Ardent Leisure Group has announced that d’Albora Marinas, the largest marina group in Australia, is to be sold off.
The group currently comprises seven marinas including the high profile Rushcutters Bay location, two marinas in Melbourne as well as at Nelson Bay and Akuna Bay in NSW. Together, these sites total more than 1,300 berths.
In a statement released yesterday, Ardent Leisure said that proceeds from the sale of the marinas would be used to fund capital expansion of its US-based entertainment centres.
Ardent Leisure Group encompasses a number of leisure and entertainment operations including health clubs, AMF Bowling and Kingpin bowling centres and Dreamworld theme park in Queensland.
Revenue from its marina operations fell by 2.2% in FY2015 with total revenue of $23 million. Revenue during the first half of 2015/16 fell marginally to $11 million due to refurbishment of The Spit Marina in Sydney and construction works next to Victoria Harbour in Melbourne.
Neil Balnaves, chairman of Ardent Leisure, said the sale of the marinas 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,” he said.
“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.”
This article was sourced from Marine Business