The jewel in the Whitsundays’ crown, Hamilton Island, may soon be put up for sale with a $1 billion price tag after its owners revealed they are reviewing its future.
Hamilton Island was purchased in 2003 for close to $200m by the Oatley family who made their fortune in the winemaking industry.
First developed in the Queensland tourism boom of the early 1980s, Hamilton Island features both resort and self-catering accommodation, a marina, an 18-hole championship golf course and an international airport.
The Oatley family has spent more than $450 million upgrading its facilities, including more than $100 million to create luxury resort qualia, $85 million on the Hamilton Island Yacht Club and Villas and $45 million on the Hamilton Island Golf Club.
Family patriarch Bob Oately, also famous for winning the Sydney to Hobart yacht race nine times, died seven years ago.
In a statement a spokesperson for Hamilton Island told news.com.au: “As it looks to the future the family has put in place a new leadership and approach and is conducting a review with the assistance of its advisers, to explore opportunities for growth and future prosperity.”
“At this stage this review is ongoing and no decisions have been made.”
The Oatley family have reportedly hired investment bank UBS to review options for the island and The Australian reports that informed sources claim that the island is being quietly shopped around in its pursuit of a sale, with a handful of prospective investors visiting the island in the past week.
“Hamilton Island has been offered for about a year on the back of the best ever domestic tourism season after Covid,” the source said.
The rumoured sale follows a spate of Queensland islands changing hands in recent times.
In the Whitsundays group, South Molle Island is currently on the market with a $25 million asking price.
South Molle, which was destroyed by Cyclone Debbie in 2017 and remains closed, is currently owned by Shanghai-based China Capital Investment Group (CCIG).
Daydream Island is also owned by CCIG, which attempted to sell it for $140-$150 million in 2021 after spending $100 million on upgrades since purchasing it for $30 million in 2015.
Upmarket Hayman Island, which is owned by Malaysian multinational Mulpha, is also reportedly on the market with a $300 million asking price.
Hayman, which features an InterContinental hotel resort, was also damaged by Cyclone Debbie and in need of a rumoured $80 million worth of repairs.
The site of a former Club Med resort, Lindeman Island, which has been shut since 2012, was sold to an unnamed Singaporean family with other hospitality investments in Australia for $10 million earlier this year.
Lindeman reportedly sold for just half of its $20 million asking price, and $2 million less than its previous owners paid for it more than a decade earlier.
Hook Island, where the resort has been closed to tourists since February 2013, was bought by Sydney hotelier Glenn Piper’s Meridian Australia for $12 million in 2021 with plans for a luxury resort.
Long Island was sold to Sydney hoteliers Bill and Mario Gravanis of Oscars Hotel Group for over $20 million in 2021 with plans to create an upscale resort on the existing site.
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Australia’s rich elite have been snapping up Queensland islands in recent years.
Dunk Island was bought by Annie Cannon-Brookes, who has since separated from her Atlassian co-founder husband Mike Cannon-Brookes, for $23.6 million last year and Lizard Island was bought by Andrew ‘Twiggy’ Forrest’s family investment company Tattarang for $42 million in 2021.
In 2022, Gina Rinehart withdrew from a $50 million purchase of Great Keppel Island after encountering difficulties with plans redevelop the now-closed resort.
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