THE Horizon Shores marina at Jacobs Well is in new hands after being sold by receivers and is headed for major expansion.
The 62ha property has been bought by a group of private investors in a deal worth close to $20 million.
It last changed hands for $31.5 million in 2005 and then underwent an expansion reportedly worth close to $50 million.
Roland Evans, principal of Canford Property Group, yesterday said that the Balmain group has been engaged to manage the asset and oversee day-to-day operations of the marina.
“The owners intend to invest heavily in the facility to bring it to a world-class standard.”
Mr Evans said an expression of interest campaign last year resulted in negotiations with six prospective buyers.
The property carries with it an approved masterplan for a $500 million expansion that includes shops, a yacht club, industrial space and a further 670 berths.
At present, the facility has 488 wet berths, 465 dry-storage racks, and 193 trailer-storage parking bays.
The property also has 7120sq m of industrial and commercial space, spread across 30 sheds, and ship-lifting facilities that include a 60-tonne travel lift.
Horizon Shores was started by Don and Vern McLaren and opened in 1980 as McLarens Marina.
Six years later it was sold to New Zealand’s Anzon group which held for two years before selling out to Horizon Properties.
Gold Coast developer Arthur Lowe bought the property from receivers for $5.2 million in 1995 and invested heavily in new berths and factories.
Former Mirvac Queensland boss Russell’s McCart’s Meridien Developments bought the marina in 2005 and undertook early stages of the expansion under a masterplan approved by the city council in 2007.
Receivers took control of Horizon Shores in 2011, along with Meridien’s Abel Point marina and Port of Airlie marina project at Airlie Beach, and first put it to market it in 2013.
Published By: http://www.goldcoastbulletin.com.au/