Bill Barry-Cotter plans AUS$200 million marine complex
By IBI Magazine/Michael Verdon
An AUS$200 million-plus marine complex is being planned by Bill Barry-Cotter, founder of Maritimo Yachts and Riviera Yachts. The 60ha property in Coomera, located between Brisbane and the Gold Coast, was purchased by Barry-Cotter for AUS$30 million this week. The deal had been under negotiation for about two years, according to a story in the Australian. The story says that Barry-Cotter is worth AUS$250 million and holds a AUS$200 million property portfolio of industrial land and buildings in New South Wales and Queensland. He sold Riviera four years ago for AUS$180 million. The riverfront site at Coomera has a master plan that includes high-end retail, offices, tavern and a marina. Barry-Cotter told the paper that he expected to bring in joint venture partners for at least part of the development. The marina is planned to have about 200 berths, some suitable for superyachts. Permit approvals would take about 18 months and the project was expected to be built over the following two to three years. Barry-Cotter said he planned to keep about 10ha for Maritimo's operations, and also would retain the retail development and marina in his own portfolio. "What's really pushed me into doing it here is the proactive stance of the state government," he said. "This marine precinct has been a pet project of the government's that they have worked hard to encourage."
(28 June 2006)
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