Newcastle to become state's first berthing for luxury superyachts
Club CEO Paul O'Rourke said there were about 30 superyachts owned in Australia, but the country was a premier destination for repair and vessel maintenance in the Southern Hemisphere such that it was expected to account for some eight per cent of the global market by the end of the year, amounting to around 533 vessels.
The funding is expected to be put towards building 200 metres of dedicated marina berth that is specifically designed to accommodate the larger vessels, with extra weight and power facilities.
The move to expand the Newcastle marina on Hannell Street is expected to put Newcastle in a competitive stead with Queensland, long regarded as the Australian home for superyacht construction, and will represent the only such dedicated maintenance berth in NSW.
Mr O'Rourke said, while Newcastle would not build the vessels, positioning the city as a maintenance hub for the yachts that are estimated to cost between $2 million and $5 million a year to run, would unlock the Pacific for European travellers and see tourism spending flow through the Hunter.
"There are probably over 30 superyachts in Australia at the moment," he said. "But the key is there are 100 coming. There are a lot of superyachts in Europe that all want to come to Australia and the Pacific, and at the moment we don't have the Pacific facilities."
"We regularly get phone calls from boats out in Tahiti that want to come to Australia and park up. We haven't got the facility yet."
Minister for the Hunter Yasmin Catley said the NSW Government's investment of $5 million, to which the Newcastle yacht club would add 20 per cent of the overall $6 million build costs, made sense for the state's second city.
"We are a maritime city," she said. "So, it makes sense for us to can have those yachts that can travel from as far far as Europe on their way up to Northern Queensland and to further places into the Pacific."
"This will become their go-to stopover."
The yacht club's Commodore, Barry Kelly, said the completed projected which is estimated to be about two years away, would be equipped to provide "medium-level" maintenance to the vessels, replacing parts and servicing engines and complex onboard systems, that would generate jobs in the region.
"Superyachts spend about four times as much in the region as they do on the berthing," he said. "Our spend on maintaining this facility in the last financial year was about $800,000."
The funding has been carved out of the NSW Regional Development Trust, which Regional NSW Minister Tara Moriarty said was to prop up merit-based projects that would create jobs and economic boons for regional economies.
"We have made a big deal out of this new fund and this new way of investing in our regions," she said. "This is really going to make a big difference for the local economy."
The $70 million Callisto - believed to have been the largest and most expensive yacht to visit Newcastle - was spotted in the marina in 2019. lt is owned by Barbados billionaire Derrick Smith who was reportedly a co-owner of the renowned Coolmore Stud, which has operations in the Upper Hunter, Ireland and the US.
The Australian superyacht sector is estimated to have a fleet value of over $7.5 billion, with annual maintenance expenditure of over $575 million.
Operational expenditure in Australia, including crew wages and berthing, is worth about $400 million.
A proposal document for the project, seen by the Newcastle Herald, lists more than 400 vessels over 30 metres based in the Asia Pacific.
The industry is said to support about 14,500 full-time jobs, paying about $1.2 billion in wages and salaries, and with Sydney reaching capacity, overflow was being directed to Queensland and Victoria.
The yacht club's pitch to secure funding amounted to positioning Newcastle to cater to provide a state's-first and one-stop shop for the super rich to dock and have their vessels serviced, estimated to represent up to 1400 jobs.
According to Superyachts Australia, the number of luxury vessels in NSW has increased by 52 per cent since 2021, with 17 accounted for in 2023. The economic impact of a visiting vessel was estimated to be about $1.34 million that year.
The Newcastle Cruising Yacht Club will be the beneficiary of $5 million in state funding to expand its berthing marina to accommodate up eight luxe superyachts in a move that it promises will be a boon for the regional tourism economy.
Club CEO Paul O'Rourke said there were about 30 superyachts owned in Australia, but the country was a premier destination for repair and vessel maintenance in the Southern Hemisphere such that it was expected to account for some eight per cent of the global market by the end of the year, amounting to around 533 vessels.
The funding is expected to be put towards building 200 metres of dedicated marina berth that is specifically designed to accommodate the larger vessels, with extra weight and power facilities.
The move to expand the Newcastle marina on Hannell Street is expected to put Newcastle in a competitive stead with Queensland, long regarded as the Australian home for superyacht construction, and will represent the only such dedicated maintenance berth in NSW.
Mr O'Rourke said, while Newcastle would not build the vessels, positioning the city as a maintenance hub for the yachts that are estimated to cost between $2 million and $5 million a year to run, would unlock the Pacific for European travellers and see tourism spending flow through the Hunter.
"There are probably over 30 superyachts in Australia at the moment," he said. "But the key is there are 100 coming. There are a lot of superyachts in Europe that all want to come to Australia and the Pacific, and at the moment we don't have the Pacific facilities."
