Queensland’s Dunk Island changed hands with local private equity firm Upsense Media Capital buying the freehold property for an undisclosed sum, with mixed reports as to the island’s future as a tourist asset.
In a deal brokered by Andrew Langsford and Nick Roche of JLL Hotels and Hospitality Group, Dunk Island is one of a number of former tourism icons that flew high during the boom of the ’80s and’ 90s as Japanese investment soared. soaring, but now awaiting revitalization to former heights. as new and lasting redevelopments.
Dunk Island includes facilities left over from its old life, including continental power connection infrastructure, a sealed airstrip ready for trade, water supply and utilities. In its heyday, Dunk Island was a jewel in Queensland’s tourist crown, with Dunk Island Resort featuring tennis courts, a nine-hole golf course, numerous dining outlets and a day spa among 160 hotel rooms. , suites and apartments.
Upsense Media Capital Managing Partner Mark Spillane said he was excited about the opportunity to bring new life to the iconic Australian island, saying “sustainable development”.
Andrew Langsford, Senior Vice President of JLL Hotels and Hospitality Group, said: “Australia’s regional hotel market has been a huge beneficiary of Australia’s high overseas spending that has been diverted to the country. However, when international travel resumes, we expect demand from international travelers visiting Australia to accelerate as our appeal as a safe and trustworthy place to visit has been dramatically improved. “
This purchase marks the second time Dunk Island has gone under the hammer in recent years. Reports emerged in 2018 of plans to restore Dunk Island to old glory through a major revitalization program that included, as its centerpiece, a low-rise 160-room eco-resort that is said to be carbon positive and includes many redeveloped and enlarged facilities from its old life such as the golf course as well as more swimming pools, a new conference center and an enlarged airstrip to accommodate planes from further afield.
The project was to be funded by fundraising from cryptocurrencies, but the buyer did not honor the purchase contract and the sale ultimately failed.