MARINE industry heavyweight Bill Barry Cotter has thrown his financial muscle behind a $530 million expansion of the marine precinct at Coomera pending council approval.
The 63.5ha site on the northern side of the existing Coomera Marine Precinct has been earmarked for one of the largest integrated marine industry developments in the state.
It is a joint venture between Barry Cotter and Brisbane-based developer Property Solutions Australia. The project would create 4800 jobs during its construction and a further 4600 jobs on its completion.
Barry Cotter paid $30 million for the site in 2006.
“It has taken a bit more time to get it going than expected and once we get all the approvals through, we will sell it off and also keep some for ourselves,” he says.
“It will give Maritimo direct river access once we relocate. The remainder of the site will be sold off as industrial and residential.”
Planit Consulting director Boyd Sargeant, is developing plans for the project. An environmental impact study will be undertaken this month with full approvals expected to take 18 months.
“The plans will deliver another much needed marina in Coomera and also include facilities for the marine industry a TAFE, a yacht club, and commercial outlets,” says Sargeant.
“As part of the project, we will be building a 390-berth marina and a 290-berth dry stack storage complex. We have a developed a plan that is environmentally friendly and yet delivers the functional requirements of a growing marine industry.”
Barry-Cotter last month acquired the financially stricken Mustang Marine in a deal with fellow offshore powerboat racing enthusiast and Swagman Motorhomes owner Steven Searle.