Hancock has entered into an agreement to potentially acquire the Great Keppel Island development project from Tower Holdings, subject to a myriad of state and local government approvals. The potential redevelopment of Great Keppel Island is an opportunity with Australian investment to make this one of the best resorts in Australia, with its special location and white sandy beaches. Great Keppel is about an hours flight from Brisbane, making it an ideal holiday destination for Australian families and international visitors. We hope to be able to make it better than it has ever been, with a World class year round beach club, sandy bars, shopping and more experiences circling around a marina modelled after successful marinas like Puerto Banus. We envision a year round swimmable beach club and an underwater bar being able to bring the benefits of overseas tourism to Australia.
The transaction is subject to conditions being satisfied, including suitable State and Local Government approvals being provided that allow viable redevelopment of the Island. In addition, whilst a number of primary approvals are in place, there are also further approvals that require substantial work prior to any construction being considered. Work will commence on these areas, which will require expenditure before confirming this exciting project can proceed.
With the announcement of the 2032 Olympics to be held in Brisbane, the redevelopment of Great Keppel Island presents as a great time to showcase Queensland as a premium, world class destination. Currently, for various reasons, Great Keppel is not a showcase for Queensland. We wish to maintain and improve its natural beauty and tourist facilities, subject to all government approvals, enabling this to make possible, for Queenslanders and others to enjoy for generations to come.
Hancock welcomes the focus of the State Government to support and encourage investment in the State of Queensland and we look forward to working with the Queensland government and Livingstone Shire Council and all stakeholders for the appropriate revitalisation of this beautiful island and tourist destination. Thanks to the mining industry, Hancock, an Australian mining and agriculture company, has the money to invest to help to make Queensland shine, prior to 2032, subject to all relevant government approvals. Gina Rinehart is very passionate about Australia and Queensland and hopes that her vision is shared by the Queensland community. She is excited to bring the best of what she has experienced overseas to Great Keppel Island, and the Hancock group, subject to approvals, is excited to be able to share that with Queensland and all Australians.
