Latest news with #Atlassian
Courier-Mail
2 days ago
- Business
- Courier-Mail
Australia's ghosted islands, resorts abandoned and under siege
A shocking tale of neglect and abandoned opportunities is unfolding in one of Australia's most cherished regions as a dozen once-thriving island resorts lie in ruins. Critics warn the derelict properties are a blight on the pristine beauty of the Great Barrier Reef, left to decay by absentee owners who have turned their backs on resorts that were once jewels of the tourism industry. MORE: Foreign investor's abandoned island for sale 'Not safe': Abandoned Aus skate rink exposed MORE: All the tax write offs Aussies can claim ATO's dragnet: Millions of side hustles face shock tax bill From cyclone-ravaged Double Island, once held by billionaire Benny Wu and now under state control, to the ghostly remains of Hinchinbrook Island Resort, these islands are a haunting reminder of what could have been. The Queensland government, under Premier David Crisafulli, is cracking down – issuing ultimatums to negligent owners to either revive their properties or face losing their leases. The economic impact is undeniable, with a government inquiry into island resorts warning such long-abandoned sites represent a colossal missed opportunity for the economy and the tourism industry. Pressure is building with the world spotlight set to focus on the region in a little over a handful of years when the Olympics are hosted in the state. SCROLL DOWN FOR LIST OF RESORTS MORE: Cash-strap student turns $40k to 38 homes Govt pays $3.3m for unliveable derelict house Queensland Tourism Industry Council CEO Natassia Wheeler expressed her dismay: 'It's disappointing to see so many of Queensland's island resorts closed. Island tourism put Queensland on the map decades ago, and whether or not visitors choose to stay on an island, these destinations remain critical to positioning Queensland as a leading holiday destination.' She said the need for investment was dire. 'Reinvigorating island resorts will require significant investment, particularly in infrastructure including transport to ensure accessibility, along with a reduction in red tape.' 'The industry that we represent tells us that streamlining operational and approval processes is essential to the long-term success of the state's island resorts.' MORE: Rate cut windfall: Aus big bank's shock new forecast Shock as city's distressed home listings surge 36pc in one month But there's a glimmer of hope. New investors, like Annie Cannon-Brookes – wife of billionaire co-founder of Atlassian Mike Cannon-Brookes – who bought the beleaguered Dunk Island – are being heralded as offering a chance to breathe new life back into forgotten paradises. Ms Wheeler said there are strong examples of success to draw from. 'Hamilton Island, InterContinental Hayman Island, and Daydream Island in the Whitsundays continue to perform well thanks to major investment, strong brand presence, and reliable access.' 'In Central Queensland, Heron, Wilson, and Lady Elliot Islands are thriving with eco-focused models that offer unique Great Barrier Reef experiences. Further north, Orpheus Island near Townsville stands out as a high-end, sustainably operated resort attracting premium travellers.' ABANDONED PARADISE: AUS RESORTS LEFT BEHIND 1. Double Island (Cairns Region) Status: Abandoned; resort in ruins. Ownership: Previously owned by Benny Wu; now state-owned. Current Status: Queensland government issued an ultimatum to redevelop or forfeit lease. 2. South Molle Island (Whitsundays) Status: Resort devastated by Cyclone Debbie in 2017; remains abandoned. Ownership: Previously purchased by a Chinese company; now under state control. Current Status: Up for sale; expressions of interest sought for redevelopment. 3. Lindeman Island (Whitsundays) Status: Club Med resort abandoned; uninhabited for nearly a decade. Ownership: Recently bought after 10 years of vacancy. Current Status: Restoration efforts began in early 2024. 4. Hook Island (Whitsundays) Status: Abandoned after Cyclone Anthony in 2011. Ownership: New owner plans eco-lodge development. Current Status: Development application for $40 million eco-lodge lodged. 5. Brampton Island (Mackay Region) Status: Resort closed; infrastructure deteriorating. Ownership: Owned by United Petroleum since 2010. Current Status: Resort remains abandoned; future uncertain. 6. Great Keppel Island (Yeppoon) Status: Resort deteriorating since 2008 financial crisis. Ownership: Ownership changes; current status unclear. Current Status: Efforts to revive resort ongoing. 7. Laguna Quays (Near Airlie Beach) Status: Resort closed shortly after opening due to bankruptcy. Ownership: Ownership and future plans unclear. Current Status: Resort remains abandoned. 