It was once a luxury holiday spot, and now this paradise island off the coast of Queensland could be yours (for a few million dollars, of course) after its recent sale fell through.
According to The Australian,Dunk Island has gone back onto the market after Mayfair 101 failed to complete the $31 million island purchase payment, meaning it has slipped back into the hands of its former owner, Brisbane’s Bond family. As a result, the Bond family has put the cyclone-ravaged island back on for sale for a reduced price likely to fetch in the $20 millions this time around.
Investment group Mayfair 101 purchased the island last year off Family Islands Operations, which is owned by the family of Australian businessman Peter Bond. At the time of sale in September 2019, parts of the island were left in tatters after being seriously damaged during both Cyclone Yasi in 2011 and Cyclone Larry in 2006.
RELATED: $30 million Dunk Island in north Queensland repossessed
Dunk Island could be all yours.Source:Supplied
At the time of the repossession in August 2020, the company’s managing director, Adam Bond, said the decision to take back the island from Mayfair was unfortunate.
“Under the circumstances we have been left with no alternative but to foreclose,” Mr Bond told the Cairns Post.
“We have spent several months working with Mayfair in an attempt to engineer a solution. Despite several extensions to payment terms, Mayfair have remained unable to meet their obligations.”
Dunk Island was set to be the jewel in the crown for Mayfair 101, with plans focused on turning the island – and 200 properties at nearby Mission Beach – into a multi-billion dollar “tourism mecca”.
Mayfair 101 had purchased 15 residential properties in Mission Beach worth a total of $20 million. However, it is now understood the group has had to hold off on many settlements citing the COVID-19 pandemic as the reason.
Dunk Island is only a 10-minute boat ride from Mission Beach, between Cairns and Townsville in far north Queensland. Picture: instagram.com/roadtrippersausSource:Instagram
Day-trippers to Dunk Island in front of the public jetty. Picture: Peter CarruthersSource:Supplied
It is reported, however, that another of Mayfair’s senior lenders, finance house Napla, has put the first portion of 107 Mission Beach properties, which it has taken control over, back on the market.
Commercial real estate agency JLL said the sale of Dunk Island could be a money-spinner, given the focus on domestic travel amid the pandemic.
“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’s Nick Roche told The Australian.
Dunk Island is back on the market.Source:Supplied
“We are currently seeing a surge in domestic travel across Australia and anticipate this demand will only accelerate as state borders open and a trans-Tasman bubble is established,” Andrew Langsford, from the same commercial real estate agency, said.
“Given the impact of COVID-19 and restrictions on international travel in the near term, we anticipate the Great Barrier Reef accommodation market to be a strong beneficiary of Australia’s high overseas spend, much of which is expected to be diverted to high-end resort locations.”
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