Dunk developer says project remains a high priority
Mayfair 101 says the appointment of receivers by the IPO Wealth Fund’s trustee, Vasco Trustees Limited, does not directly impact on its assets in the Mission Beach area, which are not subject to the receivership process.
Mayfair Iconic Properties is behind a $1.6 billion plan which it says will restore Dunk Island and the Mission Beach region as a leading island destination in the Asia-Pacific.
In March it awarded Cairns-based Bryant Building Contractors a contract for construction of the new Dunk Island Spit bar.
In a statement today the Mayfair 101 Group said it was working with the receivers to provide the required information and was developing a plan to ensure value was maximised for investors in the IPO Wealth Fund.
“Once the restructure is complete the Mayfair 101 Group will be in a position to resume settlements, which is expected to occur in a similar timeframe to COVID-19 restrictions easing and financial market conditions improving,” it said.
“The Mayfair 101 Group’s investment in Mission Beach and Dunk Island continues to be an investment of national importance and one that aligns with the Government’s objectives to grow local tourism.
“The project will deliver over 10,000 jobs for Far North Queensland and provide the country with a highly sought-after, vibrant tourism destination.”
The company said the Dunk Island Spit Bar works were continuing, with concrete works having commenced on Monday (May 25).
It said the new bar was scheduled to be open by October 2020.