Private island selling for less than a GC penthouse
A chance to own an island in the Whitsundays will be offered at a Gold Coast auction next month in the wake of a mortgagee seizing the property.
Two agents from the Ray White Commercial (RWC) office in Surfers Paradise have been enlisted to sell Victor Island, a privately owned perpetual leasehold island at the southern end of the Whitsundays and Great Barrier Reef Marine Park.
Success at the auction by RWC’s Michael Willems and Matt Taylor would represent the second time a Gold Coast-based agent has sold the 3.14ha island.
Lynn Malone, of Sotheby’s International sold the property, which is on Victor reef, for $3.655m in 2018 to Sydney-based Kingdom Developments, in which several entities have failed.
It was most recently offered for $2.75m.
The island’s multimilliondollar cost is a fraction of the price of many Gold Coast units and penthouses. At the low end was the $3.8m tower paid for a penthouse in the 77 Jefferson building in Palm Beach, while $6.6m was paid for two-level penthouse at Main Beach’s Oscar tower in 2022. At the top end, more than $20m was paid for the penthouse of the three-storey Glass building in Burleigh Heads.
There were plans to increase accommodation on Victor, which has a renovated house, so it could host more than 30 people. Kingdom, five months after settling the buy, moved to resell the island through Ms Malone.
The company previously said it had completed a project at Bilinga.
Victor Island has a helipad, caretaker’s accommodation, desalination plant, and solar system with back-up generator.
On Monday, RWC’s Mr Willems said the island, which was 3km off the coast from Mackay, offered either a unique lifestyle or a development opportunity.
The island is to be auctioned on April 11.