Mayfair 101 to spend $1.6 billion on Cassowary Coast expansion after Dunk Island purchase

Mayfair 101 to spend $1.6 billion on Cassowary Coast expansion after Dunk Island purchase
Mayfair 101 to spend $1.6 billion on Cassowary Coast expansion after Dunk Island purchase

The London-based international investment group Mayfair 101 has announced it will spend $1.6 billion on the Cassowary Coast over the next 15 years.

The group's purchase of the Dunk Island Resort went unconditional last week.

Mayfair 101 plans to not only redevelop the Cyclone Yasi-ravaged resort, but also to add a golf course on the mainland.

The Courier Mail reported the company intends to purchase more than 200 tourism-related properties in the Mission Beach area, worth more than $150 million.

The company has also indicated it wants to upgrade Innisfail Airport to take international flights.

Since 2011, Dunk Island Resort has had a succession of owners, including Linc Energy founder Peter Bond and Property Bay, however their plans to resurrect the resort never eventuated.

Cassowary Coast Mayor John Kremastos said the council was “cautiously optimistic” about Mayfair 101’s plans for the region.

"Once the word gets out we'll see a whole new invigoration in Far North Queensland," Mr Kremastos added.

Dunk Island has reportedly sold for more than $30 million.

The Bond family had paid about $7.5 million in 2012 and spent about $5 million on repairs in readiness for its proposed development.

Managing director James Mawhinney told ABC News that construction of multiple projects such as camping sites, family-style resorts and an ultra-luxury beach-club-style resort on the mainland at Mission Beach would create up to 10,000 jobs.

Mr Mawhinney said, "we are delighted and humbled in being given the opportunity to restore the jewel in the crown of Far North Queensland." 

"It will be a long and difficult process and there would be many hurdles going forward to extend the runway."

"Having said that, I have a vision of creating an intermodal transport hub and I'd be supportive of having the capacity to bring larger jets into the area," he added.

Tags: 
Dunk Island Cassowary Coast

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