Cannon-Brookes’ buy Dunk Island
Annie Cannon-Brookes, the wife of Australia’s third richest person, Atlassian co-founder, Mike, has swooped on Dunk Island for $23.7 million.
The off-market deal comes 13 months since Upsense Media agreed to buy the rare Great Barrier Reef island freehold for an unconfirmed price, rumoured between $20-$25m.
That buyer intended to create a luxury resort with a c$1.5 billion end value – before recently pulling out.
Ms Cannon-Brookes is expected to rebuild it with tourist accommodation, though with a sustainability and possibly wellness focus.
Dunk Island’s vendor, Linc Energy founder, Peter Bond, was represented by JLL’s Andrew Langsford and Nick Roche with CBRE’s Tom Gibson.
Fourth time lucky
Considered progressive, Mr Cannon-Brookes has in recent years snapped up legacy assets such as stakes in NBA team Utah Jazz, and the South Sydney Rabbitohs.
With his wife, the businessman has also snapped up significant real estate, including in the NSW Southern Highlands.
In 2018, the pair spent c$100m for Sydney’s landmark Fairwater, which had been held by the Fairfax family over 115 years (story continues below).
In Point Piper, that property neighbours Elaine, which the other Atlassian founder, Scott Farquhar, acquired the year earlier for c$70m.
Mr Bond paid Hideaway Resorts $7.5m for Dunk Island in 2011, shortly after it was damaged by Cyclone Yasi.
Plans to develop were thwarted however when Linc Energy went into liquidation five years later.
It sold in 2019, to Mayfair 101, led by James Mawhinney, who planned to integrate a resort with a mixed use project on nearby, mainland Mission Beach.
Worth c$31.5m, that deal collapsed when Mr Bond repossessed the property the year later, when it was re-offered.
The 970 hectare island, only a small portion of which is developable, was formerly, separately, owned by Avis Rent a Car founder Eric McIlree, PO Australian Resorts and Qantas.
Subscribe to our newsletter at the bottom of this page.
