Pumpkin Island—made famous as a beer-soaked “man cave” in a Castlemaine Perkins brewery promotion—has hit the market for only the second time since 1961, with a price guide of $25 million.
The rolling lease for the 6-hectare island, part of the Southern Great Barrier Reef’s Keppel Group, 14km off the coast of Yeppoon in Central Queensland, will be taken to market by Knight Frank’s Deborah Cullen and Pat O’Driscoll.
Cullen said Pumpkin Island was a rare offering that was expected to attract wide interest.
“The buyer will be purchasing an entire island—rather than just a parcel of land on an island—on a rolling lease current until 2046, which is an opportunity that only presents itself once in a blue moon,” Cullen said.
“Pumpkin Island is a very unique property offering privacy, seclusion and exclusivity, and is a fantastic destination for tourists or locals wanting an escape.
“We expect it will be even more attractive in the current climate post Covid-19 for someone who wishes to use it as a safe haven during any possible future pandemics.”
Leased by Queensland brewery Castlemaine Perkins between 2012 and 2015, the island was renamed XXXX Island after being chosen by Lion Nathan from a pool of 17 to spearhead an infamous promotional campaign for their beer, with 3000 people visiting the men-only hideaway during those three years.
Pumpkin Island first opened to guests in 1964 and was handed back in 2016. The island has since been transformed into a private resort containing staff quarters, a work shed, lookout building, bar, manager’s cottage, playground, two moorings, a helipad and a catamaran.
An oyster lease also belongs to the owner and can be sold with the island allowing guests to shuck their own oysters off the rocks.
The off-grid eco-resort, named Australia’s most sustainable hotel in 2018, is powered by solar, wind and rain water storage and was recognised as the first “beyond carbon neutral” island in Australia, offsetting 150 per cent of its annual greenhouse gas emissions.
The leasehold for Pumpkin Island—one of three Great Barrier reef sites in the Rumble family’s Sojourn Properties portfolio—was purchased for $1.3 million in 2003 from previous long-time owners Roger and Merle Mason.
Sojourn Properties is a Queensland-based company with a boutique collection of properties operated under the Sojourn Retreats brand.
While the Rumbles say they are pursuing new ventures and moving closer to family in New Zealand, the island took a hit during Covid-19, with Laureth Rumble revealing to The Courier-Mail last month that although the island remained open, “we have no business.”
Knight Frank’s O’Driscoll said the property offered the potential for further development or redevelopment, with approval required from council and state authorities for building standards.
“At the moment the island can have a maximum of 34 guests but this has the potential to be increased, subject to state government ministerial and local government approval.
“Capricorn Enterprise is incredibly supportive of tourism in the region and assists in marketing, sales and training for Pumpkin Island,” O’Driscoll said.
“They also lobby local council and government when needed to achieve desired results, including tourism development plans.”
Other islands off the Queensland coast have already lured developers both in Australia and abroad, including Lindeman Island, which is undergoing a $583 million redevelopment, Hayman Island, which is getting a revamp, as is Daydream Island Resort and Lady Musgrave Island—where an underwater hotel is planned—to name but a few.
But it doesn’t always work out: ten kilometres south of Pumpkin Island, Sydney developer Terry Agnew had grand plans for Great Keppel Island but was unable to secure government approval for a casino—or a co-development partner for a $400 million resort, selling off a large portion of the island in 2018 to Singaporean and Taiwanese investors Wei Chao.
This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.