Eight months after it was first announced, the A$126m purchase of D’Albora Marinas from the Ardent Leisure Group has been completed. The buyers are the Balmain Corporation, a Sydney-based fund manager and commercial property finance house with over A$6bn of assets under management, in conjunction with Goldman Sachs.
D’Albora is Australia’s largest marina group, operating seven marines in New South Wales and Victoria including four around Sydney and two in Melbourne. The marinas currently offer 1,700 berths alongside over 200 retail outlets, providing a variety of amenities.
The acquisition bolsters Balmain’s current maritime portfolio, which also includes Martha Cove, Horizon Shores and the Port of Airlie. The combined group can now offer 3,000 wet berths spanning the eastern seaboard of Australia, together with significant retail offerings.
“Our strategy is to change the way marinas operate in Australia by significantly deepening the customer service offering,” says Andrew Griffin, CEO of Balmain. “Marina customers should be entitled to be treated like hotel guests and the breadth of our holdings will allow us to start this journey for D’Albora customers. The establishment of concierge/valet services, improved food and beverage, upgraded amenities and services and several new working shipyards to benefit all of our maritime clients will be our first steps.”
Building upon their maritime expertise over the past decade, Balmain anticipates a smooth transition for D’Albora’s staff, customers, tenants and suppliers.
“Brett Bolton will remain at the helm as CEO and, as long-term holders of these assets, we will be considering further expansion opportunities once new systems have been established that will enable us to deliver these high-quality offerings,” adds Griffin.
The seven D’Albora marinas are:
- Akuna Bay, NSW: 200 wet berths and 169 dry-stack berths
- Cabarita Point, NSW: 90 wet berths up to 45m (147ft)
- Nelson Bay, NSW: 200 wet berths
- Pier 35, Victoria: 77 wet berths and 304 dry-stack berths
- Rushcutters Bay, NSW: 106 wet berths up to 40m (131ft)
- The Spit, NSW: 192 wet berths up to 40m
- Victoria Harbour, Victoria: 72 wet berths up to 35m (114ft)
The three Balmain marinas are:
- Martha’s Cove, Victoria: 265 berths up to 30m (100ft)
- Horizon Shores, Queensland: 500 berths up to 24m (80ft), plus 350 berth dry-stack and 200 covered trailer boat slots
- Port of Airlie, Queensland: berths 10m-50m (39ft-164ft)