Hancock Prospecting backs out Woppa-Great Keppel Island resort development

Statement by GKI Investments Pty Ltd (Hancock):

GKI Investments Pty Ltd has been reviewing a potential development project on Great Keppel Island in Queensland.

A significant amount of work has now been completed as part of an extensive review process for the project, which was enhanced by the positive engagement with Tower Holdings, relevant stakeholders and government departments at all levels.

However, based on the outcome of that process, GKI Investments Pty Ltd has decided that unfortunately it cannot proceed with the project.

We would like to express our thanks for the professional approach demonstrated by all parties in trying to progress this unique opportunity. We would also like to thank Tower Holdings for their cooperation throughout the process and wish them luck in progressing the future development of Great Keppel Island.

Statement from Tower Holdings:

 Tower Holdings, the leaseholder of the Great Keppel Island development, has commenced discussions with other prospective partners to deliver the Island’s revitalisation, off Queensland’s Capricorn Coast, following notification by Hancock that it will not proceed with its plans.

A spokesman said like Tower Holdings, the Queensland Government, Livingstone Shire Council and Australian Government had worked cooperatively with Hancock during its due diligence process over the last six months.

“Tower Holdings looks forward to continuing to work with all levels of government through its discussions with new partners to revitalise Great Keppel Island to once again be the tourist industry icon.”

Statement from Department of State Development:

“The Queensland Government is committed to ensuring the most viable future for Great Keppel Island.

Which is why the State Development Department has commenced master planning of Great Keppel Island to identify the community vision for the preferred future for the island. This will continue.

A whole-of-government Working Group was also established to assist with addressing some of the approval and development challenges faced by investment partners.

While the lease negotiations involving GKI Investments are not proceeding, the Queensland Government will continue to look for investment partners to guarantee a bright future for GKI.”

Statement by Capricorn Enterprise:

Capricorn Enterprise will continue to work with all parties as we are determined to honour the agreed vision statement for Great Keppel Island; “Woppa (Great Keppel Island) is an inclusive, globally celebrated and loved, low impact marine and tourism destination, delivering world-class interpretation and experiences that support the maintaining, protecting and nurturing of the island’s diverse ecosystems and cultural land and sea country of the Woppaburra”.

Resort accommodation remains possible with the three key ingredients of Political Leadership, Competent Bureaucracy and Development Collaboration.  There is a way forward if all parties are open to transparent and inclusive communication and are willing to work together to ensure bureaucracy and inter-departmental politics does not get in the way of sensible outcomes.

Read more here for the previous update on 24th March 2022:

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