Once a favourite holiday destination of A-listers Brad Pitt, Keanu Reeves and Jennifer Aniston, a tropical island resort off the Far North Queensland coast now has a new operator.

Double Island was one of the jewels of Cairns's tourism industry but, over more than a decade, it was left to decay and fall into ruin.

Premier David Crisafulli will today announce the Queensland government has reached a deal to lease the island to the Morris Group, owned by the Melbourne billionaire founder of ASX-listed company Computershare, Chris Morris.

The Morris Group's $40 million redevelopment can now begin on the island, known to Yirrganydji traditional owners as Wangal Djungay.

Tourism Tropical North Queensland CEO Mark Olsen said a four-year, four-stage redevelopment included a public-access pontoon, a sunset bar, 24 luxury villas, helicopter pad and a restaurant.

He said work would begin this year.

Mr Olsen said a ferry service to the island could begin operating from Yorkeys Knob in the near future, the first time since 2018 that access would be possible.

"Brad, Jen, Keanu … they're all welcome back for the opening party," he said.

"We can't wait to show it off."

Mr Olsen will visit the island this weekend on a reconnaissance mission.

He said there was demand from "high-end customers" wanting to visit Queensland, as evidenced by the growth of the superyacht industry.

"We know that there is a high-end luxury market who want exactly what this destination has to offer," he said.

"Double Island is another jewel in the crown of tropical North Queensland."

Island left to ruin

In June 2024, Queensland's Planning and Environment Court ruled the former Labor state government could cancel Hong Kong billionaire Benny Wu's long-term lease over the island.

Mr Wu paid former Ozemail founder Sean Howard $5.68 million in 2012 to take over the 17.8-hectare island's resort.

The lease, which ran until 2099, required Mr Wu's Fortune Island Holding Company to maintain the resort and keep the island open for visitation.

But, as the years went by and it fell into a greater state of disrepair, the government grew increasingly impatient.

In 2023, after the company failed to meet a deadline to restore the resort and reopen it to the public, the government asked the Planning and Environment Court to cancel the lease.

In early 2025, the current government converted Double Island's title from a reserve under the Land Act to a state-owned freehold property.

The government engaged commercial real estate firm CBRE to take expressions of interest, with parties given until May last year to submit proposals.

The Morris Group's portfolio of luxury escapes in North Queensland includes an outback lodge at Mount Mulligan, north-west of Cairns, and Pelorus and Orpheus islands, off the coast north of Townsville.

It also owns The Ville Resort and Casino in Townsville, and two helicopter companies that run tourist flights over the Great Barrier Reef.

Additional reporting by Juanita Soper.