Meridien buys Abel Point Marina

by Siobhan Dooley on 11 Sep 2006 The developer of the new Port of Airlie Marina, Meridien has expanded its marina operations with the acquisition of the 520 berth Abel Point Marina from a syndicate led by Andrew Robinson.

Abel Point Marina at Airlie Beach in North Queensland is the third marina for Meridien's marina management arm, joining Horizon Shores and Port of Airlie.

The deal puts the Queensland based developer at the helm of more than 2000 wet berths by 2010.

The internationally renowned Abel Point Marina at Airlie Beach covers more than twenty seven hectares and after a recent upgrade, boasts 520 wet berths (including a dedicated super yacht arm) and 32 retail and commercial tenancies.

Meridien Chief Executive Warwick Bible said Abel Point Marina was a critical marina hub for the entire Whitsunday region and past owners, a private consortium of New South Wales and Queensland families, should be congratulated.

'They had the vision to foresee the growth of the region and build a marina that has the capacity to support vital local tourism and marina operations.

'The beauty of the Whitsundays is its magic waterways and islands and Abel Point Marina gives visitors access. And thanks to the marina's expansion, it has also allowed local marina based business to grow,' Mr Bible said.

Spokesperson for the previous owners, Andrew Robinson said the deal to hand over to Meridien is timely for both parties.

'We had reached a stage that to go further would require specialist development expertise and a significant financial backing. We believe Airlie Beach and the Whitsundays deserve and need a marina that offers the very best and believe the decision to sell to Meridien Marinas will secure the marina's future growth.

'We're delighted the marina has gone to Meridien. They have both the know-how and passion for Airlie Beach to continue our vision,' Mr Robinson said.

Meridien is about to complete a $90 million oceanfront apartment resort complex on Magnetic Island, recently started on a $500 million expansion of Horizon Shores marina between Brisbane and the Gold Coast, and will shortly commence work on the 300 berth marina, residential and commercial development, Port of Airlie just south of Abel Point Marina.

Warwick Bible said the latest acquisition of Abel Point Marina was a natural move for Meridien Marinas with the number of interests the developer already had in the North Queensland region.

'We have a lot of confidence in North Queensland and demand for waterfront or water property is very buoyant,' he said.

The purchase of the marina conditional on approval by the Queensland Government to the assignment of the sea-bed leases, but both parties are confident that the transaction will settle prior to Christmas 2006.

Meridien Marinas will invest into Abel Point Marina with plans to expand the retail and commercial aspect of the site.

Meridien Marinas was continuing its search throughout Australia to add to its growing marina portfolio.

Abel Point Marina was purchased for an undisclosed sum.