic tourism assets, Hamilton Island, could hit the market with an asking price of around $1bn, seven years after its purchaser Bob Oatley passed away.

In a statement to The Australian late Sunday night the billionaire Oatley family said that while it had been a proud steward of Hamilton Island for 20 years and has invested significant time, affection and resources to deliver its vision for a world class tourism destination on the Great Barrier Reef, it was now looking to the future.

“(We) have put in place a new leadership and approach and (are) conducting a review with the assistance of (our) advisors, to explore opportunities for growth and future prosperity,” a spokesman for Hamilton Island said.

“At this stage this review is ongoing and no decisions have been made. We do not intend to comment further until any recommendations have been considered.”

However, informed sources claimed to The Australian that the Whitsundays Island had been quietly shopped around the market quite recently, following a strong domestic holiday season. Other Queensland islands such as South Molle Island were also on the block.

“Hamilton Island has been offered for about a year on the back of the best ever domestic tourism season after Covid,” said one executive with knowledge of Hamilton Island’s potential marketing campaign.

Bob Oatley, centre, with his sons Sandy and Ian.

Since Mr Oatley acquired Hamilton Island in 2003 for around $200m – the acquisition price was never revealed – the Oatley family have spent hundreds of millions of dollars upgrading its tourism infrastructure, including reconnecting power from the mainland after it was accidentally cut.

The Oatleys developed the luxury resort qualia, which opened in 2006, and also built the Hamilton Island Yacht Club and Villas, as well as spending $45m on the Hamilton Island Golf Club.

Unlike other Queensland tourism resorts, Hamilton Island is attractive to investors because it sports an international runway.

Meanwhile, Malaysian multinational Mulpha is apparently still looking to sell nearby Hayman Island, putting a $300m price tag on the location, which has a luxurious Intercontinental Hotel resort operating its significant infrastructure.

Mulpha’s Australian boss Greg Shaw could not be reached for comment last night.

South Molle Island, which was destroyed by Cyclone Debbie in 2017, hit the market last month at the behest of its owners, China Capital Investment Group, with a $25m asking price. China Capital had previously attempted to sell another one of its islands, Daydream, but failed to do so a few years back.

Despite several Queensland islands being destroyed by cyclones they are still popular with the mega-rich, with Anne Cannon-Brookes purchasing the cyclone-ravaged Dunk Island off Mission Beachy, south of Cairns, last year for $23.6m.

Further north, the Forrest family purchased Lizard Island in 2021 for $42m.