Rivergate Marina and Shipyard at Murrarie has been put on the market
The richlister owners of one of the top superyacht refit destinations in the world are selling up with approvals in place for a $200m expansion.
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Family-owned Rivergate Marina and Shipyard has been put on the market in anticipation of the arrival of the next wave of the fast-growing superyacht industry.
Rivergate has previously announced plans for a $200m expansion backed by an expected surge in superyacht visitation to the South Pacific region.
Industry sources say the freehold and going concern opportunity could sell for around $50m.
Rivergate director Tom Hill said selling was a difficult decision for the family business.
“But we believe the time is right for a new owner to continue our work and oversee the next exciting phase of the Rivergate story,” he said.
“We have been fortunate to experience continued growth in the business with strong future bookings indicative of Rivergate’s outstanding reputation in the global industry.”
Rivergate Marina and Shipyard was founded and owned by the Hill and Brinsmead families.
Tom Hill is the son of Bob Hill and richlister Judith Brinsmead who founded the shipyard in 2006. Bob Hill founded construction company ADCO in 1972, and Ms Brinsmead is currently the chairman of the company.
The multi award-winning facility, at Murarrie on the Brisbane River has been recognised as a top three global superyacht refit destination and is one of the busiest shipyards in the southern hemisphere.
It is made up of 2.8ha of freehold development land and 4.16ha of seabed marina lease.
Rivergate’s facilities include 300-tonne and 75-tonne travel lifts, a 55m refit shed, hardstand, berthing for vessels up to 90m, 24-hour fuel wharf and more than 20 world-class marine trades on site. It features a 105-berth marina with all-tide deepwater access and 24-hour refuelling.
JLL’s Jacob Swan, Paul Noonan and Peter Harper had been appointed to commence an international marketing campaign for the asset and refused to comment on the price.
However, Mr Swan said it was a “generational opportunity” to buy a property and business which is in an excellent location, with strong cash flow and approval for expansion.
Rivergate’s $200m expansion plans include a state-of-the-art 3000-tonne ship lift, SPMT transfer system, additional open hardstand space, refit sheds and support building, and in water service berths suitable for a wide range of superyachts, commercial and Defence vessels.
The project was approved last April and has been waiting for government funding.
On completion, the expansion is expected to generate an estimated 2000 new jobs for the marine and tourism sectors. It would also inject close to $1bn into the Queensland economy each year.
“Australia is ideally placed to take more advantage of the buoyant global superyacht market, which has seen substantial pent-up demand to visit our region if there was more capability to service vessels over 50m,” Tom Hill said.
“Any future expansion of Rivergate would also be excellent timing for the 2032 Olympic and Paralympic Games to be held in Brisbane, with industry expectations that the event will attract around 200 superyachts.”
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Originally published as Rivergate Marina and Shipyard at Murrarie has been put on the market
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