ISLAND’S TIME
ONE of North Queensland’s tourism jewels, which closed its doors after being smashed by Cyclone Yasi eight years ago, will have a new owner aiming to restore it to its former glory.
Sources say a private offshore buyer will pay about $30 million for Dunk Island, which was owned by former Linc Energy boss Peter Bond and his family.
The island resort off Mission Beach was marketed by JLL Hotels & Hospitality Group’s Tom Gibson, who refused to comment.
It is understood Dunk Island’s new owners want to invest substantial funds into the resort with the aim to rival Hayman Island, which officially reopened six weeks ago as an Inter-Continental resort after a $140 million renovation by its Malaysianbased owners Mulpha.
Dunk Island, which offers 147ha of freehold developable land and a Qantas-built airstrip, was an internationally famous resort destination until it was ravaged by Cyclone Larry in 2006. It resumed trading but was demolished by Category 5 Cyclone Yasi in February 2011 and was acquired in early 2012 for about $7.5 million by Mr Bond.
Since then the Bond family has kept Dunk Island for personal use and invested in tidying up the old resort.
Mr Bond’s company collapsed in 2016, sparking the sales process.
Over the years there have been a number of likely buyers. International cryptocurrency consortium Royalty Blockchain was once touted as a buyer and in the latest campaign Computershare founder Chris Morris, other Australian-based groups and a Singapore group were named as contenders.
When the latest sales campaign was launched in May, Adam Bond, managing director of Family Island Operations, said his family had a deep attachment to Dunk Island, which they had come to call home.
“It is a difficult decision for the family to part with such a world-class asset,” he said. “While we have spent a considerable amount of money already, we recognise that a new owner is best placed to rejuvenate the resort and unlock the island’s full potential.
“It’s our hope that the island will reclaim its place as an iconic Queensland destination and all Australians and visitors from abroad can share in its beauty once again.”