Tourism and hospitality group Crystalbrook Collection is to buy the Reef Marina in Port Douglas and invest AUD 100 million to expand the site to tap into the booming superyacht market, according to the Queensland Government.
The expansion of the Marina, to be known as Crystalbrook Superyacht Marina, is set to include an additional 24 berths to the existing 132 berths and able to accommodate superyachts of up to 50 metres in length.
It includes construction of a luxury waterfront five star hotel, 50 premium residences and retail complex expected to commence in mid-2018.
Acting Premier and Treasurer Curtis Pitt said the announcement was encouraging for investment in Port Douglas and Far North Queensland, adding that the move “demonstrates confidence in the tourism industry in Far North Queensland.”
“It is also timely, considering the development of the Palaszczuk Government’s new superyacht strategy which I announced in August,” Pitt said.
Tourism Minister Kate Jones said the move was a further show of investor confidence in Queensland’s AUD 25 billion tourism industry.
“This announcement adds yet another project to the strong investment pipeline poised to deliver more than $14 billion statewide in new tourism product and access infrastructure across the state,” Jones said.