MFS and the Ray Group have sold the co-op leases to the Marina Mirage and Fisherman in Port Douglas to Meridien Marinas.
The $22 million sale will allow Meridien to redevelop the Dickson Inlet, which first approached MFS and Ray Group about acquiring a stake in Dickson Inlet in December 2006.
MFS and Ray Group will still retain eight of a total 23 leases which make up the township’s waterfront precinct.
Ray Group’s director of development Tony Cannon said the transaction represents another above valuation result of $7 millions and continues to extract value from the original portfolio purchase from the Japanese vendors in May 2005.
“The transaction also allows the joint venture to concentrate on the pending sale of the Sheraton Mirage in Port Douglas, which was placed on the market three weeks ago,” he added.
Meridien intends joining the Ray Group as members of the Dickson Inlet Project Advisory Group, which has been working closely with the Douglas Shire Council, Queensland State Government, the Port Douglas Waterfront Protection Association and local community for more than nine months regarding the future plans for the precinct.
“Bringing Meridien into the fold will allow any approved future projects to benefit from world’s best marine development practices and, together with the other lease owners, will work with the local community in defining an asset for Port Douglas to ensure the town retains its international reputation as one of the world’s most beautiful destinations.
“Port
Australian Property Journal
