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Gore Eyes Qld Marinas

'mariners cove'    MIAA
Craig Gore’s marina group, International Marina Development and Management, is in discussions with owners about buying Mariner's Cove and the Bowen Marina.

Gore, director of IMDM, has been 'in discussions' with City Pacific to buy Mariner's Cove at Main Beach. He has also contacted the administrators of Southport financier Asset Loans about the purchase of the Bowen Marina.

IMDM, which is backed by UK financier Lord Michael Ashcroft, offered Asset Loans $12 million for the North Queensland marina earlier this year, but the offer fell through.

Since then, the Paul Hare and Russell Percival-led group moved into voluntary administration and the administrator, John Greig from Deloitte's in Brisbane, is moving to sell assets.

Gore said he had agreed to purchase Mariner's Cove earlier this year, but the deal failed to 'progress as it should have'.

'We have an undertaking with City Pacific at the moment and we are still working on it,' he said yesterday.

'We entered an agreement to buy certain assets off City Pacific, including Mariner's Cove, but certain things have happened and it hasn't progressed as it should have, but we're still interested in the asset.'

City Pacific's SP Marina Group formed a joint venture with Raptis Group to purchase the Main Beach marina earlier this year. The group picked it up for $49 million.

City Pacific solely funded the purchase, while developer Jim Raptis, who has four companies in receivership, was to take care of its redevelopment.
City Pacific this year reported a $139.4 million loss and has been offloading properties to reduce its debt.

Gore, who through IMDM picked up City Pacific's Townsville Breakwater Marina earlier this year, said he saw marinas as a profitable investment.
He said the company, which owns three marinas, was looking at other marinas 'all over Australia'.

'We see marinas as a growth market,' he said.

He said he hoped the Bowen Marina sale would be 'reinvigorated.
Earlier this year, IMDM bought Hope Harbour from Marina Quays developer, John Fish.

More at www.agg.net.au

by Jeni Bone


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1:54 AM Wed 17 Sep 2008 GMT

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