Marker moved on asking price for Picnic Island at Freycinet on Tasmania’s East Coast

An island that has been on the market with an asking price of $5 million has been getting much lower offers than that. Find out why the asking price has been reduced.

Former Victorian state politician Clem Newton-Brown has listed his Tasmanian island and award-winning accommodation business, Picnic Island, for sale. With Knight Frank and Sotheby's., Pictures: Supplied

A Tasmanian island that was originally advertised for $5 million has had its asking price dramatically reduced.

Picnic Island, which is less than a hectare in size, is about a kilometre off Coles Bay on the Freycinet Peninsula on the state’s East Coast.

It is currently owned by former Victorian state politician turned air taxi business owner Clem Newton-Brown.

The island features accommodation and breeding colonies of shearwaters and penguins.

Mona owner David Walsh and television personality Catriona Rowntree are among those who have stayed on Picnic Island.

Former Victorian state politician Clem Newton-Brown has listed his Tasmanian island and award-winning accommodation business, Picnic Island, for sale. With Knight Frank and Sotheby's., Pictures: Supplied

However, the asking price for the idyllic location has dropped to $3.5 million.

But selling agent Scott Newton from Knight Frank Hobart said the asking price reduction was not a concern.

“The original $5 million was just a guide,” Mr Newton said.

“Indications were that that might have been where the interest is.

“It appears, however, that the parties have expressed interest around that $3.5 million mark, so that’s what we’re dealing with at the present time.”

However, Mr Newton was hoping for an offer over $3.5 million.

“It’s just a case of finding the right buyer,” he said.

“Not everyone is seeking an island, but it is definitely unique and a fantastic place.”

Mr Newton said there were many drawcards to the island.

“It’s close to Freycinet and has a temperate climate. It’s very close to Coles Bay, which makes it easy to service and access.

“It’s got magnificent views of The Hazard mountains and Sapphire. There’s not a lot of freehold island opportunities in Tasmania, a lot of them are leasehold.”

Mr Newton said he was confident the island would sell.

“We’re in no rush; we are just waiting for the right buyer. It represents a unique opportunity that has come to market.

“The amount of interest has been massive from around the world.”

Vansittart Island, which is part of the Furneaux Group, is also on the market.