QUICKSILVER has squashed speculation its purchase of the Closehaven Marina was related to a shift in operations from The Reef Marina.

Initial reports on Monday suggested the reef giant could have been planning a permanent move to the new site, despite the expected plans for a $100million waterfront redevelopment.

Due to the size and influence of the company - one of the largest in Far North Queensland - any business decision it makes can cause a ripple effect in Port Douglas but Quicksilver Media and Business Events Manager Megan Bell confirmed the acquisition was solely an investment decision.

“We have no plans at this time to expand or develop the Closehaven Marina in anyway,” Bell said.

“I am advised our investment in the marina is exactly that, an investment.”

Bell told Newsport the purchase of the smaller marina was not related to development plans for Quicksilver’s block of land on the corner of Grant and Warner Street. There had been talk the company may have been looking to expand its dive market in Port Douglas.

“It’s correct we have been, for some time, investigating various options to develop this (Grant and Warner Street) site,” Bell said.

“I am told this is still only at a very preliminary conceptual stage at this time.

“Other than our confidence in the Port Douglas market, there is no connection between the purchase of Closehaven and our plans for the property on Grant Street.”

Bell pointed out the Quicksilver Group had invested over $2.5million on its Port Douglas operations including a refit and refurbishment of its Quicksilver VIII vessel and Agincourt 3 Reef Platform, and the purchase of a 53-seat coach and new catering kitchen.