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Mariners Cove, Seaworld Dr. Southport Spit

This asset is a mixed-use tourism and marina development site consisting of berthing, fuelling and retail tenancies. The property included 22 retail, restaurant and showroom tenancies, a 110-bed backpacker resort, tavern and 110 marina berths. The first three stages of refurbishment focused on rejuvenating the appearance and functionality of the centre taking it to 100% leased.

Our team managed the acquisition, development, operations, leasing and ultimate disposal of the asset on behalf of the Ariadne/Abacus Trust Joint Venture, while also being a significant shareholder in the Abacus Trust project structure.

A notable achievement was the registration of an Indigenous Land Use Agreement (ILUA) with the local traditional owners enabling the site and adjoining lands and water to be amalgamated as part of a large-scale redevelopment of the precinct. The ultimate disposal of this asset following repositioning realised significant gains for the Joint Venture.