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Fund manager buys Queensland’s Dunk Island

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A Queensland island that was almost destroyed by a cyclone is set for a billion-dollar facelift thanks to its recent $31.5 million purchase by an Australian-based investment firm.

It’s hoped Far North Queensland’s Dunk Island will become a new tourism hotspot when the makeover is complete, with Mayfair 101 announcing its plans for the island after its recent purchase of the entire island as well as nearby Mission Beach assets.  

Speaking with nestegg, Mayfair 101’s new CEO of Iconic Properties, Stuart Duplock, said the group’s purchase offers “a great opportunity in terms of real estate”. 

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He also made a strong business case for tourism opportunities, highlighting the property’s natural assets, existing infrastructure in surrounding towns and the “counter-cyclical opportunity” available due to the 2011 cyclone all making the purchase an attractive proposition.

Benefit to the economy

Over the next 15 years, from construction to completion of the so-called “tourism mecca”, Mr Duplock said the company expects to create 10,500 direct and indirect jobs as a result of its investment.

The CEO said the Queensland economy is set to get a boost “from a $1.6 billion-dollar spend” over the 15 years, with the economic impact at $111 million during the construction phase alone, before reaching $192 million when construction is complete.

Who is the target audience?

Prior to its cyclone-aided demise, Dunk Island was an iconic, much-loved location for Australians to visit and considered as a highly desirable, internationally renowned tourism destination, the company has outlined.

Into the future, Mr Duplock has contemplated that “like any good business operators, we will be looking to cater for all markets. We will be looking to cater for local tourism, national tourism and international tourism.”

Cyclone fears

Considering the impact of cyclones on the island in the recent past, it comes as no surprise that Mayfair 101 has thought through this, too. 

Despite two violent cyclones in five years, Mr Duplock expressed his confidence in modern building, explaining that most people at nearby Mission Beach simply waited the cyclone out in 2011.

“It’s definitely in our planning to make sure the infrastructure that we build is resistant as possible to weather events,” the CEO said. 

“Since 2011, there has been some good improvements in construction methodology and design, so we think we will build something that will stand up to extreme weather events.”

 

Fund manager buys Queensland’s Dunk Island
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James Mitchell

James Mitchell

James Mitchell is the editor of the Wealth and Wellness suite of platforms at Momentum Media including Investor Daily, ifa, Fintech Business, Adviser Innovation and Wellness Daily.

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