SYDNEY, Sept. 23 (Xinhua) -- After nearly a decade of lying derelict, and looking more like the setting of a post-apocalyptic horror movie than a once-great holiday resort, Australia's Dunk Island is finally set for redevelopment having been decimated by a category-five cyclone back in 2011.
Purchased by international conglomerate Mayfair 101, the company has shelled out 32 million Australian dollars (21.7 million U.S. dollars) for the tropical far north island located 140 km south of Cairns, with a plan to invest millions more on the rebuild.
The deal will also see the London-based firm snap up over 200 tourism-related properties at the nearby Mission Beach area on the mainland.
In a statement on Monday, the company said it expects to facilitate more than 1.6 billion Australian dollars (1.08 billion U.S. dollars) in investment into the Mission Beach region over the next 15 years, expecting to create over 10,500 direct and indirect full-time jobs during the construction process.
"Dunk Island is an iconic part of Australia's history," Mayfair 101's Managing Director James Mawhinney said.
"Located between two world-heritage areas, our vision is to create a tourism mecca with Dunk Island becoming one of the most sought-after island destinations in the Asia-Pacific region."
Hit by Cyclone Yasi eight years ago, the island was blasted with 285 km per hour winds that tore apart 40 suites at the former holiday resort.