Trophy Queenscliff marina for sale
A consortium including ex-Nufarm director Doug Rathbone has listed the 12 year old Queenscliff Harbour.
Covering approximately 4.8 hectares of land and 2.8ha of sea, the trophy asset is expected to sell for more than $30 million, reflecting a yield of over seven per cent.
The property has significant value add potential – including via the expansion of the existing dry stack facilities and utilisation of underdeveloped surplus land.
Office and retail rents are also considered below market rates.
LAWD’s Danny Thomas and Darcy Tobin alongside JLL’s Peter Harper, Josh Rutman and Nick MacFie are the agents, under instruction from Mark Wizel and Lewis Tong‘s firm Advise Transact.
According to those involved, strong early interest in has been received from local high net worth investors as well as parties based interstate and throughout Asia.
Best days ahead: agents
Approved by the state government in 2004, Queenscliff Harbour was constructed by Mr Rathbone, who owns a 50pc stake, John Barnes – the Queenscliff-to-Sorrento ferry operator – whose share is 27pc and developer Peter Sidwell, who controls the balance.
The late Gavin Muir, ex-head of TEAC, was also part of the development consortium.
The asset contains over 4000 square metres of commercial space including shops leased to, amongst others, Sea All Dolphin Swims, Queenscliff Scenic Tours, Gameric Fishing Charters and restaurant 360Q.
The office component includes a tenancy occupied by Parks Victoria (story continues below).
In addition, Queenscliff Harbour features an observation deck, 253 wet berths and 126 dry stack storage sites.
Mr Harper said more than 100 people are on the waiting list for a dry stack space.
Annual income is c$2.24m, he added.
The leasehold has approximately 52 years remaining.
Significant value add potential
The harbour also services the Queenscliff-to-Sorrento ferry, which has over a million annual users.
“Queenscliff Harbour is a highly recognised maritime facility that has been meticulously developed, while still providing significant potential for new owners to capitalise on,” Mr Thomas said.
“Whilst the asset has been well managed by the existing owners, as soon as our firm analysed the opportunity and assessed key market drivers, it became very clear that an incoming purchaser would benefit greatly from a range of opportunities to add further value,” he added.
“There is often talk amongst the market from buyers wanting assets that are below replacement value, and if that is a driver here then someone will be buying the asset for 50pc of its likely replacement value”.
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