8. Capricorn Resort (Yeppoon) Status: Closed in 2016 due to neglected facilities. Ownership: Ownership and future plans unclear. Current Status: Resort remains abandoned. 9. Keswick Island (Mackay Region) Status: Resort inactive; Chinese leaseholder controversies. Ownership: Owned by Chinese company; leaseholder issues. Current Status: Queensland government threatening to seize control. 10. Dunk Island – QLD Status: Iconic resort wiped out by Cyclone Yasi (2011). Current: Remains in ruins; several failed redevelopment attempts. Ownership: Privately owned (recently sold in 2022); no confirmed rebuild. 11. Hinchinbrook Island Resort – QLD Status: Luxury wilderness lodge closed after Cyclone Yasi. Current: Site vandalised and collapsing. Ownership: Privately owned; no development activity. 12. St Bees Island – QLD Status: Not necessarily rundown as under-utilised. Resort facilities are unused, the island is leased long-term. Current: Known for rock wallabies; tourism infrastructure inactive. Ownership: Private leaseholder. MORE REAL ESTATE NEWS
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Luxury Sydney apartment sells for $141.55m, setting national home price record
Multimillionaire Yan Zhang has paid $141.55 million for Australia's most expensive residence, a penthouse overlooking Sydney Harbour. The mystery purchaser can finally be revealed of the top three floors of Lendlease's One Sydney Harbour development at Barangaroo South, after settling on the home on Thursday. The off-the-plan sale, inked in 2019, is an amalgamation of the two-storey penthouse of the Renzo Piano-designed building, which is for himself, and a sub-penthouse directly below, for friends and family to stay in. It tops all of Australia's previous confirmed house and apartment records, including Atlassian co-founder Scott Farquhar 's $130 million Elaine sale, which settled to a consortium of developers last week who are planning to carve it up and sell it off in four lots. It also eclipses Crown Resort's One Barangaroo circa $80 million penthouse next door, which is widely tipped to have sold to James Packer 's lieutenant Lawrence Myers last week. The previous national house price record was held in conjunction with Uig Lodge, which was set by the tech billionaire Farquhar after paying $130 million in late 2022 for the Scottish baronial mansion, which he bought from rag traders Steven and Carol Moss. That sale smashed the previous record holder by some $30 million set by his counterpart Atlassian's other founder Mike Cannon-Brookes. The tech billionaire and his wife Annie purchased Fairwater in Point Piper for $100 million, ending more than a century of Fairfax family ownership. A mansion in Melbourne's Toorak also sold this year for at least nine figures, although is reportedly unlikely to top the national record. Sources have put the sale price anywhere from $115 million to $135 million.
The Age
2 days ago
- Business
- The Age
Luxury Sydney apartment sells for $141.55m, setting national home price record
Multimillionaire Yan Zhang has paid $141.55 million for Australia's most expensive residence, a penthouse overlooking Sydney Harbour. The mystery purchaser can finally be revealed of the top three floors of Lendlease's One Sydney Harbour development at Barangaroo South, after settling on the home on Thursday. The off-the-plan sale, inked in 2019, is an amalgamation of the two-storey penthouse of the Renzo Piano-designed building, which is for himself, and a sub-penthouse directly below, for friends and family to stay in. It tops all of Australia's previous confirmed house and apartment records, including Atlassian co-founder Scott Farquhar 's $130 million Elaine sale, which settled to a consortium of developers last week who are planning to carve it up and sell it off in four lots. It also eclipses Crown Resort's One Barangaroo circa $80 million penthouse next door, which is widely tipped to have sold to James Packer 's lieutenant Lawrence Myers last week. The previous national house price record was held in conjunction with Uig Lodge, which was set by the tech billionaire Farquhar after paying $130 million in late 2022 for the Scottish baronial mansion, which he bought from rag traders Steven and Carol Moss. That sale smashed the previous record holder by some $30 million set by his counterpart Atlassian's other founder Mike Cannon-Brookes. The tech billionaire and his wife Annie purchased Fairwater in Point Piper for $100 million, ending more than a century of Fairfax family ownership. A mansion in Melbourne's Toorak also sold this year for at least nine figures, although is reportedly unlikely to top the national record. Sources have put the sale price anywhere from $115 million to $135 million.
