Property tycoon Alan Bond's former island getaway to anchor mining logistics hub

Koolan Island, a remote Western Australian island once home to an exclusive resort developed by colorful property tycoon Alan Bond, is set to be transformed into a major transport logistics hub. The island, along with its neighbor Cockatoo Island, was sold for millions of dollars to Perth-based Crestlink.

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More importantly for us the buyer has a good engagement with traditional owners.

For 70 years, Koolan Island was the site of Mount Gibson Iron's (MGX) below-sea-level iron ore mine. However, with MGX shifting its focus to gold mining, iron ore operations are ceasing. Crestlink acquired Koolan Island for $20 million, with plans to develop it into a comprehensive sea and air hub catering to the offshore oil and gas sectors, marine industries, security, defense, and fuel storage.

Koolan Island's existing infrastructure includes a 300-bed camp, a 2-kilometer runway, and a deepwater port. These assets, located nearly 2,000 kilometers north of Perth in the Buccaneer Archipelago, will be integrated into the new logistics base. MGX CEO Peter Kerr noted the lengthy process of finding a suitable buyer, emphasizing Crestlink's positive engagement with traditional owners.

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During construction there'll be 150 to 200 people and then long-term employment over 30, 40 or 50 years.

Cockatoo Island, also part of the development, is slated to become a $300 million multi-user hub. It previously housed an exclusive resort built by Alan Bond in the 1980s for wealthy holidaymakers. While the resort, famously painted pink, is no longer operational, Crestlink has secured approval for the hub. The company forecasts substantial economic benefits for Derby, the closest mainland town, anticipating 150-200 jobs during construction and long-term employment for decades.

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Derby will benefit, not only traditional owners but the local business. There's also tourism options and employment with Cres