Magain Real Estate owner Mike Dobbin pays $1m for Whitsundays island

The identity of an Adelaide man who spent $1m on his very own private island in the Whitsundays has been revealed – and his plans aren’t about making a profit.

An Adelaide real estate agent has paid $1m for his very own private island in Queensland’s Whitsundays.

Mike Dobbin, who owns real estate agency Magain Real Estate, has snapped up Poole Island, between Bowen and Airlie Beach, after another would-be buyer went missing.

The 20ha island has two houses – one built in the late 1800s and the other in the 1980s. It is surrounded by coral and features its own runway for small aircraft, a handmade rock swimming pool and sheds.

Poole Island features two residences and its own runway.

Poole Island features a boat ramp.

Mr Dobbin said the property captured his attention when its listing went viral earlier this year.

“I’ve got a place in Hamilton Island, we go to the Whitsundays a lot,” he said.

“I saw there was an island for sale under $1m – it was all over Facebook, social media and in the news – and I thought that’s pretty cheap, what’s the catch?

“It’s 1.2km off the mainland, which I quite liked, because it’s not too far out and so you can get a little boat out there.

“It was never on my agenda to purchase an island but I thought let’s just go for it.

“I think I was the only crazy person to say let’s run with it and see what happens.”

Adelaide real estate agent Mike Dobbin bought the island.

Poole Island is surrounded by coral and features two residences.

Mr Dobbin bought the property before viewing it, and only visited the island for the first time weeks after the purchase was finalised.

“Once it was all accepted we flew up to Queensland, had to get a helicopter across onto the island – me, my son and a mate – we walked around the island for a couple of hours and realised it needed some work,” he said.

The island features two residences, one dating back to the 1800s.

The other was built in the 1980s.

Inside one of the two houses on the island.

“The very first impression was what have we done? But then as we were talking more about it, about the potential, we thought why don’t we fix it up and give it away to people who are suffering or experiencing some hardship.”

Magain Real Estate’s Mike Dobbin. AAP Image / Brenton Edwards

Mr Dobbin said a clean up of the island had already commenced, and renovations of the two houses would start early in the new year.

Once the upgrades are completed, he plans to offer short-term stays on the island to families facing challenges ranging from disability to financial hardship.

“I’ve got a lot of tradie guys wanting to help because I work in real estate,” he said.

“Our ultimate aim is to have it looking really good and inhabited a lot more – we need it to be a bit more occupied.

“I’m really hopeful that we can allow some families to enjoy it.

“This is a not-for-profit thing – it’s not about making money.”

The island was last on the market in 2018 and it was bought by two Sydney-based businessmen for about $1.2m.

A WA-based businessman agreed to acquire the property earlier this year and paid a $5000 deposit, but could not be found to settle the contract.

The leasehold interest acquired by Mr Dobbin has two years to run and can be renewed for about $1000.

Mr Dobbin took over Magain Real Estate from founder Barry Magain in 2012, and has grown the network to 10 offices employing 70 staff.

He also owns strata management firm Stratarama.