PARADISE FOR SALE
DUNK ISLAND GOING TO MARKET
NORTH Queensland’s idyllic Dunk Island been put back on the market after bold plans to return it to its former glory were torpedoed.
Dunk Island, a sprawling paradise located off Mission Beach, was promoted as the centrepiece of a $1.5bn tourism mecca by investment fund Mayfair 101.
But the company’s failure to complete the $31m island purchase sent the cycloneravaged island back into the hands of its former owner, Brisbane’s Bond family, of Linc Energy fame.
The Bond family put the island back on the market on Wednesday, with JLL Hotels & Hospitality Group chosen to market it.
Dunk Island comprises 135ha of freehold developable land along with a mainland power connection, supporting utility infrastructure and a commercial grade airstrip. It was once owned by Qantas and P&O Cruises.
The former Dunk Island Resort operated as a 4½ star family resort featuring 160 guest rooms, a nine-hole golf course, multiple food and beverage outlets, tennis courts and a day spa.
Peter Bond bought the Cyclone Yasi ravaged island in 2011 for $7.2m.
He kept the resort for personal use and through his family company began the task of returning it to its former glory.
“Dunk Island provides the perfect opportunity to deliver an all-encompassing holiday destination akin to the enormously successful Hamilton Island, ideal for establishing a wide range of accommodation offerings, leisure activities and a self-sufficient ecosystem,” JLL agent Nick Roche said.
Mayfair 101 founder James Mawhinney had claimed a rescue plan was in the works, but losing control of the major assets makes his plans less likely.
The corporate regulator is trying to wind up Mayfair’s M101 Nominees unit, which backed the firm’s tourism plans.
On Wednesday Mr Mawhinney vowed to continue his plans for the island.
He said the Bond family, as the mortgagee in possession, was always entitled to follow through with the sales process.
“(But) it does not change our strategy which was to refinance it out so we can continue with our new plans for Dunk Island,” he said.