Former Macquarie executive sells Deception Bay marina
Former Macquarie Bank vice president Andrew Hooper-Nguyen and business partner, Chris Ellis, have sold the former Spinnaker Sound Marina, near Bribie Island, after 12 years.
Josh Foote’s Ignite Projects is paying $12.25 million for the leasehold to the three sites – part now set for 67 apartments – and 138 wet berths.
A visitors and marina user centre, recreation zone, pool, watercraft storage and 154 car parks are planned (112 for residents).
Upon announcing the deal last July, Ignite added townhouses might also be added to the holding.
The property has also recently rebranded Sandstone Point Marina.
Sandstone Point Marina
Covering 9-11, 12-14 and 13-19 Spinnaker Drive, Sandstone Point Marina also contains retail, restaurants, two cafes and over 60 dry berths.
The undeveloped tract spreads 2349 sqm.
Mr Hooper-Nguyen and Mr Ellis, who hold other marina assets, outlaid less than $10m.
“The marina is a gateway to Moreton Bay, Bribie Island and Pumicestone Passage, not to mention international access to destinations such as Asia Pacific,” JLL’s Christian Tsalikis, who marketed the property with Liam Cox, said.
“Being located less than an hour north of Brisbane meant this property attracted interest from both interstate and international developers ahead of the 2032 Olympic Games,” he added.
Ignite is Gold Coast based.
“The whole site will undergo a community-driven redevelopment that will see it become a vibrant hub of dining, leisure, and waterside connection, all under the new name of Sandstone Point Marina,” Mr Foote said.
“This will include lush green spaces and shared amenities for the public to enjoy, plus a waterfront development of 67 architecturally designed residences called Anchorage,” he added, a project to be branded Anchorage.
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