Australian Ports and Waterways Minister Joe Tripodi has announced the go-ahead for more than A$50m in maritime developments at Rozelle and Blackwattle Bays.

Sydney Superyacht Marina Pty Ltd has been chosen to redevelop the existing superyacht facility in Rozelle Bay, while All Occasion Cruises Pty Ltd has been selected to redevelop the southern side of Blackwattle Bay immediately west of the Sydney Fish Market.

The two projects are expected to generate around 300 jobs in construction and ongoing services.

"The average 35m superyacht is worth around $20m with annual running costs of $2million," says Tripodi. "When these vessels are in Sydney, these running costs are injected into the local economy."

Sydney Superyacht Marina Pty Ltd has secured an agreement with US-based marina developer Island Global Yachting (IGY) to manage the superyacht marina. The facility will be reconfigured to 24 stern-to berths, each with an adjacent marina pontoon finger, for vessels from 20m-70m (66ft-230ft). The marina is expected to be reconfigured in 2010.

The southern side of Blackwattle Bay will also be developed into a major maritime precinct. "Much of this wharf has been derelict for too long and now is the time to return it to maritime use in support of commercial activities and our working harbour," says Tripodi.

Features of the proposal include reconstruction of the former coal bunker, maritime-related office and retail space, a permanent charter vessel facility and 18-berths for Sydney's charter vessels.

By IBI Magazine