From Riches to Realty – Doug Rathbone Sells Queenscliff Harbour

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The affluent Doug Rathbone, who formerly held a spot on the Financial Review Rich Lister list, and his peers have put Queenscliff Harbour of Victoria’s Bellarine Peninsula up for sale – with an asking price of over $30 million.

According to company filings, Mr Doug Rathbone possesses a 50% stake in Queenscliff Harbour, mainly from his significant shareholding of the crop protection business Nufarm. This fortune saw him featured on the Rich List in 2012 with $215 million.

High net worth investors, both locally and abroad, are sure to be attracted by the commercial potential of TheQueenscliff Harbour – one of the most timeless maritime towns.

Generating income from its 253 wet berths, 126 dry stack storage sites and over 4,000 square metres of retail and office tenancies – Queenscliff Harbour was able to yield $2.24 million in net operating profits for the 2022 financial year.

This sale would provide a lucrative yield of over 7%, based on an astounding $30 million selling price.

Mark Wizel from Advise Transact has tasked Peter Harper, Josh Rutman, and Nick MacFie of JLL, along with Danny Thomas and Darcy Tobin of LAWD, to promote the waterfront worldwide by launching international expressions of interest.

“The market is abuzz with buyers seeking assets for less than their replacement value, and Queenscliff Harbour could be the perfect candidate. This property stands to sell at a bargain price of 50% of its likely replacement cost,” said Mr Thomas of LAWD. 

Mr Harper proclaimed that a potential buyer would benefit from an exceptionally prosperous and profitable asset, with further growth opportunities available for development.

“Boasting such noteworthy marina assets, opportunities to purchase them are rare and highly sought after,” he said.

Mr Rutman announced that the marina has already gained attention from reputable investors in Bellarine, NSW, and Singapore.

The offering of Queenscliff Harbour comes after Rich Lister Robert Magid recently put his prestigious maritime asset – the renowned Manly Wharf on Sydney’s northern beaches, a retail and hospitality paradise – for sale with an $80 million asking price.

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