Marina Mirage: Shopping centre owner plans to improve shopping centre and marina

A billionaire retail investor says he has grand plans to revamp one of the Gold Coast’s most famous shopping centres.

CON Makris, billionaire retail investor, isn’t about to join the contest for Mariner’s Cove on the Southport Spit.

The Greek-born owner of two up-market Gold Coast shopping centres appeared a possible contender when the Sunland Group put the ‘Cove’ on the market last month.

After all, he owns the Christopher Skase-built Marina Mirage next door.

Con’s a man who doesn’t mince words.

‘Not interested’, was his response when he was asked whether he would have a tilt at the Sunland asset.

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Soheil Abedian is selling the Mariner's Cove marina, with Con Makris, who owns the neighbouring Marina Mirage.

No, he said he was 100 per cent committed – three times over – to improving Marina Mirage and its marina.

He bought the shopping centre from receivers for $52 million in 2013 and six months later bought the marina that sits in front of the centre for a tad over $7 million.

Con, who shaped his fortune in Adelaide and owns the retail-office component at Broadbeach’s Oracle towers, apparently is working on major plans for the marina, which had 83 berths when he bought it.

Marina Mirage

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He’s previously signalled lifting that number to 130.

Provision to dock superyachts might also be among his plans.

The sell-off of Mariner’s Cove will give non-starter Con, and other would-be buyers, an insight into today’s marina values.

COO Jason Makris. Picture: Jerad Williams

The Mariner’s marina, which is on a 2.8ha seabed lease, has 102 berths and, when fully leased, has an estimated income of $1.35 million.

The retail and commercial component of the property sits on 1.15ha and is tipped to return $1.434 million when fully occupied.

The leases on the land and seabed have 48 years to run and cost the Mariner’s Cove owner $480,000 a year.

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With the Makris wallet out of the equation, it will be interesting to see whether other self-made people are among those who stick their hands up for Mariner’s Cove, which some might see as a trophy property.

It was built in the 80s by Peter Laurance, who hailed from Perth and at one time controlled Sea World.

The sales outcome promises to deliver a juicy profit for Sunland, which bought it from receivers for $13 million in 2011.

Con Makris with son Jason Makris

Four years earlier it had been bought by a Raptis-City Pacific joint venture for $49 million.

Sunland in August unveiled a 49 per cent drop in full-year profit, a figure influenced by a $9 million writedown of a Townsville asset but aided by a $6.4 million gain on the sale of a retail area at it’s the Lakes project at Mermaid Waters.

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It will be hoping, in terms of its 2019-20 result, that the profit boat comes in again with a big-ticket sale of Mariner’s Cove.

Estimates of what the asset might fetch are hard to come by and range from $20 million or so to perhaps $45 million or more.

One ‘guru’ believes the marina, for which expressions of interest close on Thursday, could contribute around $15 million to the end figure.

Jason Makris. Picture: Jerad Williams

Sunland is, of course, casting anchor at Mariner’s Cove because its hopes of building twin towers on the site have been stymied by the State Government locking in a three-level height limit north of the Southport Yacht Club.

The club, whatever happens at Mariner’s Cove and Marina Mirage, will remain the marina king at Main Beach – it has 300 berths.