Alder Group: Developer Greg Alder buys marina in the Whitsundays
The old saying ‘whatever floats your boat’ fits the bill for one Gold Coast construction industry figure who has snapped up his very own marina. THIS IS WHY
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The old saying ‘whatever floats your boat’ fits the bill for construction industry figure and boatie Greg Alder.
The latest ‘boat’ for the founder of the Alder Group is an asset in the form of the Bowen marina.
The purchase of the marina is the third foray in two years by the Gold Coast group into the Whitsundays.
It sailed into the area in 2022 with an Airlie Beach buy and followed up with one at Cannon Valley.
The Bowen buy consists of an 8336 sqm site, two main buildings, and 22 marina berths ranging from 10 to more than 20 metres.
The Whitsunday moves are a long way from the Alder home base at Helensvale and a far cry from when Greg started his own operation in a home garage more than 20 years ago.
He set out to mould one with a ‘family business feel’.
Today the Alder ‘family’ has swelled to more than 100 staff and has undertaken in excess of 300 projects, stretching from north Queensland to northern NSW, where it has set up a satellite office.
The marina move by Greg comes in the wake of he and his family spending a lot of time exploring the Barrier Reef.
It also comes on the heels of him buying a winner – multihull boat Top Gun which he is to race in the Brisbane to Gladstone and Gold Coast to Mackay events.
The Alder group is not the first Gold Coast entity to own the Bowen marina.
In the lead-up to the GFC it was an asset of listed Southport-based Asset Loans which was a partner in a planned $200 million development that was to include build 600 marina berths, 700 units, and commercial space.
That plan died when Asset Loans, then chaired by former Queensland Premier Rob Borbidge, collapsed.
The marina was sold to a Melbourne group, apparently for around $5 million.
Gold Coast developer Craig Gore, who went on to become a guest in a prison, at one time eyed it.
There is no sign of Alder having grandiose plans for the Bowen investment.
It has spelled out that initially it intends to rejuvenate the marina and at the same time look at its future potential, which will involve talking to government and the Bowen community.
Ultimately it wants to grow the offerings at the marina and to link it into development in Bowen’s main street.
The group is chasing tenants such as operators of fishing charters and jetski tours, commercial fishing businesses, and land-based marine repair services such as sail makers, shipwrights, and marine motor and electrical repairs.
The Bowen buy follows Alder’s initial move into the region in 2022 with the acquisition of the last major subdivision site in Airlie Beach, a 24ha parcel known as The Summit in which lots already are on sale.
Last year Alder bought 100ha in Shute Harbour Rd, Cannon Valley, and is working through a development approvals process.
The group, which has the motto ‘we love a challenge’, has proven a versatile builder and developer.
It’s takes on everything from education, health, education, commercial and industrial projects through to infrastructure assignments.
Meanwhile, one of the Alder arms, what it calls an asset renewal team, has a tall order in Surfers Paradise.
It’s repainting the exterior of the Soul super-tower, which has an area equivalent to 10ha.
SOVEREIGN SALE PRICE ‘SHY’
THE mortgagee who’s been trying to sell the waterfront lot on which plans for the first apartments at Sovereign Islands collapsed aren’t having much luck.
An auction attempt has drawn a top bid, one from investors who are very au fait with Sovereign, of $5.18 million – nearly $3 million shy of the $8 million reserve.
Two fellows out to ‘have a go’ bought the 2566 sqm site for a brave $12.68 million two years ago but couldn’t draw apartment buyers.
They ended up accumulating more than $14 million in debt and lost control of the land.
The holder of the first mortgage is Wollongong’s PCL Money, linked to Martin Anstee, and which as of last year was owed $8 million.
$50M BUYING SPREE
BAIYANG Cheng, a woman who splurged $20 million on Gold Coast homes in four weeks late last year, has continued an unrelenting buying spree and taken her outlay past $50 million.
The 60-year-old Baiyang, who with a partner at one time owned a $13.25 million home in Mermaid Beach’s Multi-Millionaires’ Row, has made a swag of new buys between Varsity Lakes and Paradise Point.
Her portfolio of at least 19 properties has been assembled at between $1.35 million and $6.5 million and includes one in the address that she calls home, Sovereign Islands.
The biggest outlay has been on a house overlooking the river in The Promenade on the Isle of Capri, one that’s latterly been advertised for rent at $1800 a week.
ALL THE TRIMINGS
KIM England, who more than three months ago sold giant Sovereign Islands home Baltimore for $14.25 million, has gone down-market but stayed on the islands.
Kim, wife of national spa business owner Paul England, has spent $9 million on a home that is four levels but doesn’t have Baltimore-like offerings such as seven bedrooms, a 15-car basement, and a casino.
No, the basement in the four-level house that is known as The Lighthouse only has four bedrooms and the basement will take just 12 cars.
The 2017 Gold Coast home of the year does, however, have niceties such as a gym, wine cellar, library and a lift that goes to the top floor’s kitchen, theatre, and bar
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