Yahoo
3 days ago
- Business
- Yahoo
Mizuho Trims Atlassian (TEAM) Price Target, Maintains Buy Rating
Atlassian Corporation (NASDAQ:TEAM) is one of 10 AI stocks that will skyrocket. Mizuho has lowered its price target on Atlassian Corporation (NASDAQ:TEAM) to $325 from $355, while maintaining an Outperform rating following the company's recent user conference. The adjustment reflects what the firm describes as a 'meaningful recent contraction' in comparable valuation multiples, driven by broader market concerns and an increased likelihood of a recession. In a research note to investors, Mizuho emphasized that while macroeconomic uncertainty has impacted near-term sentiment and sector valuations, it continues to view Atlassian's long-term fundamentals positively. The firm said the company's growth trajectory remains underappreciated and believes Atlassian is well-positioned to outperform peers over a multi-year horizon. Atlassian Corporation (NASDAQ:TEAM), known for its collaborative software tools including Jira, Confluence, and Trello, has seen consistent demand from both large enterprises and smaller development teams. Mizuho pointed to the company's ongoing investments in cloud migration, product innovation, and AI-enhanced features as drivers of future revenue and customer expansion. Despite the revised price target, the Outperform rating signals confidence in Atlassian's ability to navigate macro challenges while continuing to grow its user base and improve profitability. Mizuho maintains that Atlassian's combination of product breadth, customer loyalty, and long-term margin potential sets it apart from many competitors in the enterprise software space. While we acknowledge the potential of TEAM to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than TEAM and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 10 Best Small Cap Tech Stocks With Biggest Upside Potential and 7 Most Popular AI Penny Stocks Under $5 To Avoid. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
2 Software Stocks with Competitive Advantages and 1 to Ignore
Software is rapidly reducing operating expenses for businesses. In the past, the undeniable tailwinds fueling SaaS companies led to lofty valuation multiples that made it easier to raise capital. But this was a double-edged sword as the high prices exposed them to big drawdowns, and unfortunately, the industry has tumbled by 6.9% over the last six months. This drop was disappointing since the S&P 500 held steady. Investors should tread carefully as only some businesses are worthy of their valuations, and luckily for you, we started StockStory to help you find them. On that note, here are two software stocks we think can generate sustainable market-beating returns and one best left ignored. Market Cap: $9.82 billion Founded by payroll software veteran Steve Sarowitz in 1997, Paylocity (NASDAQ:PCTY) is a provider of payroll and HR software for small and medium-sized enterprises. Why Are We Hesitant About PCTY? Estimated sales growth of 8.3% for the next 12 months implies demand will slow from its three-year trend Gross margin of 68.8% is below its competitors, leaving less money to invest in areas like marketing and R&D Paylocity's stock price of $175.26 implies a valuation ratio of 6x forward price-to-sales. If you're considering PCTY for your portfolio, see our FREE research report to learn more. Market Cap: $50.6 billion Founded by Australian co-CEOs Mike Cannon-Brookes and Scott Farquhar in 2002, Atlassian (NASDAQ:TEAM) provides software as a service that makes it easier for large teams of software developers to manage projects, especially in software development. Why Will TEAM Beat the Market? Average billings growth of 14.7% over the last year enhances its liquidity and shows there is steady demand for its products Software platform has product-market fit given the rapid recovery of its customer acquisition costs Strong free cash flow margin of 29.6% enables it to reinvest or return capital consistently Atlassian is trading at $196.31 per share, or 8.6x forward price-to-sales. Is now the right time to buy? Find out in our full research report, it's free. Market Cap: $45.8 billion Built on top of Salesforce as one of the first vertical-focused cloud platforms, Veeva (NYSE:VEEV) provides data and customer relationship management (CRM) software for organizations in the life sciences industry. Why Is VEEV Interesting? Billings have averaged 14.6% growth over the last year, showing it's securing new contracts that could potentially increase in value over time Highly efficient business model is illustrated by its impressive 27% operating margin, and its rise over the last year was fueled by some leverage on its fixed costs Impressive free cash flow profitability enables the company to fund new investments or reward investors with share buybacks/dividends At $280.30 per share, Veeva Systems trades at 14.6x forward price-to-sales. Is now the time to initiate a position? See for yourself in our in-depth research report, it's free. The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today for free. Find your next big winner with StockStory today. Find your next big winner with StockStory today Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
