New era begins for Port Hinchinbrook with $450m transformation

A US-linked syndicate has taken a significant step forward in realising its spectacular $450 million vision for the Port Hinchinbrook resort community after finalising its purchase.The Passage Holdings, an Australian company linked to American businessmen Lewis Cohen, Stephan Pinto and Joe Korman settled late Tuesday September 27 on the multimillion property deal with liquidator FTI Consulting.Company spokesman Bruce Goddard, director of Place Projects, said the way was now clear for The Passage Holdings to unveil its 10-year masterplan to transform the resort, which will be renamed Hinchinbrook Harbour and Resort.Mr Goddard said the settlement of the purchase coincided with the resolution of a number of outstanding issues causing delays to settlement.“It’s very exciting to be moving ahead with a development that will become one of Australia’s finest safe-haven marina destinations,” he said.“The finalisation of the sale process marks the beginning of the journey to deliver a tourism and residential jewel to Far North Queensland.“The developers will begin dredging works on the canal and marina as soon as practical so locals and visitors can once again enjoy the great fishing and waterways of the Hinchinbrook Channel.“They will also work with coast guards so normal services can be established as soon as possible.”Mr Goddard said settlement also paved way for introduction of an independent third party body corporate to resolve the long standing disputes residents had with the former owners and late developer Keith Williams.“The proposed structure will bring to an end years of unrest and poor communication,” he said.Mr Goddard said the developers were thankful for the support and patience of the Queensland Government, Member of Hinchinbrook Andrew Cripps, Federal Member for Kennedy Bob Katter and Cassowary Coast Council.“The developers are now focused on working with both Council and State Government to position Cardwell and Hinchinbrook among the world’s most significant tourism regions,” he said.“Our natural assets and the strong north Queensland market set a positive tone for the future.”Mr Goddard said the masterplan for the development would be released in coming weeks, showing positive resolutions to long-sanding and complicated issues including access to one of Queensland’s great tourism assets, Hinchinbrook Island.Mr Goddard said the sales and marketing process for Hinchinbrook Harbour and Resort already was in its early stages.“We are close to opening an onsite sales office now that various elements of the project can proceed and we can begin bringing new product to the market,” he said.Renowned architecture firm DBI Design has been working on the resort’s new masterplan for the past year.Under the masterplan, the resort will boast a $45 million international fishing village, new marina, family resort, water theme park, 300-site Motorhome Park, camp grounds, backpacker accommodation, and waterfront residential lots and apartments.Since taking possession of the property last year, The Passage Holdings has spent more than $4 million on restoring and upgrading the resort and preparing the masterplan.A large part of this was spent restoring the dilapidated and failing sewerage treatment plant and resolving environmental issues.The project presents a significant economic injection to the region and stands to create more than 3000 fulltime local jobs.The resort, located adjacent to Hinchinbrook Island and near Cardwell, was first developed by the late Keith Williams during the 1990s.It was badly damaged by Cyclone Yasi in 2011 and fell into the hands of liquidators following the collapse of Williams Corporation in 2013.