Please select your home edition
Edition
Lancer 40 years

Hope Harbour Marina sells for a song

by Media Services on 1 Dec 2013
Hope Harbour .. ©
The Hope Harbour Marina on the northern Gold Coast has sold for a fraction of the price it sold for six years ago. Equitable Investments, reportedly linked to one of New Zealand’s wealthiest families, the Spencer family, purchased the 281 wet-berth marina on John Lund Drive at Hope Island for a reported AUD$14 million from receiver PPB Advisory.

The marina was purchased at the top of the market in 2007 by bankrupt businessman Craig Gore for $38 million. It fell into the hands of receivers during the financial crisis.

The New Zealand-based investment entity, reportedly managed by property investor Chris Spencer, snapped up the 7.8 hectare marina, as well as the Couran Cove Resort ferry terminal, 20,000 square metres of development land and a factory complex with eight marine industry sheds on 4,112 square metres.


The marina occupies nearly 7.8 hectares and includes 281 wet berths, a harbour master’s building and refuelling wharf, as well as shops and two residential apartments.

Colliers International managed the sale, also recently selling Marina Oceanus, which adjoins the Marina Mirage shopping centre at Main Beach. Agents reported that in marketing both properties, there was a great deal of interest from buyers in marina assets.

'The strong level of interest can be attributed to the perception in the marketplace that the improving economy in the medium term will lead to rising boat sales and registrations as more people splash out and once again enjoy leisure activities on the water,' said agent, Brad Johnston.

'The Gold Coast of course can really be described as the boating capital of Australia.'

According to Colliers International research, there are currently 27,198 watercraft on the Gold Coast comprising vessels both with sails and without, ranging in size of up to three metres to 25 metres and over.

He added that in addition to a general rebound in interest in marinas, buyers were particularly attracted to Hope Harbour Marina largely due to its location.

'The offers received for this offering were from sophisticated investors who understand this market,' he said.

'The Hope Harbour Marina in particular has a unique location – it’s close to the Gold Coast Broadwater, allowing ease of access for marine craft, and is has an established clientele at the northern end of the Gold Coast, which has experienced significant growth in recent years and is continuing to grow, with plenty of amenity being built to support that growth.

'Hope Harbour is ideally located within this precinct, as it is central to Sanctuary Cove and Hope Island resorts, providing easy access to all local attractions and amenities.'

Mr Johnston said the investors interested in the Hope Harbour offering identified an asset that had existing cash flow, with the potential to grow that cash flow as the economy improves and the northern part of the Gold Coast grows.

'Indeed, in addition to the growth that will take place in the area, there is the potential to further develop the Hope Harbour properties, which will add further value. They are not yet at their highest and best use.'

In the past six months, heavily discounted marinas have been sold by receivers in Queensland.

The Spinnaker Sound Marina, north of Brisbane, has changed hands, as well as Marina Oceanus, fronting the Marina Mirage shopping centre on the Southport Spit, and Abell Point Marina, at Airlie Beach.

The Spencer family is most notable in New Zealand for establishing the Caxton Printing Works. Late patriarch Peter Spencer developed a wide range of businesses including financial services Equitable Group, now controlled by his son Chris.
Henri Lloyd 50 YearsBarz Optics - Melanin LensesHella Marine - July 2016

Related Articles

Twin Disc redefines Marine Power Steering
Redefining power steering, Twin Disc offers its next-generation E-STEER™. Redefining power steering, Twin Disc offers its next-generation E-STEER™. This state-of-the-art control solution connects the helm to hydraulic-powered rudder(s) electronically and delivers a whole new driving experience.
Posted on 3 Dec
New VicEmergency app launched
The new VicEmergency app provides Victorians with access to warnings and incidents for fires, floods and water safety. The new VicEmergency app provides Victorians with access to warnings and incidents for fires, floods, storms, earthquake, tsunamis and water safety.
Posted on 2 Dec
Princess to pay largest ever criminal penalty for vessel pollution
Princess Cruise Lines has agreed to plead guilty to seven felony charges stemming from deliberate pollution of the seas Princess Cruise Lines Ltd. (Princess) has agreed to plead guilty to seven felony charges stemming from its deliberate pollution of the seas and intentional acts to cover it up. Princess will pay a $40 million penalty– the largest-ever criminal penalty involving deliberate vessel pollution – and plead guilty to charges related to illegal dumping of oil contaminated waste from the cruise ship.
Posted on 2 Dec
Kiwi technicians top Yamaha Oceania Technician Grand Prix 2016
Kiwi technicians took out the top two spots at the recent Yamaha Oceania Technician Grand Prix 2016 The Yamaha Marine Technician Grand Prix, which took place on the 16th of November 2016, is a technical knowledge and skills based contest, held at Yamaha’s National Marine Training facility in Brisbane. The event brings together the very best Yamaha Marine Technicians from Yamaha dealerships all over Australia and New Zealand.
Posted on 30 Nov
Boat owners - a good insurance policy and broker can be your savior
Neil Bailey gives some sound advice from both a broker's and boatie's perspective. Too frequently boat-owners only find out how good their insurance policy is, and their insurer, after they make a claim. Neil Bailey is the principal of an Insurance Brokerage that bears his name. He is also a boat owner and life-long sailor and boat-owner. Here he gives some sound advice from both a broker's and boatie's perspective.
Posted on 30 Nov
Big boats booming at Maritimo
In the world of Maritimo it seems that big boats are all the go with 2016 seeing a significant lift in number of sales In the world of Maritimo it seems that big boats are all the go with 2016 seeing a significant lift in the number of sales of the company's largest models.
Posted on 25 Nov
Ensign want to sell your boat!
Ensign have had such a successful sales year that they are now looking for more pre-used stock to sell. Ensign, one of Australia’s largest yacht brokers, have had such a successful sales year that they are now looking for more pre-used stock to sell. At their head office location at Main Beach, Queensland, they can offer amazing rates on berthing while the boat is on sale at their Marinas Cove Marina and that means great exposure.
Posted on 24 Nov
Marine Resources job updates
The latest jobs in the marine industry Marine Resources specialises in filling job vacancies within the Leisure Marine Industry. We have a variety of recruitment services to suit all types of marine employer.
Posted on 18 Nov
Announcing new Simrad® NSS EVO3 multifunction displays
Next generation Simrad® NSS Evo3 multifunction displays were announced today, featuring new SolarMAX™ HD screens Next generation Simrad® NSS Evo3 multifunction displays were announced today, featuring new SolarMAX™ HD screens, Dual Channel CHIRP sounder compatibility and an expanded keypad, plus a host of premium features that make the NSS Evo3 Series the choice of power boaters and sport fishermen around the globe.
Posted on 16 Nov
FUSION Entertainment announces Sound-Panel Onboard Entertainment
FUSION®, a worldwide leader in lifestyle entertainment, announced today introduction of FUSION RV-FS402 Sound-PanelTM. FUSION®, a worldwide leader in lifestyle entertainment, announced today the introduction of the FUSION RV-FS402 Sound-PanelTM.
Posted on 16 Nov