d'Albora Marinas command $126m in record sale
More than 1300 berths at seven high profile marinas in Sydney and Melbourne were sold this weekAustralia's biggest marina group d'Albora, with 1300-plus berths spread across seven marinas in Sydney and Melbourne, has sold for $126 million.
Ardent Leisure Group issued a company notice to the Australian Stock Exchange on December 12, 2016, that it has successful concluded the sale's process for the d’Albora Marinas portfolio.
That portfolio comprises seven high-profile marinas — three in Sydney Harbour, two adjacent to the Melbourne CBD, and a further two at the popular leisure destinations of Nelson Bay in Port Stephens and
Akuna Bay, just north of Sydney, in Kur-ring-gai Chase National Park.
These blue-ribbon locations represent more than 1300 berths, substantial water and land leases. The sale price of $126 million represents an 11 per cent premium over current book value of $113.5 million, Ardent said in its ASX statement.
The purchaser of the portfolio of the marinas is a special purpose vehicle jointly owned by Sydney-based Balmain Corporation and Goldman Sachs. The entity also bought the Martha Cove Marina project on the Mornington Peninsula in Victoria for $43m last year.
Completion of the d'Albora Transaction is expected to occur before June 20, 2017, and is dependent upon securing landlord consents for the transfer of the head leases.
Meantime, the seven d'Albora Marinas will continue to trade as busy boating hubs. They take the name of their founder Jeff d'Albora, who now owns award-winning Soldiers Point Marina in Port Stephens, NSW. More at the d'Albora Marinas website.
Photo Credit: Third photo of d'Albora Marina at Nelson Bay, Port Stephens, by Saltwater Images.
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