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Retail / Tourism / Tavern / Marina Refurbishment

Mariners Cove

Project

Mariners Cove Marina, Qld Australia

Commencement / Completion Date

Asset acquired in 2000, with refurbishments completed in 2001 & 2003, and Sold in 2008

Ownership

Abacus Funds Management Limited (RE) / Ariadne Australia Limited

Nature of the Project / Investment

Retail/ Tourism/Tavern/Marina Refurbishment, Management and Investment

Project Description and Responsibility

This asset is a mixed use tourism and marina development site consisting of berthing, fuelling and retail tenancies. The property included 22 retail, restaurant and showroom tenancies, a 110-bed backpacker resort, tavern and 110 marina berths. The first three stages of refurbishment focused on rejuvenating the appearance and functionality of the centre taking it to 100% leased. David managed the acquisition, development, operations, leasing and ultimate disposal of the asset on behalf of the Ariadne/Abacus Trust Joint Venture, while also being a significant shareholder in the Abacus Trust project structure.

A notable achievement was the registration of an Indigenous Land Use Agreement (ILUA) with the local traditional owners enabling the site and adjoining lands and water to be amalgamated as part of a large scale redevelopment of the precinct. The ultimate disposal of this asset following repositioning realised significant gains for the Joint Venture.

Value

$50 Million