Billionaire family buys Dunk Island for around $25M

Annie Cannon-Brookes has bought the dilapidated Dunk Island for about $25 million. 

Mrs Cannon-Brookes, wife of Atlassian chief executive Mike Cannon-Brookes, has tasked herself with laying out a resuscitation plan for the idle island to capitalise on the resurgent domestic tourism boom. 

The deal was brokered by JLL Hotels & Hospitality Group’s Andrew Langsford and Nick Roche and CBRE Hotels’ Tom Gibson.

“This transaction reinforces the appeal of investment in coastal locations and the sentiment that leisure travel across Australia is poised for continued growth,” Langsford said. 

“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.

Mike Cannon-Brookes, who has been in the news lately for his takeover bid of energy giant AGL, has purchased a series of high-profile properties including Wattle Ridge which is a luxury manor in the NSW Southern Highlands and a beachside home at Coaster’s Retreat at Pittwater. 

As one of only a few freehold islands on Great Barrier Reef, Dunk offers significant development potential as it looks to once again become a tourism icon. The infrastructure around the island is sound with mainland power connection, commercial sealed airstrip, perpetual water, and extensive utilities. 

A spokesperson for Annie Cannon-Brookes said, “Annie has purchased the land with the intent to preserve its natural beauty for years to come.”

The sale comes after the failed bid by entertainment and media wholesale private equity fund Upsense Media Capital, which had unveiled plans to buy Dunk Island for between $20 million and $25 million.

The deal fell through last year.

Irit Jackson, 13^th July 2022