San Francisco, CA (PRBuzz.com) December 24, 2012 -- The Sydney marina is the subject of a proposed overhaul due to the interest by Chinese and Indian big-spenders that frequent the port.
The cities planning authorities are looking into a ruling that would allocate $31 million to an expansion of the Superyacht Marina at Rozelle Bay in Sydney. This renovation proposal is in spite of criticism that it re-tempts recent guidelines set in regards to contested foreshore located by the Anzac Bridge.
The current marina was built for boaters during Sydney Olympics, and the construct was not developed beyond the building and the now defunct restaurant business.
According to planners, new bars, restaurant offices, as well as a new yacht club and multilevel parking lot.
Mark Carnegie, an investment banker, and solicitor Andrew Robinson, has a majority stake in the venture. Former South Sydney professional Rugby player Brian James has the remaining share.
''There is lots of very schmick development around the foreshore of Sydney, and what's there at the moment isn't [to that standard],'' Mr Carnegie said.
''As Chinese owners and other people in Asia buy superyachts ... I think Sydney is going to become a really competitive destination.''
According to Carnegie, the expansion would be capable of catering to crews manning vessels and residents of the area. Superyachts are vessels that reach 30 meters or longer, and are worth over $10 million. They almost exclusively maintain full-time crews, according to the NSW Superyacht Industry Associations.
Currently, the Planning Assessment Commission is determining whether the marina is legal and feasible under the current proposal.
There are several developments that are affecting the precinct which the marina is set to be in, including an already approved cruise passenger terminal in White Bay.
Planning Minister Brad Hazzard holds a report by the Bays Precinct Task Force, which covers planning for land use, public access, open space. Hazzard notes that the Planning Department is open to development proposals despite the uncertainty of the area as of now.
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