IMDM on the marina acquisition trail
International Marina Development and Management (IMDM), the newly formed entity for Craig Gore, director of the Atkinson Gore Group, has bought Hope Harbour Marina on Australia's Gold Coast for AUD$38 million.
'Hope Harbour Marina is destined to add a commercial and restaurant precinct.'
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This is the third marina purchased by the group in the past three months. The others are Townsville Ocean Terminal for AUD$38.3m and Breakwater Marina, adjacent to the Townsville Casino, from City Pacific for $AUD$18m.
Gore owns a 65% stake in IMDM and the other 35% is owned by Lord Ashcroft, one of the UK's wealthiest men. US motorsport identity, Kevin Kalkhoven is also involved in the IMDM partnership.
Located at Hope Island on the northern end of the Gold Coast, Hope Harbour Marina comprises 290 freehold berths from 6m-50m (20ft-164ft), a refuelling wharf, car park, Couran Cove ferry terminal and eight marine sheds spread over a 7.79-hectare site. The deal was negotiated by Colliers International on behalf of vendor, John Fish.
Colliers International is currently marketing 179 berths from 12m-30m (39ft-98ft) at Hope Island Resort Marina - a five-minute drive from Hope Harbour. The berths are being sold on the basis of two 10-year leases, giving ownership for a total of 20 years.
Director, Craig Gore, whose background is property development and vineyards and whose enterprise, AGG is worth around $1bn in projects, says that while this is his first foray into marinas, "they're all one and same as property development and management".
"We own a lot of real estate, around 200 to 300 residential properties. Marinas are ideal to create residential and commercial developments around, which will be our five to 10 year plan."
According to Gore, the tepid market made buying such assets an attractive deal. "It was a good time. We could have waited a little longer for the market to soften a tad more, but the opportunities came along, and we thought they were great, so we took them."
Plans for the Breakwater Marina in Townsville include investing in an additional 154 berths, as well as around 500 new berths at the Townsville Ocean Terminal, 10 of them for superyachts.
While Gore acknowledges that most of his acquisitions possess solid infrastructure, upgrades will be the focus.
"There's not a lot of scope for residential development at Hope Harbour, but we will be adding some commercial components - car parking, dry stacking, commercial, retail and restaurants for boaties and residents."
This proposed development will be located on the 3.5 hectares available on P Arm.
Gore, himself a keen boatie, owns a Sunseeker Predator and says he's "out on the water almost every weekend".
He admits that the Gold Coast Broadwater "needs a bit of work" in terms of maintenance dredging, but that in general, as long as people realize that it's a treacherous waterway, it is navigable.
He would not be drawn on the potential for waterfront property to depreciate should the Gold Coast's main waterway silt up, as is forecast by industry pundits.
IMDM is looking at more marinas in Queensland, as well bidding for Martha Cove Marina in Victoria, also owned by City Pacific and home to 800 berths. Gore says the company expects to have a number of other announcements in coming weeks.
More at www.agg.net.au
by Jeni Bone 
Gold COast, QLD
