$100m Queensland resort complex in administration

A $100 million resort complex in Queensland owned by developer and marina group Meridien has been placed into voluntary administration.

The 124-unit One Bright Point project, of which 114 apartments have been sold, is now being looked after by BRI Ferrier, which will look to sell the remaining apartments.

It’s understood the project was hit by the weakened property market, troubles in the tourism industry, the Queensland natural disaster and the strong Australian dollar.

The move follows the appointment of receivers to the Meridien-owned Port of Airlie project, Abel Point marina and Horizon Shores marina, the latter with approvals for up to 2000 berths and promoted as being on its way to becoming Australia’s largest marina.

Of its four marinas across Queensland only one of Meridien Marinas’ assets is not in administration – its marina in Port Douglas is said to be unaffected by troubles in the industry.

Early this month Meridien Marinas managing director Russell McCart said Abel Point and Horizon Shores were both “excellent assets and have a great future and will continue to trade very well”.

“The receivers have re-employed all marina staff and will continue to operate as usual, without disruption,” McCart said.

He said the collapse can be attributed to the “ongoing GFC and strong Australian dollar” creating difficulty trading conditions for Australia’s boating industry.

Most marinas in Australia are owned by small companies or family companies, the Marina Industries Association of Australia has said.