The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSING TONIGHT FINAL CHANCE TO GET RECOGNISED FOR YOUR WORK
NOMINATIONS CLOSING TONIGHT | URBAN LEADER AWARDS
NOMINATE NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
19
print
Print
HotelAna NarvaezMon 25 May 20

Dunk Island Investor Mayfair 101 Appoints Receivers

718e16e6-9a27-4bec-a547-ac341ad863c9

The trustee of the property investment firm behind the redevelopment of Queensland’s Dunk Island has appointed receivers after it missed almost $3 million in repayments.

Mayfair 101, led by James Mawhinney, is best known for its heavily-publicised revitalisation of Dunk Island and buy-up of close to $200 million of property in Mission Beach in north Queensland.

The first sign of trouble for the group came in mid-March where it began to delay property settlements in the region as the “pandemic [forced] the group to adjust its forecasts according to the group’s liquidity profile and implement capital prudency plans to protect its investors”.

The group, which generates income from “wholesale” investors, including retirees, claimed to have more than 200 properties in the Mission Beach area under contract.

The promise that Mayfair will facilitate more than $1.6 billion of investment in the region now seems unlikely, after the Victorian Supreme Court appointed receivers Nicholas Giasoumi and Hamish MacKinnon of Dye & Co to Mayfair 101’s $86 million IPO Wealth fund and its various subsidiaries.

In an update to investors, Vasco Trustees said it had made a “number of attempts to contact” Mayfair 101 since the group failed to make two repayments totalling $3 million.

▲Mayfair used instagram influencers, MP Bob Katter and Liv Phyland, to promote the Dunk Island revitalisation. Source: Instagram.


The group’s investor-facing brand, Mayfair Platinum, raised more than $100 million from investors within six months, using newspaper advertisements and instagram promotions to lure prospective investors.

In 2019, the investment group found itself in the cross-hairs of corporate watchdog ASIC after pitching its debenture products as having a similar risk profile to bank term deposits and carrying no default risk.

The federal court slapped temporary injunctions on two of Mayfair Platinum’s investor vehicles in April.

Despite the ban, Mayfair Platinum launched a fixed income property bond to fund its plan to “turn Mission Beach and Dunk Island into an Australian tourism mecca”. Entry into the investment started at $250,000.

In a statement published on Sunday, Mayfair 101 said that the appointment of receivers by Vasco was “premature”.

“Given the current economic conditions imposed by Covid-19, [the receivership] is one that is likely to result in the unfortunate and unnecessary destruction of value for investors in the IPO Wealth Fund.

“Despite contrary media reports, no attempts were made by Vasco to contact the group in the week leading up to the appointment of receivers.”

HotelResidentialAustraliaFinanceReal EstatePlanningPlanningSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
Exclusive

Inside the Strategy Behind Australia’s Largest Direct Real Estate Deal

Phil Bartsch
5 Min
View All >
Infrastructure

Fast-Track Funding Clears Way for 13,000 Queensland Homes

Lindsay Saunders
Sterling Global 623 Collins Street tower rendering HERO
Development

Sterling Global Greenlit for Melbourne Heritage Highrise

Leon Della Bosca
Industrial

Melbourne Steps Out of Sydney Data Centre Shadow

Lindsay Saunders
The Victorian capital is undergoing a growth spurt in part thanks to its two biggest advantages over the Harbour City...
LATEST
Infrastructure

Fast-Track Funding Clears Way for 13,000 Queensland Homes

Lindsay Saunders
2 Min
Sterling Global 623 Collins Street tower rendering HERO
Development

Sterling Global Greenlit for Melbourne Heritage Highrise

Leon Della Bosca
4 Min
Industrial

Melbourne Steps Out of Sydney Data Centre Shadow

Lindsay Saunders
4 Min
Morris Property Group London Circuit concept HERO
Planning

Site Consolidation Bid Latest Step for ACT Office Plan

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/dunk-island-investor-mayfair-101-enters-receivership