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Mackay Marina could sell as package deal, fetch $40 million

ASIAN buyer interest could prove key to the future of the Mackay marina precinct.

Prospective buyers from overseas and in Australia have already expressed interest in Mackay Marina, despite it not being officially listed on the market until October 10.

Resort Brokers Australia will launch a five-week international expressions of interest campaign to sell the "full-service, destination marina" and its adjacent commercial precinct including the shipyard and hardstand.
 

It is being sold by Brisbane-based developer Port Binnli Group, which established the facility in a number of stages during the early 2000s as part of a major mixed-use waterfront precinct that also includes a range of residential apartments.

Resort Brokers Australia's national sales manager Trudy Crooks, who was appointed exclusive agent along with senior broker Glenn Millar, described the marina as a "rare property" unlike anything that had gone on the market in this country before, which would likely draw strong interest from China, India and Singapore, as well as locally.

It also wouldn't be out of the question to expect that a cashed up buyer, happy to drop nearly $40 million for the marina, could also fork out for an island.

"I think there'll definitely be interest from Asian buyers because Australia is seen as such a safe place to invest your money," she said.

"And also long-term it's got a lot of growth potential.

"But I also wouldn't be surprised if an Australian company comes to the table, who already owns key marine assets or other big tourism assets, looking to expand their portfolio."

 

Keswick Island, located 34km off the coast of Mackay, is also on the market and expected to sell for $20-30 million.

THURSDAY: THE Mackay Marina sale has already attracted interest from potential buyers.

Resort Brokers national sales manager Trudy Crooks said it's a rare piece of property.

"This is an absolutely trophy asset," she said.  

She said with a diverse income source (of residential, commercial, shipping yard and marina), on the Queensland coast, so close to Whitsunday and opportunities to expand, its going to get interest from around the world.

"There will be overseas interest, from places like Asia, but there will also be Australian interest," Ms Crooks said.

The property is expected to fetch its owners, Port Binnli Group, somewhere in the high $30 millions.

According to Ms Crooks, the development has made about $3.5 million on average for the past four years.

Ms Crooks said she couldn't really compare this sale with any others recently because it was such a unique development.

"There is the potential that the vendor will break it up," Ms Crooks said.

She said there could be buyers that are interested in different parts of the development.

 

 

UPDATE, 10.40am: MAYOR Greg Williamson says the potential sale of the 479-berth Mackay Marina in its entirety would be an important vote of confidence in the future of our city.

Cr Williamson "wasn't personally aware" of Port Binnli Group's intention to sell the "very saleable product" and its accompanying real estate through Resort Brokers Australia until this morning.

However, he's welcomed the news an expression of interest campaign will be launched by Resort Brokers on Monday (October 10) and said he hoped "we get somebody that sees the future development of our region as something they want to invest in".

"I don't think any business would really want to share their intent (to sell) right away ... business is business and that's their right as a private enterprise organisation to develop and sell it on. That's the way the commercial world works," he said.

"This is an important precinct ... it's an icon area in terms of marine development and marine involvement in our area and it's extremely important.

"It's extremely important for our tourism industry, it's extremely important for our marine industry (and) attracting large vessels, or vessels all around the world to Mackay is done via the marina, and they've (Port Binnli Group) done a lot of work too, and I congratulate them for that.

"So, I'd be very hopeful that potential buyers of the marina would still see the intention of being part of the developing economy of the Mackay region and contributing to tourism, marine development, etcetera."

Cr Williamson said he'd be "very keen to throw my weight (behind a sale) to attract the right people".

"If Port Binnli want to get out that's fine and I would hope that we get somebody that sees the future development of our region as something they want to invest in. That's what I'd be keen to talk up as well," he said.

 

Pre-dawn at the marina, snapped by Bill Cameron.
Pre-dawn at the marina, snapped by Bill Cameron. Contributed

 

Cr Williamson said the marina plays an important part in Mackay Regional Council and Mackay Tourism's push to further develop the Mackay region tourism market.

