Lindeman Island snapped up at last
Queensland’s Lindeman Island is set for refurbishment as its sale was confirmed on Tuesday after five months on the market.
The island attracted more than 220 inquiries and 11 first round bids before being sold to White Horse Australia for a reported sum of $12 million.
The Australian firm, owned by William Han, has strong ties to the White Horse Group, a Chinese advertising and media company.
Han said the firm was now looking at how to reposition the island as an “attractive tourist destination,” but admitted the property had been through some “very challenging times”.
“We are looking closely at a range of options to reinvigorate the island but it will take some time to assess the best way to move forward,” he said.
He revealed that the development would be run by a professional resort management company.
“Interest in the asset came from a range of potential buyers, including a number of high net worth individuals as well as Australian investors looking to syndicate the acquisition,” Paul Nyholt of CBRE Hotels said.
The 584-hectare leasehold island located on the Great Barrier Reef closed on January 31, after Club Med put it on the market in November, citing demand for more upmarket resorts and damage incurred by Cyclone Yasi as reasons for the decision.
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