Princess Motor Yacht Sales (PMYS), the world’s largest Princess Yachts dealer, has launched a new venture called Yachtquarters which will offer a focused yacht-sharing opportunity.
Yachtquarters will manage the whole venture, taking away much of the hassle that shareholders in similar schemes have experienced. Yachtquarters will operate out of Majorca where PMYS has a staff of over 40, plus support facilities, to help with the maintenance of the Princess 75, which Yachtquarters plans to use to start the new venture.
Yachtquarters is led by Henning Price, a Dane who has worked with Princess in Mexico and runs a similar venture based on two Princess 98 yachts. Price told IBI: “In Mexico we started a project similar to Yachtquarters in 2013, which used a Princess 98, and we added a second 98 after two years. The first 98 is now coming to the end of the holding period.”
Yachtquarters is looking for a minimum of four shareholders to invest £1m each in the Princess 75. In addition, there will be an annual maintenance charter. The yacht will have a crew of 2-3 and the operation of the yacht will be overseen by PMYS, including servicing, repairs and storage.
In return for the £1m, each shareholding will have access to the yacht for eight weeks of the year – two in summer, four in spring and two in autumn. The Princess 75 has eight berths and the four shareholders will have to hold on to their investment for four years before they can sell. If, after a minimum of two years, an owner wishes to opt out, they can sell their share as a liquid asset.