"We regularly get phone calls from boats out in Tahiti that want to come to Australia and park up. We haven't got the facility yet."
Minister for the Hunter Yasmin Catley said the NSW Government's investment of $5 million, to which the Newcastle yacht club would add 20 per cent of the overall $6 million build costs, made sense for the state's second city.
"We are a maritime city," she said. "So, it makes sense for us to can have those yachts that can travel from as far far as Europe on their way up to Northern Queensland and to further places into the Pacific."
"This will become their go-to stopover."
The yacht club's Commodore, Barry Kelly, said the completed projected which is estimated to be about two years away, would be equipped to provide "medium-level" maintenance to the vessels, replacing parts and servicing engines and complex onboard systems, that would generate jobs in the region.
"Superyachts spend about four times as much in the region as they do on the berthing," he said. "Our spend on maintaining this facility in the last financial year was about $800,000."
The funding has been carved out of the NSW Regional Development Trust, which Regional NSW Minister Tara Moriarty said was to prop up merit-based projects that would create jobs and economic boons for regional economies.
"We have made a big deal out of this new fund and this new way of investing in our regions," she said. "This is really going to make a big difference for the local economy."
The $70 million Callisto - believed to have been the largest and most expensive yacht to visit Newcastle - was spotted in the marina in 2019. lt is owned by Barbados billionaire Derrick Smith who was reportedly a co-owner of the renowned Coolmore Stud, which has operations in the Upper Hunter, Ireland and the US.
The Australian superyacht sector is estimated to have a fleet value of over $7.5 billion, with annual maintenance expenditure of over $575 million.
Operational expenditure in Australia, including crew wages and berthing, is worth about $400 million.
A proposal document for the project, seen by the Newcastle Herald, lists more than 400 vessels over 30 metres based in the Asia Pacific.
The industry is said to support about 14,500 full-time jobs, paying about $1.2 billion in wages and salaries, and with Sydney reaching capacity, overflow was being directed to Queensland and Victoria.
The yacht club's pitch to secure funding amounted to positioning Newcastle to cater to provide a state's-first and one-stop shop for the super rich to dock and have their vessels serviced, estimated to represent up to 1400 jobs.
According to Superyachts Australia, the number of luxury vessels in NSW has increased by 52 per cent since 2021, with 17 accounted for in 2023. The economic impact of a visiting vessel was estimated to be about $1.34 million that year.
The Newcastle Cruising Yacht Club will be the beneficiary of $5 million in state funding to expand its berthing marina to accommodate up eight luxe superyachts in a move that it promises will be a boon for the regional tourism economy.
Club CEO Paul O'Rourke said there were about 30 superyachts owned in Australia, but the country was a premier destination for repair and vessel maintenance in the Southern Hemisphere such that it was expected to account for some eight per cent of the global market by the end of the year, amounting to around 533 vessels.
The funding is expected to be put towards building 200 metres of dedicated marina berth that is specifically designed to accommodate the larger vessels, with extra weight and power facilities.
The move to expand the Newcastle marina on Hannell Street is expected to put Newcastle in a competitive stead with Queensland, long regarded as the Australian home for superyacht construction, and will represent the only such dedicated maintenance berth in NSW.
Mr O'Rourke said, while Newcastle would not build the vessels, positioning the city as a maintenance hub for the yachts that are estimated to cost between $2 million and $5 million a year to run, would unlock the Pacific for European travellers and see tourism spending flow through the Hunter.
"There are probably over 30 superyachts in Australia at the moment," he said. "But the key is there are 100 coming. There are a lot of superyachts in Europe that all want to come to Australia and the Pacific, and at the moment we don't have the Pacific facilities."
"We regularly get phone calls from boats out in Tahiti that want to come to Australia and park up. We haven't got the facility yet."
Minister for the Hunter Yasmin Catley said the NSW Government's investment of $5 million, to which the Newcastle yacht club would add 20 per cent of the overall $6 million build costs, made sense for the state's second city.
"We are a maritime city," she said. "So, it makes sense for us to can have those yachts that can travel from as far far as Europe on their way up to Northern Queensland and to further places into the Pacific."
"This will become their go-to stopover."
The yacht club's Commodore, Barry Kelly, said the completed projected which is estimated to be about two years away, would be equipped to provide "medium-level" maintenance to the vessels, replacing parts and servicing engines and complex onboard systems, that would generate jobs in the region.
"Superyachts spend about four times as much in the region as they do on the berthing," he said. "Our spend on maintaining this facility in the last financial year was about $800,000."
The funding has been carved out of the NSW Regional Development Trust, which Regional NSW Minister Tara Moriarty said was to prop up merit-based projects that would create jobs and economic boons for regional economies.
"We have made a big deal out of this new fund and this new way of investing in our regions," she said. "This is really going to make a big difference for the local economy."
