Covington Group Holdings, the owner of Gulf Harbour marina, has purchased Fairway Bay marina and the surrounding land from Chinese company Top Harbour.
The deal settled on Friday, November 26.
Covington Group (sole director James Speedy of Auckland) has interests in marine, property, technology, accommodation and hospitality businesses.
Gulf Harbour marina general manager Tony Sparks, says Covington has long thought that Fairway Bay offered an opportunity to invest in residential and marine assets.
He says the group plans to develop and operate Fairway Bay marina independently of Gulf Harbour’s marina, with its own unique brand and offering.
“We are excited by the opportunity that Fairway Bay brings to the group as we look at developing both a community hub and destination for those on the Whangaparāoa Peninsula and beyond,” Sparks says.
Top Harbour purchased Gulf Corporation’s failed development, then known as Hobbs Wharf, in 2012 for $35 million. Gulf Corporation was developing Hobbs Wharf until the company went into receivership in December, 2009.
No one from Top Harbour could be reached for comment.
