Poole Island back on the market after buyer can’t be found to settle purchase
A tropical island in the Whitsundays, with two homes and an asking price of under $1 million, is back on the market after the would-be buyer went missing.
A private island in the Whitsundays, with an asking price of just under $1m, is back on the market after the would-be buyer could not be found to seal the deal.
A contract to buy the 20ha Poole Island fell through and it is now one of a number of small Queensland islands on the market for less than an average home in Australia’s major cities.
Private Islands Online Australia’s Richard Vanhoff said contracts were exchanged and a deposit paid by a WA-based businessman to buy the island for $995,000.
“This was to be settled last week, however the buyer has gone AWOL,” he said.
“His mobile has gone cold. It doesn’t even ring. His lawyers can't get hold of him.
“We’ve been instructed to get Poole Island back out to the market ASAP and find a new owner as the current owner has committed to a new major project and Poole Island doesn’t have a position in his business program.”
Mr Vanhoff said the asking price now for the island remains at $995,000 and the lease has about two years to run and can be renewed for about $1000.
Poole Island has two homes – one built in the late 1800s and the other in the 1980s and both dwellings need renovations and restoration.
The property was on the market in 2018 and it was bought by two Sydney-based businessmen for about $1.2m.
“They had approval to develop the property as a nice little B&B but Covid came along and plans changed,” Mr Vanhoff said.
He has a number of other small Queensland islands on the market including Wedge Island off Yeppoon for about $1.95m; Quoin island near Gladstone for $1.9m; the resort of Sweers Island north of Burketown for $3.95m; and Temple Island south of Mackay for $1.7m.
Mr Vanhoff said there was strong demand for commercial islands.
“It’s been absolutely insane over the past 12 months,” he said.
“People I have been talking to for a long time are getting a little panicky about missing out and that was the case for Poole Island where interest was crazy.”
“As this is the best buying or cheapest of any of my islands that I have had over the last four years, it must be sold and handed over to a new owner who will take care and restore Poole Island into one of the best private islands in the Whitsunday region.”
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Originally published as Poole Island back on the market after buyer can’t be found to settle purchase
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