Mayfair 101 to revitalise Mission Beach with Dunk Island acquisition
Written on the 23 September 2019 by Business News Australia
Australian investment group Mayfair 101 intends to pump over $1.6 billion into Queensland's Mission Beach region over the next 15 years following its acquisition of Dunk Island.
The group acquired the Queensland island for $31.5 million, meaning the tourist destination will remain in Australian hands.
Dunk Island Resort was put up for sale by entrepreneur Peter Bond earlier this year. The resort was closed in 2011 after the island was ravaged by Tropical Cyclone Yasi in 2011.
Alongside the Dunk Island purchase Mayfair 101 has also contracted to purchase over 200 tourism-related properties in and around the Mission Beach area as a part of a plan to revitalise tourism in the area.
The combined acquisition price of these properties' totals over $180 million.
Mayfair 101 says it wants to position Dunk Island and Mission Beach as a 'tourism mecca', highlighting the regions' natural environment.
The $1.6 billion investment from Mayfair 101 will occur over a 15-year period, with the company estimating over 10,500 direct and indirect jobs will be created as part of the plan.
Mayfair 101 managing director James Mawhinney says it is an honour to acquire Dunk Island.
"Dunk Island is an iconic part of Australia's history," says Mawhinney.
"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."
Cassowary Coast Mayor John Kremastos has welcomed the Mayfair 101 investment into the region.
"We welcome this type of investmentwhich reinforces this Council's decision to develop a strong local tourism strategy and offer development incentives to drive investment to our region, and in particular, Mission Beach," says Kremastos.
Business News Australia
Author: Business News Australia