NJP they bought the marinas on yields of between 11% and 14%....

NJP they bought the marinas on yields of between 11% and 14%. You can't buy a commercial marina these days for more than 8%.

And try getting permission to build a new commercial marina anywhere in Sydney or NSW for that matter - its nearly impossible. Just ask Denis O'Neil about his experience at Rose Bay.

The recent win they had in the L&E Court to park very large boats on the T-Heads of the existing facilities is very valuable. Guys like Packer and Lowy will pay a fortune to park their toys at R'Bay instead of Rozelle

d'Albora Marinas operating margins are around 50%....not a bad business in anyone's books.

Note that they have 24-hour self-serve fuel facilities at all marinas now. In the past the lack of 24-hour fuel access has severely curtailed fuel sales.

d'Albora don't operate the hardstands, they have sub-let them. So a fall off in business is the sub-tenant's problem not d'Albora's.

Somebody sells a boat the next owner still needs to park it somewhere and there are few alternative choices in the Sydney area.

The marina tenants pay a base rent plus a percentage of gross - it really isn't that big a deal if Riv aren't selling boats at the moment they still have to pay a (very high) base rent and there is no way Riv will give up the R'Bay location when their lease next expires because that dealership is their highest selling dealership world wide.

And the Cabarita Point Marina was a business basketcase when they bought it and it is now a successful commercial marina. They aren't adding berths there for fun. Akuna Bay is their problem child.

Those who criticise the d'Albora Marinas are usually yachties who are members of the numerous yacht clubs around Sydney. They get the wind for free and expect everything else to cost the same.

You can't argue with the numbers. d'Albora's performance has improved year-on-year.

Just my 2c worth - not investment bible. DYOR.