"One of the journalists that was actually here (as part of our recent media tour of Mackay) was from the Crusing Helmsman of Australia magazine and he was blown away by the marine precinct, the port precinct and the liveability of the whole area, its close position to our urban precinct," he said.

"So, our proximity to the Whitsundays, our port facilities, the marina facilities, our engineering facilities we have out there, the boat facilities we have out there, it all stacked up very, very well.

"I think Port Binnli have done a great job, a great service to our district in building what they've built out there and good luck to them and I hope when they're selling it they get somebody who's willing to take that investment and build on it."

Mackay Marina and adjacent properties cover almost 25 hectares, including the 20.8-hectare marina basin on a 99-year seabed lease (expiry 2098), and freehold land and buildings covering 4.1 hectares.

The 479-berth marina accommodates vessels up to 50 metres and includes six super-yacht berths, specially designed multihull, commercial fishing and maintenance berths, a 13-bowser fuel dock, and approval to construct a further 49 berths.

Immediately to the north, adjacent to Mackay Harbour and freight terminal, the 1.44-hectare Mackay Marina Shipyard includes secure hardstand capacity for 32 vessels, a 65-tonne travel lift, high clearance workshop, boat cradles, forklift, and 11 service industry tenancies.

Also included in the sale are freehold car parking areas covering 1.4 hectares, with 241 parking bays, including 136 secure spaces and marina amenities blocks.

 

A shot of Mackay Marina by Stuart Higgins.
A shot of Mackay Marina by Stuart Higgins. Contributed

 

INITIAL, 7.46am: THE 479-berth marina at Mackay is about to be offered for sale for the first time, along with extensive associated commercial real estate.

Resort Brokers Australia will next week (Monday, October 10, 2016) launch a five-week international expressions of interest campaign to sell the large full-service, destination marina and its adjacent waterfront commercial village, shipyard and hardstand.

It is being sold by Brisbane-based developer, Port Binnli Group, which established the facility in stages during the early 2000s as part of a major mixed-use waterfront precinct that also includes a range of residential apartments.

The facility is a twice winner of Australia's Marina Industries Association Marina of the Year.

Resort Brokers national sales manager, Trudy Crooks, and senior broker, Glenn Millar, have been appointed exclusive agents.

The Mackay Marina and adjacent properties cover almost 25 hectares, including the 20.8-hectare marina basin on a 99-year seabed lease (expiry 2098), and freehold land and buildings covering 4.1 hectares.

The 479-berth marina accommodates vessels up to 50 metres and incudes six super-yacht berths, specially designed multihull, commercial fishing and maintenance berths, a 13-bowser fuel dock, and approval to construct a further 49 berths.

Immediately to the north, adjacent to Mackay Harbour and freight terminal, the 1.44-hectare Mackay Marina Shipyard includes secure hardstand capacity for 32 vessels, a 65-tonne travel lift, high clearance workshop, boat cradles, forklift, and 11 service industry tenancies.

Also included in the parcel are freehold car parking areas covering 1.4 hectares, with 241 parking bays, including 136 secure spaces and marina amenities blocks.

Mr Millar said the marina and commercial freehold properties were offered in one line as a fully-managed facility.

"That said, the door is always open for an experienced marina owner-operator who would prefer to run the business themselves."

"We've seen quite a bit of activity around this alternative asset class lately, including we believe the off-market sale of the large-sale Horizon Shores Marina on the Gold Coast to a party that also owns the Port of Airlie and Martha Cove Marinas.

"And the D'Albora Marinas portfolio stirred up considerable domestic and international interest, so we see this as an opportune time to bring this trophy asset to market, particularly given the heightened interest in tourism investment on the Great Barrier Reef."

Port Binnli Group, headed by directors Malcolm Hall-Brown, Peter Hooke and Neil Morris, also developed and recently sold Raby Bay Marina on Brisbane's bayside.

The company is now focused on a $1 billion master-planned community on Brisbane's north side, incorporating the Northeast Business Park and 1,500-lot North Harbour residential and marina precinct, in partnership with international construction giant Laing O'Rourke.

The Expressions of Interest period for the Mackay Marina, village and shipyard will close on Friday, November 11.

Topics:  mackay marina property



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