Two NSW marinas hit the market
Two marinas situated on the Central and Mid North Coast of NSW have been listed through Knight Frank’s Richard Garland and Anthony Pirrottina.
Together, the two properties – Koolewong Marina and Marmong Point Marina – are expected to sell in excess of $29 million.
Marmong Point Marina (pictured above), at 1 Nanda Street, Marmong Point, is located on Lake Macquarie, and is one of the longest boating destinations in NSW.
The facility comprises of approximately 50,000 square metres, including 10,000 square metres of freehold service yard and 235 wet berths.
Koolewong Marina (pictured below), located at 19 Brisbane Water Drive in Koolewong on the NSW Central Coast, spans circa 15,725 square metres of wet and dry land.
Koolewong has a secure new ground lease with a 30-year lease term from 2019.
According to Richard Garland, Knight Frank Director, Commercial Sales, NSW, the marinas will receive strong interest from marina owners and investors, both nationally and internationally due to the ideal locations, established cash flow and significant value add potential.
“Marmong Point Marina’s current owners, developed and operated this premium market leading marina for over 14 years on Lake Macquarie.
“The marina, the two-storey commercial building and single level industrial building are close to 100% occupancy, with an experienced and well-structured management team in place to run the day-to-day operations. This provides the new owner with an income stream, in addition to the numerous opportunities to add value through development and expansion, available under the current zoning.”
Koolewong Marina is situated in a highly desirable location within close proximity to a number of major residential hubs, strengthening future value add potential, according to Anthony Pirrottina, Knight Frank Senior Sales Executive, Commercial Sales, NSW.
“The marina comprises 71 wet berths along with a two-storey commercial building and 45 car spaces. While the new 30-year ground lease that commences this year provides long-term secure tenure for prospective buyers.
“Gosford and the NSW Central Coast remain one of the fastest growing population precincts in NSW, underpinning demand well into the future. Particularly given the marina’s proximity to the Koolewong Train Station and direct access to the Central Coast Highway
“We anticipate both marinas will appeal to a wide range of owner operators and investors and as they present an excellent opportunity to acquire an investment with reliable income and upside potential.”
1 Nanda Street, Marmong Point, and 19 Brisbane Water Drive, Koolewong, are for sale via Expressions of Interest, closing on 19 June 2019. Buyers can purchase either or both marinas.