Coffs Harbour Yacht Club seeks partnership expressions of interest, including from hospitality groups
The 50-year-old Coffs Harbour Yacht Club is seeking expressions of interest to redevelop arguably the most coveted oceanside site in the city. Here’s the latest.
Coffs Harbour
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The Coffs Harbour Yacht Club has long been a famed local facility, but it’s now moving toward even bigger things.
The club - with 750 members on its books - has just opened expressions of interest for a joint venture at one of the most prized locations on the Mid-North Coast.
Club director Garth McGilvray said the club wants to hear from interested parties, such as a hospitality group - and had already had some nibbles.
He said while a new partner might trade from the two top floors, and the yacht club from the bottom two, nothing has been ruled in or out.
“We do want to preserve the community nature of the club, but we’re not trying to limit what ideas any potential partner may have,” Mr McGilvray said.
The club has been operating since 1962 and in the current building at the Jetty Foreshores since 1975.
It has been renovated and maintained in bit-parts over the years, and the membership sees a joint venture partnership as a means to make the facilities more modern, clean and coherent.
“The club is our biggest asset but its age is also our biggest liability,” Mr McGilvray said.
“We’ve been limping along as a going concern and it’s not going to change unless we can get a long term partner.”
Club general manager Richard Hinton said the location lent itself to redevelopment on the back of a number of significant works in the area, including the foreshore parkland revitalisation, amenity improvements and a new boat ramp.
“Site zoning allows for joint venture investment partners to benefit, with mutual benefits flowing to the club and the community,” Mr Hinton said.
“Everything’s on the table - bring your imagination.”
Mr McGilvray said the first question of suitors was inevitably about the length of tenure on the Crown Land.
He said talks with City of Coffs Harbour and Property NSW had indicated the size of any potential investment may influence the length of guaranteed tenure.
A $15 million dollar investment might secure a 25-year tenure, while a larger splash could sew up a 40-year deal, Mr McGilvray said.
‘This venture/partnership offer is a premium opportunity for a long-term investment in a rapidly growing regional city with a thriving local economy,” he said.
“Our vision statement is to be the number one sustainable community venue for sailing and water sports on the North Coast of NSW.”
Mr Hinton said interested parties could view documents related to the offer on the club’s website.
Joint Venture Expressions of Interest are open until 4pm on October 9.
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