Port Douglas Crystalbrook Superyacht Marina hits the market
A Far North tourism jewel owned by Dubai-based billionaire Ghassan Aboud could be set to change hands for the first time since 2017 after the property hit the market on Monday.
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A jewel in the Far North’s tourism crown could be set to change hands for the first time since being snapped up by Dubai-based billionaire Ghassan Aboud in 2017.
Tenants of the Crystalbrook Superyacht Marina have received an email alerting businesses to site tours by potential buyers interested in acquiring the marine tourism hub and retail precinct on Dickson Inlet.
Following the $100m acquisition and renaming of the marina seven years ago, Mr Aboud wasted no time in announcing plans for a $200m redevelopment of the site.
The landmark proposal included a 130-room hotel, 45 villas, nine luxury apartments and extensive waterfront dining and retail precincts, but plans were shelved in 2018 and the company stated the masterplan required “further refining”.
Development applications submitted with Douglas Shire Council were withdrawn.
Shaolin Port Douglas owner Kate Agrums, who operates a marine tourism business from the marina, viewed the potential divesting of the property by Ghassan Aboud Group as a positive for Port Douglas.
“The marina is very old and run down and in need of a lot of maintenance,” she said.
“We are hoping for new owners to renovate the place and I think it will be a positive thing for the whole town and the district.
“It’s in desperate need of some tender loving care.”
Ms Agrums said tenants have been reassured inspections will not impact day-to-day operations at the marina.
Crystalbrook chief executive Geoff York said the campaign to sell the Port Douglas asset publicly launched on Monday.
“It’s a change in strategic direction for the marina,” he said.
“We have not been actively trying to sell it and people have approached us with interest in the marina.”
Mr Aboud in 2022 told the Cairns Post he had received three offers to buy the marina, including a bid from a Western Australian believed to be Gina Rinehart, but at the time he said the property was not being actively marketed.
“But I am a businessman, anytime I get a good chance, I will take it,” he said two years ago.
Last year Mr Aboud sold the 33,900ha Crystalbrook Station at Chillagoe for $14m and the 431ha property Silkwood in the Cassowary Coast region sold for $7m.
Mr Aboud is expected to visit Cairns on Thursday when the sale will be formally announced.
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Originally published as Port Douglas Crystalbrook Superyacht Marina hits the market
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