Strong international interest in Crystalbrook marina at Port Douglas
Syrian billionaire Ghassan Aboud may have abandoned glitzy plans to transform the Port Douglas marina, but heavyweight international investors are showing strong interest.
Heavyweight international investors are circling the Crystalbrook Superyacht Marina at Port Douglas, with a veteran Far North developer urging high calibre development.
Developer John Morris has a vested interest in the future of the marina, as it is the site of his beloved Choo Choos at the Marina Restaurant, with its restyled train carriages and superb views.
He said a truly extraordinary tourism development was essential.
“It needs to be very high quality, five star – we have enough four star accommodation in Port Douglas,” Mr Morris said.
Mr Morris also has the luxury charter vessel MV Monsoon operating tailored itineraries from the marina among his substantial Port Douglas business interests.
CBRE agent Tom Gibson said interest was strong.
“We have received widespread interest from domestic and international groups given the existing use as a significant marina and retail operation, though also for its flexibility of future use,” Mr Gibson said.
“What has been interesting to see is the strong level of interest from US and South East Asian hospitality and tourism investors looking at a five to seven-year value extraction approach with a lower capex repositioning focus.
“This market feedback has been very encouraging and speaks to the confidence in the growth of the FNQ tourism market.”
He said once expressions of interest closed on May 1, there would be a short-list process to identify and engage a preferred bidder within one to two weeks.
“We have a significant number of investors in the data room,” Mr Gibson said.
He said the marina, at 44 Wharf St, was an iconic asset.
It comprises 10ha freehold and a seabed lease land holding with 23 retail tenancies, a carparking area and a marina slipway.
“It is one of the largest marinas in Queensland and offers institutional scale, short-term value-add propositions, in addition to material redevelopment opportunities to deliver a world-class integrated luxury development,” Mr Gibson said.
It has a 135-berth marina, five fisherman berths and a fuel wharf, with the opportunity to expand operations via a development approval for an additional 24 berths, providing an incoming owner with immediate income growth and the ability to capitalise on the strength of the industry, Mr Gibson said.
It had an 83.8 per cent average berth occupancy rate in 2023.
He said the Asian Pacific superyacht industry was projected to experience a 30 per cent increase in superyachts from 2020 to 2030.
The former owners Andrew Hooper-Nguyen and Chris Ellis had development approvals for 80 apartments and townhouses, and new bars and restaurants.
Mr Morris said it was essential to expand the facility further to accommodate more superyachts.
Syrian hotelier Ghassan Aboud bought the marina in 2017 for a reported $6.5m.
Last month he decided to offload the marina with CBRE and JLL handling the sale.
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Originally published as Strong international interest in Crystalbrook marina at Port Douglas
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