A joint syndicate comprising Sydney based commercial property and fund manager Balmain Corporation and Goldman Sachs has now completed the purchase of the D’Albora Marinas group from Ardent Leisure. The purchase of the seven marinas in the group, located in Sydney, Melbourne and Port Stephens was completed on 16 August.
The deal, reportedly valued at $126m and, added to Balmain’s current portfolio which includes Martha Cove in Victoria, Horizon Shores and the Port of Airlie in Queensland, makes the syndicate the largest single marina operator in Australia with around 3,000 berths spread along the east Coast.
According to the group, the transition has been smooth and it’s business as usual at all of the marinas, with plans to significantly ramp up the customer service offering. The aim is to treat marina customers like hotel guests with the group planning to set up concierge/valet services and upgrade amenities at all of its sites.
Pictured: Nelson Bay Marina in port Stephens. Photo: happysnapper 2 [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons