d'Albora Marinas for sale

Ardent Leisure Group has announced it is selling d’Albora Marinas, the largest marina group in Australia, and a blue-ribbon holding valued at around $133 million.

The d’Albora Marinas group 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 premier locations represent more than 1300 berths, substantial water and land leases and, says Ardent in its announcement to its share holders on Tuesday (March 22, 2016), the marinas come with "very attractive development opportunities." This refers mainly to their land 'holdings'.

The marinas have proven to be a solid rather than growth business and are said not to be a core business for Ardent. Net profit was just over $10 million in the first half, it was reported. The marinas will be sold in one line to overseas or local interests.

The sale of the marina portfolio forms part of the Group’s enhanced capital management plan that will assist in accelerating the pace and development of its Main Event Family Entertainment Centres in the USA. There are other strategic changes to Ardent's AMF-branded bowling centres, Dreamworld, Goodlife Health Clubs, and  more.

But the headline news is that Ardent plans to divest itself of these huge marina interests, at a time when the pleasure-boat market is picking up, and following the refurbishment of d'Albora Marina at The Spit, which was done to cater for the bigger and bigger motoryachts looking for a home on Sydney Harbour these days. Akuna Bay has also undergone a recent big-boat refit.

The Chairman of Ardent Leisure, Neil Balnaves, said that the CEO Deborah Thomas (ex-magazines and a high-profile commentator) and her management team have commenced the process for the sale of d’Albora Marinas and the remainder of these initiatives will be implemented as a priority over the next 12 months.

"The marinas are unique assets with outstanding facilities in excellent locations and we are confident they can be even further developed in the hands of a new owner.

"Following extensive negotiations, we have also been able to extend the land and water leases in respect of our premium site at Rushcutters Bay in Sydney for 25 years, with scope to increase the tenure for a further 15 years.

With the growth of the US assets outweighing that of the Australian businesses, the balance of the Group’s assets and revenues will become more weighted to the US. The Group will inform the market of any material developments, in line with continuous disclosure obligations. The market liked the announcement.

Meantime, the seven d'Albora Marinas will continue to trade as the busy boating hubs and marinas they are today. They take the name of their founder Jeff d'Albora, who owns award-winning Soldiers Point Marina in Port Stephens, NSW. More at the d'Albora Marinas website.

Opening photo of d'Albora Marina at Nelson Bay, Port Stephens, by Saltwater Images.