Dunk Island sale scuttled
DESPITE the anticipated multimillion dollar sale of a FNQ island resort running aground for the second time in three years, the local mayor said council and business are focusing on the positive.
As news that the latest sale of Dunk Island was scuppered, Cassowary Coast Mayor Mark Nolan said his focus was to concentrate on positive change for the region.
“While is unfortunate that the sale has not proceeded, council is not a party to the sale of Dunk Island,” he said.
“Our focus is currently ongoing to market to tender the Dunk Island spit and revitalising the Mission Beach CBD as part of the Mission Beach Master Plan project.”
Mr Nolan said the council has committed $2.5m of funding towards delivering the Master Plan and is committed to seeking further funding from federal and state grants.
“Council is committed to Mission Beach and delivering on our vision,” he said.
Dunk Island is one of only a few freehold islands on the entire Great Barrier Reef and offers significant potential to develop Australia’s next
major tourism icon, with mainland power connection, a commercial sealed airstrip, perpetual water, and extensive utilities infrastructure.
It is understood that the bid to find a new owner for one of Queensland’s faded island resort gems may be waiting to splash out on the property. In July 2021 entertainment
and media wholesale private equity fund Upsense Media Capital, cofounded by Mark Spillane and RJ Bucaria, said they would buy Dunk Island for a price believed to be between $20m and $25m.
At the time Mr Spillane, said he was delighted to have the opportunity to bring new
life to the “iconic Australian asset”.
However, sources say the deal fell through late last year leaving the Bond family holding the freehold island.
Family representative Adam Bond confirmed they were in negotiations with another party but refused to offer more information.
“There may be something to say in the new year,” he said.
Dunk Island was destroyed by Cyclone Yasi in early 2011 and was later acquired by Linc Energy founder Peter Bond for about $7.5m with plans to repair and reopen the resort.
The island, about 4km off Mission Beach, was sold in 2020 for around $31m to interests associated with financial entrepreneur James Mawhinney.
But Mr Mawhinney’s Mayfair 101 group hit regulatory trouble and financial advisory firm Grant Thornton was made provisional liquidator.
The company’s failure to complete the island purchase pushed it back into the hands of the Bond family, who put it back on the market through JLL Hotels & Hospitality Group’s Andrew Langsford and Nick Roche who refused to comment.
Mr Roche said last year that Dunk Island attracted significant interest from a range of capital sources, both domestic and international, despite uncertainty around the Covid-19 environment.
Previously owned by Qantas and international cruise line company P&O, the former Dunk Island Resort operated as a 4.5-star family resort featuring 160 guest rooms, a 9-hole golf course, multiple food and beverage outlets, tennis courts, and day spa.
Upsense Media Capital was a joint venture between Australia’s Unbreakable Group Holdings and USbased Prolific Media Holdings.