Halt to marina redevelopment has buyers ‘sitting on their hands’
PORT DOUGLAS
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PORT Douglas realtors are bemoaning the halt to the redevelopment of the Crystalbrook Superyacht Marina saying this is having a negative effect on the marketplace.
On April 13, it was reported that the Development Application (DA) for the Port Douglas marina had been withdrawn, but Crystalbrook Collection remained “fully committed” to the multi-million dollar project.
The $200 million transformation had been put on ice after a number of issues were raised with the original scheme.
Barbara Wolveridge, Director, Queensland Sotheby’s International Realty, said there is no questioning that the market has slowed down.
“People in the marketplace are sitting on their hands and waiting in the wings for something to happen," she said.
“And I am confident if we received news that Crystalbrook Collection had submitted a fresh development application, for example, this would have a positive impact on the market."
She added that people in the town would be excited if they knew something was happening at the marina and it would be a significant boost for the town.
A recent developer in the port said there are people in Melbourne and Sydney who are watching closely to see what happens before making any significant moves.
This comes amid speculation that Crystalbrook will shortly be announcing that they will be re-submitting a Development Application to Douglas Shire Council and have acquired a local architect.
Sources close to Newsport said a statement regarding the Marina is imminent and that the application has been revised to better suit Port Douglas. Crystalbrook Collection is owned by Syrian billionaire Ghassan Aboud, who has interests in Cairns and other parts of the world.
“We are still in the process of undergoing feasibility studies and we are several months away from a new application,” said Katie Malone, Group Director, Marketing, for Crystalbrook Collection.
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