International investment and corporate advisory group Mayfair 101 has purchased Queensland’s Dunk Island for around $32 million with plans for a major restoration.
Dunk Island, located four kilometres off the coast from Mission Beach in far north Queensland, was snapped up from vendor former rich lister and founder of Linc Energy group Peter Bond who purchased it in 2011 for $7.5 million shortly after it was devastated by Cyclone Yasi.
The latest purchase builds on Mayfair's plans for the region, the group says it is also under contract to purchase more than 200 tourism-related properties in and around Mission Beach.
The combined value of these property commitments equate an investment of more than $180 million, the group says, with scope to see the region as “the tourism mecca of Australia”.
The revitalisation of the area will be overseen by Mayfair 101’s subsidiary property development division, Mayfair Iconic Properties.
Mayfair says it expects to facilitate more than $1.6 billion in investment into the Mission Beach region over the next fifteen years as part of its revitalisation plans.
Mayfair Iconic Properties, led by newly-appointed chief executive Stuart Duplock, a former General Manager of Hawaiian Group and past state manager of ASX-listed Cedar Woods Properties.
Dunk Island was left in ruins following Cyclone Yasi with the resort left abandoned for eight years.
The Island purchase spans up to three sections of land, around 240-hectares of land, on the Island.
“Located between two world-heritage areas, our vision is to create a tourism mecca with Dunk Island becoming one of the most sought-after island destinations in the Asia-Pacific Region,” Mayfair 101’s managing director James Mawhinney said.
The company says it is already talking to global hoteliers for a luxury beach club and has plans to restore Dunk Island's airstrip and golf course.
The 15-year plans are still subject to government approvals.
Mayfair 101’s wholly-owned subsidiaries include its investor-facing brands Mayfair Platinum, IPO Wealth, and M12 Global, a London-based company specialising in the issuance of retail bonds.