The $70 million Callisto - believed to have been the largest and most expensive yacht to visit Newcastle - was spotted in the marina in 2019. lt is owned by Barbados billionaire Derrick Smith who was reportedly a co-owner of the renowned Coolmore Stud, which has operations in the Upper Hunter, Ireland and the US.
The Australian superyacht sector is estimated to have a fleet value of over $7.5 billion, with annual maintenance expenditure of over $575 million.
Operational expenditure in Australia, including crew wages and berthing, is worth about $400 million.
A proposal document for the project, seen by the Newcastle Herald, lists more than 400 vessels over 30 metres based in the Asia Pacific.
The industry is said to support about 14,500 full-time jobs, paying about $1.2 billion in wages and salaries, and with Sydney reaching capacity, overflow was being directed to Queensland and Victoria.
The yacht club's pitch to secure funding amounted to positioning Newcastle to cater to provide a state's-first and one-stop shop for the super rich to dock and have their vessels serviced, estimated to represent up to 1400 jobs.
According to Superyachts Australia, the number of luxury vessels in NSW has increased by 52 per cent since 2021, with 17 accounted for in 2023. The economic impact of a visiting vessel was estimated to be about $1.34 million that year.
The Newcastle Cruising Yacht Club will be the beneficiary of $5 million in state funding to expand its berthing marina to accommodate up eight luxe superyachts in a move that it promises will be a boon for the regional tourism economy.
Club CEO Paul O'Rourke said there were about 30 superyachts owned in Australia, but the country was a premier destination for repair and vessel maintenance in the Southern Hemisphere such that it was expected to account for some eight per cent of the global market by the end of the year, amounting to around 533 vessels.
The funding is expected to be put towards building 200 metres of dedicated marina berth that is specifically designed to accommodate the larger vessels, with extra weight and power facilities.
The move to expand the Newcastle marina on Hannell Street is expected to put Newcastle in a competitive stead with Queensland, long regarded as the Australian home for superyacht construction, and will represent the only such dedicated maintenance berth in NSW.
Mr O'Rourke said, while Newcastle would not build the vessels, positioning the city as a maintenance hub for the yachts that are estimated to cost between $2 million and $5 million a year to run, would unlock the Pacific for European travellers and see tourism spending flow through the Hunter.
"There are probably over 30 superyachts in Australia at the moment," he said. "But the key is there are 100 coming. There are a lot of superyachts in Europe that all want to come to Australia and the Pacific, and at the moment we don't have the Pacific facilities."
"We regularly get phone calls from boats out in Tahiti that want to come to Australia and park up. We haven't got the facility yet."
Minister for the Hunter Yasmin Catley said the NSW Government's investment of $5 million, to which the Newcastle yacht club would add 20 per cent of the overall $6 million build costs, made sense for the state's second city.
"We are a maritime city," she said. "So, it makes sense for us to can have those yachts that can travel from as far far as Europe on their way up to Northern Queensland and to further places into the Pacific."
"This will become their go-to stopover."
The yacht club's Commodore, Barry Kelly, said the completed projected which is estimated to be about two years away, would be equipped to provide "medium-level" maintenance to the vessels, replacing parts and servicing engines and complex onboard systems, that would generate jobs in the region.
"Superyachts spend about four times as much in the region as they do on the berthing," he said. "Our spend on maintaining this facility in the last financial year was about $800,000."
The funding has been carved out of the NSW Regional Development Trust, which Regional NSW Minister Tara Moriarty said was to prop up merit-based projects that would create jobs and economic boons for regional economies.
"We have made a big deal out of this new fund and this new way of investing in our regions," she said. "This is really going to make a big difference for the local economy."
The $70 million Callisto - believed to have been the largest and most expensive yacht to visit Newcastle - was spotted in the marina in 2019. lt is owned by Barbados billionaire Derrick Smith who was reportedly a co-owner of the renowned Coolmore Stud, which has operations in the Upper Hunter, Ireland and the US.
The Australian superyacht sector is estimated to have a fleet value of over $7.5 billion, with annual maintenance expenditure of over $575 million.
Operational expenditure in Australia, including crew wages and berthing, is worth about $400 million.
A proposal document for the project, seen by the Newcastle Herald, lists more than 400 vessels over 30 metres based in the Asia Pacific.
The industry is said to support about 14,500 full-time jobs, paying about $1.2 billion in wages and salaries, and with Sydney reaching capacity, overflow was being directed to Queensland and Victoria.
The yacht club's pitch to secure funding amounted to positioning Newcastle to cater to provide a state's-first and one-stop shop for the super rich to dock and have their vessels serviced, estimated to represent up to 1400 jobs.
According to Superyachts Australia, the number of luxury vessels in NSW has increased by 52 per cent since 2021, with 17 accounted for in 2023. The economic impact of a visiting vessel was estimated to be about $1.34 million that year.
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