All aboard: Luxury boat builder cracks $300m in sales

With Tom Cruise among its customers, one of the country’s biggest luxury boat builders has hit a sales record as more rich listers take to the water.

One of Australia’s largest luxury motor yacht builders will clock up sales in excess of $300m this financial year as rich listers splash out on prestige vessels costing up to $7m.

The landmark sales record by Gold Coast-based Riviera, which numbers Hollywood heavyweight Tom Cruise among its client list, comes as the glitter strip’s marine industry noses ahead of better-known boat building regions in Europe and the US.

Riviera, which recently finished one of its most successful Sanctuary Cove International Boat Shows, has increased sales by more than 500 per cent over the past decade.

Riviera owner and chairman Rodney Longhurst said boating had never been more popular with the marine industry now a pillar of the Gold Coast economy.

“We’ve just enjoyed what was the biggest and best Sanctuary Cove boat show where even I was completely humbled by the interest and international demand,” said Mr Longhurst.

Riviera’s Coomera boat building complex now employs close to a 1000 people from less than 300 a decade ago with the number of yachts built each year increasing from 43 to 150.

Total sales have grown from $59m to $314m over that time.

Riviera 78 Motor Yacht

Riviera’s top of the range 78 Motor Yacht Riviera has three levels, three bedrooms, four state rooms and can sleep up to eight people, plus crew. It can travel more than 1000 nautical miles at 30 knots and has numerous entertaining areas, as well as electric blinds and a garage.

The company is now one of the Gold Coast’s biggest employers with Mr Longhurst noting the company was always on the lookout for quality tradespeople and apprentices. Riviera’s boats range from 39 to 78 feet with a price range from $1.1m to $6.9m.

“At boat shows, people see our motor yachts and often ask, ‘was that made in Europe or

the U.S.?’ and I say with a smile, ‘no, right here on the Gold Coast,” he said.

A decade ago company was teetering on the brink of collapse, weighed down with $320 million of debt in the wake of the Global Financial Crisis, before Mr Longhurst rescued it out of receivership. Riviera has been manufacturing luxury motor yachts on the Gold Coast for 42 years, building more than 5,900 boats in that time.

More than 55 per cent of its boats are now exported to North and South America, Europe, Asia and New Zealand. It now commands a 16.8 per cent share of the Australian boatbuilding and repair market, making it the sector’s largest participant.

Interior of Riviera 78 Motor Yacht i

A new report by the Gold Coast City Council has found the sector enjoyed five per cent year-on-year growth between 2016 and 2021, a period predominantly affected by Covid-19

and major supply chain issues.

Overall, the Gold Coast marine industry generated more than $1bn in 2021, supporting 4627 jobs and making it Australia’s fifth largest marine cluster based on employment, behind Fremantle, Sydney, Melbourne and Adelaide.

“That’s proof of just how renowned the region has become for boating,” Mr Longhurst said.

“Riviera is extremely proud of its status as one of the world’s most prestigious luxury

motor yacht manufacturers. We’re coming up to 50 years as a company and you simply don’t survive in this industry without an uncompromised commitment to quality.”

Deck of Riviera 78 Motor Yacht