Altum Property Group’s update on Great Keppel Island resort

Posted on November 11th, 2020

Altum Property Group this week issued an update following the recent passing of their contract deadline with Tower Holdings Pty Ltd to purchase the leases on Great Keppel Island. The deadline fell on 30^th October, one day prior to the state election.

Rob McCready, director of Altum said: “Altum Property Group remains committed to delivering the revitalisation of the Great Keppel Island resort. We are confident the state government will be focused on transferring the leases once new ministers are in place.”

“Going into the election, the $30m announced by Labor to fund common user infrastructure demonstrated its support of the project proceeding, and eclipsed the funds committed by the other major party.”

“The Keppel electorate, which identified the GKI Resort Revitalisation Project as the number one issue leading into the election, appears to have rewarded this commitment to public infrastructure by returning the incumbent member Ms Brittany Lauga, and we congratulate Ms Lauga on her win,” continued Mr McCready.

“Ms Lauga, alongside retiring Tourism Minister Kate Jones, announced a list of works for the island in August, which we have continued to work through with the state government. These works include a breakwall to facilitate all-weather, equitable access to the island for everyone and reduce erosion on Putney Beach.”

“The state government’s announcement required a restructure of the funding we had been negotiating to commence the project. We are currently finalising this alternative funding strategy and hope to table this with the current member and incoming ministers as soon as they are announced.”

Mr McCready concluded: “As everyone who has worked with us knows, we love the island and look forward to the opportunity to work with the incoming Ministers to progress the transfer of the leases and commence the project.”