Dunk Island: Mayfair 101 claims ASIC action could halt development

The developers behind a vision for Dunk Island and Mission Beach claim the Australian Securities and Investments Commission’s legal action against the company could delay or halt its plans.

London-based investment group Mayfair 101 owns Dunk Island

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THE developers behind a new vision for Dunk Island and Mission Beach claim the Australian Securities and Investments Commission’s (ASIC) legal action against the Mayfair 101 Group could delay or halt plans for the Cassowary Coast drawcards.

The Mayfair 101 Group rejected claims made by ASIC in the Federal Court that its entities engaged in misleading or deceptive conduct with respect to products offered to wholesale investors. A spokesman for the Mayfair 101 Group said the group would vigorously defend the proceedings.

The Mayfair 101 Group is behind the much-anticipated redevelopment of Dunk Island and Mission Beach. The estimated $1.6 billion project is supported by Mission Beach residents and is bringing much-needed employment and economic activity to the region.

“Our region has had too many false starts and to date, Mayfair 101 has demonstrated significantly more promise and action than we’ve previously seen. Their activities have already led to increased employment and economic activity, and a more positive outlook for our community,” local economist Pete Faulkner said.

ASIC’s action also came as some media reports criticised the group’s decision to suspend redemptions on March 11 in response to COVID-19, a step generally taken by fund managers to protect the value of their assets and preserve liquidity during periods of uncertainty, the company said.

Long-term investor with the Mayfair 101 Group, Lawrence Aubert said alternatives like Mayfair 101’s products were “a good fit given the current low rate environment”.

Originally published as Dunk Island: Mayfair 101 claims ASIC action could halt development