Interstate investors to offload private Qld island in shock sale

A private Queensland island is back on the market less than a year after it was snapped up by interstate investors.

The 7.8 acre off-grid Victor Island has been relisted with Queensland Sotheby’s International Realty agents Lynn Malone and Barbara Wolveridge.

The island, located 3km off the coast of Mackay, was sold by the same agents for $3,655,500 in March, with the property finally settling in September, according to property records.

It was purchased by Sydney developers Kingdom Developments, but it is understood the consortium has since decided to “divest the asset”.

News reports at the time of the sale said the island was purchased by Sydney syndicate members – Dan Ode, Sam Hamrosi and Konrad Konczak-Islam – plus Fiona Seitz from Victoria.

Projects by Kingdom Developments have included a number of unit complexes in NSW, Western Australia and Victoria.

A development at Bilinga on the Gold Coast is also listed as “completed”.

In October, Kingdom Developments was spruiking Victor Island on its social media platforms, while a publicly-available commercial plan, available online, said “our plan is to increase business revenue by increasing the numbers of accommodation available on the island to accommodate for 30+ patrons”.

There was also a spot for investors to “request more information” on the “full project details”.

Ms Malone said the vendors decided to quietly re-list the property in late December after deciding the island did not quite fit with their existing portfolio.

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“They are more into mainland commercial and residential complexes so this, in the end, didn’t quite fit with their plans,” she said.

But Ms Malone said there had already been solid interest in the island escape, including from potential overseas buyers and expats.

“It really lends itself to a family holiday retreat but could also be pursued by someone who wants to turn it into a business,” she said.

“It currently has a business licence to operate as boutique short-term accommodation with approval for up to eight people in the main house but there is scope there to possibly modify those conditions.

“There was also a DA that expired in 2010 for the construction of a second dwelling but the owners at the time let that lapse so there could be precedent there to reapply to council.”

Among the interested parties is a businessman who “works in the metaverse”, Ms Malone said.

“Most of the interest so far has come by overseas business people and expats, most of whom are looking for a holiday retreat,” she said.

Accessible only by boat or helicopter, the island is listed for sale but is expected to fetch somewhere between $3.6 and $4 million.

The island has a long-term lease to 2034 with the option of extending that for another 25 years, according to the listing.

Accommodation includes a 350sq m main residence that has been renovated and includes two bedroom wings and multiple indoor and outdoor living areas.

There is also a one bedroom, one bathroom caretakers cottage, a helipad, pool, machinery building with equipment and boat storage, a desalination plant, 225,000L of rainwater storage, solar panels and a backup generator, solar hot water, two marine craft and it is fully furnished.

“Victor Island has uninterrupted Coral Sea vistas in every direction,” the listing says.

If it sells for $3.6 million, the whole island will still be cheaper than the median house price in 54 NSW and Victorian suburbs.