ONE of the state’s rare freehold islands, Waterhouse Island, has been sold for almost $5.5 million.
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The 278-hectare island off Bridport has pristine beaches, a jetty and a three-bedroom homestead overlooking the water.
The property has been under the same ownership for 46 years until now and was traditionally used for sheep grazing.
It is understood that a Singaporean businessman had bought the property which could be used by holidaymakers in the future.
The island is about one kilometre wide and four kilometres long and includes solar panels, running water and phone reception.
Waterhouse Island is accessible by boat or is a 10-minute plane ride from Bridport.
There are approximately 6000 islands surrounding Tasmania but only nine of them are freehold which makes this sale a unique development opportunity.
The nearby Ninth Island was sold in March for $1.2 million.