Mayfair 101 Group remains committed to the Mission Beach region of North Queensland with the aim of turning it into Australia’s next tourism mecca.
The global investment manager is well progressed with local and overseas institutional financiers who are undertaking due diligence on the project.
Final stages of its refinance are expected to be completed next month, which will enable the group to out the finance on Dunk Island provided by the Bond family in the required timeframe and refinance its mainland property financier, Napla.
Mayfair 101 Group managing director James Mawhinney said: “We are working with the right, credible financiers to deliver this project in full.
"Due diligence processes are well underway, including on-site visits that commenced last week.
"These funders are sufficiently experienced to see through the noise and see the value in the opportunity to support the project.
"We are going through formalities now to get this finalised in line with their investment mandates.”
Mayfair Iconic Properties and Mayfair Tourism have staff based fulltime at Mission Beach that are assisting with the due diligence processes while getting ready for the next phase of the project to commence.
Mawhinney said this continued presence on the ground demonstrated the group’s ongoing, unwavering commitment to the region.
While work has been temporarily suspended on the Dunk Island Spit Bar, Mayfair Iconic Properties says that this is one of the first projects that will be recommenced upon the finalisation of the funding.
The concrete has been poured and the bar is expected to be fully operational in the December quarter of 2020.