Annie Cannon-Brookes buys troubled Dunk Island on the Great Barrier Reef
After several years of false starts and collapsed deals, the Great Barrier Reef’s troubled Dunk Island has sold to Annie Cannon-Brookes, the wife of tech billionaire Mike Cannon-Brookes.
Located four kilometres off the coast of Mission Beach in Queensland’s far north, the 135-hectare property is among a handful of freehold islands on the Great Barrier Reef.
The island was battered by Cyclone Yasi in 2011, leaving behind the dilapidated remnants of the former 160-room Dunk Island Resort – which had previously boasted a nine-hole golf course, restaurants, tennis courts and a day spa.
Cannon-Brookes is said to be assessing plans to develop the freehold part of the island. The remaining portion is taken up by a national park and several camping facilities for visitors.
“Annie has purchased the land with the intent to preserve its natural beauty for years to come,” a spokesperson for Cannon-Brookes said.
It is a case of third time lucky for the vendors of Dunk Island, the family firm of businessman Peter Bond. The Bonds have sold the island twice in recent years, only for the deals to fall through.
In 2019, investment group Mayfair 101 bought the island for $31.5 million with plans to redevelop it into a tourism mecca. But the deal collapsed and, less than a year later, the island was repossessed by Family Island Operations, owned by the Bond family.
Last year music mogul Mark Spillane of Upsense Media Capital promised to bring new life to the island following a deal worth a rumoured $20 million, but the sale also faltered.
The latest deal was brokered by JLL Hotels & Hospitality Group’s Andrew Langsford and Nick Roche, with Tom Gibson from CBRE Hotels. It’s understood the deal was worth almost $24 million.
“It’s been a long time since this part of the market has had some serious investment and attention,” Langsford said. “Having new ownership and new investment in these assets is great for Australian tourism.”
“Given the history of this special asset, this is a very significant transaction for both Mission Beach and the greater Queensland tourism market,” Gibson said.
The island, once co-owned by Qantas, features a commercial sealed airstrip. It also offers a mainland power connection and perpetual water.
Langsford said the transaction reinforced “the sentiment that leisure travel across Australia is poised for continued growth”.
“We’ve seen really strong interest for all leisure destinations across Australia through the pandemic,” he added.
The sale follows other island resort deals, including Glenn Piper’s recent purchase of Hook Island in the Whitsundays for between $10 million and $15 million.
Last year, Andrew Forrest and his wife Nicola’s private investment company, Tattarang, forked out $42 million for Lizard Island on the Great Barrier Reef.
