A lot of excitement in the household today! We’ve just secured a berth for Yamoya for after she is launched, at the new Royal Melbourne Yacht Squadron Marina.I haven’t belonged to a yacht club for quite awhile, and when I did it was a yacht squadron in Brisbane. So recently I started looking at yacht clubs here in Melbourne, thinking I’ll join a club I like and put Yamoya in their marina. Ahh, no! Marinas owned by yacht clubs have quite a waiting list with no availability even close to early next year.
A commercial marina then? Only if you’ve got very deep pockets. A 12 month lease on a commercial marina berth in Melbourne is the same as renting an inner city studio or 1 bed apartment. Except with the marina berth you have to supply the apartment as well.
A swing mooring maybe? (You know when you drive along the esplanade at Williamstown and can see all those boats permanently anchored – that’s a swing mooring) Not ideal, but they are cheap. Well it turns out that there is a waiting list on those as well.
Then I stumbled across Royal Melbourne Yacht Squadron’s new marina. Significantly cheaper if you take a 20 year lease and the lease can be resold. We expect to be able to sell the lease in 10 years time (if we want to) at more than what we’ve paid for it. If we aren’t using it we are allowed to rent it out.
We do have to become members of the club, but I was looking for a club anyway and they wiped the joining fees. Great location – at the end of Fitzroy Street in St Kilda. Nice club house with great views from the bar and restaurant. If you’re interested in a good investment (and want to join a yacht club) then I think this is a reasonable way to earn both income (rent) and capital growth (resale, at the appropriate time), remembering it is a lease and not freehold.