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- Release Date: 04/06/14 11:08
- Summary: ASSET: NTH: Northland Port Corporation to acquire Marsden Cove marina
- Price Sensitive: No
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NTH
04/06/2014 09:08
ASSET
REL: 0908 HRS Northland Port Corporation (NZ) Limited (NS)
ASSET: NTH: Northland Port Corporation to acquire Marsden Cove marina
MARSDEN POINT, Northland - Northland Port Corporation (NSX:NTH) has reached
conditional agreement with Hopper Developments to acquire the freehold title
of the 230-berth Marsden Cove marina and adjoining commercial complex for
$6.95 million. It is envisaged that the acquisition, funded by a mix of
equity and bank debt, will be effective from 1 July.
The transaction covers freehold title to a 6.2 hectare area comprising a 4.5
hectare marina and 1.7 hectares of land and infrastructure adjacent to
Northland Port Corporation's existing land holdings at Marsden Point near
Whangarei. The purchase includes 1,100 square metres of high quality, well
positioned commercial and retail space and a two-level building which
accommodates the marina office and berth holder facilities.
The agreement excludes any of the residential land associated with the
neighbouring Hopper Developments' housing estate at Marsden Cove.
Northland Port Corporation chief executive Graham Wallace said ownership of
the marina would help the company open up a 'second front' of development on
the adjacent land that it owns.
"It's an important gateway to this area of our land holdings. By promoting
the growth of new marine service businesses at the marina we plan to
stimulate new demand on our land from a range of potential downstream service
and retail providers."
Wallace said ownership of the marina's freehold title was a significant
differentiator as other marinas were almost invariably operating under some
form of leasehold title. This would give the company the ability to respond
quickly to market demand, adding value to the infrastructure already in place
by developing it to maximise appeal to boat owners and businesses wanting to
establish themselves there.
The marina's existing infrastructure includes world-class mooring with
customs facilities, a fuel dock and a range of waterfront retail services
catering for the marina, boat owners and the neighbouring residential
community. One of Northland's most popular public boat ramps is also situated
within the overall Marsden Cove marina complex.
Northland Port Corporation intends to undertake further development of the
site on a phased basis. Wallace said potential future development
opportunities identified by the company included a vessel haul-out facility,
a dry-stack storage system for smaller boats, marine chandlery and a wide
range of servicing facilities.
"The quality of the assets we're buying - prime waterfront land with an
established infrastructure - is testament to the values and standards of
Hopper Developments," Wallace said.
"The opportunity exists to make Whangarei Harbour in general and Marsden Cove
Marina, in particular, the destination of choice for long-distance yachties
arriving in and departing from New Zealand. And an attractive option for boat
owners closer to home looking for an alternative mooring with a wide
selection of marine facilities, close to a major centre and with easy access
to and from Auckland."
Northland Port Corporation recently completed a wide-ranging review and
evaluation of its principal activities and how these fit with its strategic
direction. Wallace said the acquisition of the Marsden Cove Marina complex
was a good fit with the company's future focus on the development of its land
holdings and its role in the growth of the Greater Marsden Point Area.
- ends -
For more information please contact:
Graham Wallace, CEO
Northland Port Corporation
[email protected] / 09-4327378 / 0274-761037
Issued by:
Graham Wallace, CEO
Northland Port Corporation
[email protected] / 09-4327378 / 0274-761037
End CA:00251188 For:NTH Type:ASSET Time:2014-06-04 09:08:21
