Pictured above: Queenscliff Harbour
One of Australia's premier marinas, Queenscliff Harbour, has been brought to market by its original developers and current owners, presenting a rare opportunity to secure a well-positioned, highly sought-after Bellarine Peninsula coastline asset.
Acting under the instruction of property advisory firm Advise Transact, JLL’s Peter Harper, Josh Rutman and Nick MacFie, with LAWD’s Danny Thomas and Darcy Tobin, have been jointly appointed to market the asset for sale.
JLL Hotels & Hospitality Group’s Managing Director, Peter Harper, said the opportunity provided an astute purchaser with the opportunity to capitalise on a strong performing and income-generating asset, which holds potential for a new owner to explore value add opportunities. “Trophy Marina assets of this nature are rarely offered for sale and are therefore regarded as tightly held assets. When offered to the market, these assets are highly sought-after,” Mr Harper said.
“The incoming purchaser will benefit from a multi-faceted income stream, stemming from revenues via traditional Marina operations, such as wet berths, dry stack and fuel, as well as third-party income from a mixture of commercial office and retail tenancies."
“The drivers associated with the marina asset class nationally are very positive at present, largely due to a change in consumer behaviour stemming from COVID-19. Personally, I think the healthy state of this asset class is purely due to the consistent imbalance between the supply of marina facilities versus demand, as has been the case for well over one-and-a-half decades now, and COVID-19 may have had a role in accelerating this further.”
Queenscliff Harbour had a strong net operating income in 2021/22, generating approximately $2.24 million through diversified income streams. It is strategically positioned at the gateway of the Queenscliff/Sorrento ferry connection and services over 1 million passengers per year. The property comprises a total of 253 wet berths and 126 dry stack placements, as well as more than 4,000 sqm of third-party leased retail tenancies and commercial office space, much of which will be seen by the market as leased below market rents. Interest in Queenscliff Harbour is predicted to surpass $30,000,000, based on a passing net income of circa $2.254m, equating to a passing yield exceeding 7%.
LAWD Senior Director, Danny Thomas, said Queenscliff Harbour was a highly recognised marine facility that had been meticulously developed, while still providing significant potential for new owners to capitalise on.
“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 to the asset,” Mr Thomas said.
“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 50% of what its likely replacement value is,” added Mr Thomas.
Queenscliff Harbour is available by way of International Expression of Interest closing Thursday, 23 February 2023 at 2 pm (AEDT).
