Auckland marina berths-whats the deal??

[morspeed 1]

Anyone out there can shed some light on the lease berths at westhaven vs the perpetuity berths at Half Moon bay.

 

We looking at buying a 40ft berth and see these at westhaven priced in the 30's with lease expiring 2029.

 

At HMB they are in the 70's but life time ownership.

 

Do the HMB berths appreciate in value, and therefore will the westhaven berths depreciate as the lease expires?.

 

Are there monthly or yearly payments for services at either marina?.

 

Basically we are trying to work out the pros/cons of berthage at westhaven vs HMB.

 

Also we noted there are two separate marinas at HMB, also BBYC marina..anyone know about the deal with these...took a look in the BBYC club for info today but the place was a ghost town.

 

Cheers..any and all advice/ knowledge/personal experience welcome.

[Guest]

I'd check the definition of 'life time' as you'll probably find it means the life of the Resource consent or something else semi-obscure rather than yours.

 

I looked at buying but it worked out no cheaper than renting by the time you add up all the costs and the lose of 'use of money', next to bugger all in it. I've been tracking the resale prices and if I had brought I'd be in the negative at the moment. But then the chances of any new marinas in the harbour are slim to probably bugger all and boats keep arriving so maybe a supply and demand will kick in, mind you people have been saying that for many years already.

 

Don't forget the chances are high a 40fter will need a 14mt berth if it has anything hanging out each end. The length they work on isn't on deck it's total over all including pulpits and rudders, etc.

 

Yes there is OPEX costs even if you own one. Don't know for sure but I'd be thinking a few hundy a month, maybe more depending on berth size.

[Farrari 4]

HMB operates on what's called a perpetual lease, so for all intensive purposes life means life. I looked at buying one there, and for the right one I still may, but the financials are pretty marginal. Talk to Ross down there and he will give you all the details. From what I have seen there appears to minimal capital gains.

 

If you are interested in buying a berth at Bucks you should call the dockmaster, Brian Berriman. His contact details are on the BBYC web site. He is really helpful to talk too.

[wheels 543]

From the research I did awhile back, there is only one positive in buying and that is, you own the sole right too that space for the time you own it. As for how long that time is seems to vary from marina to marina. So make sure you find that info out. Some marinas under a "blanket" resource consent have only a few years to go till the time expires. Some have a long way to go. A couple of Marinas around the country, Like Mana, you own the space for ever. And then, ones like the Port Marlborough Marinas, you don't actualy own a thing, more like, you simply own a right to park there for a limited number of years and then have to pay out whatever the cost is once again. The real negative is that there is still a maintenance charge and it is darn near the cost of lease anyway. That part just stumps me because most all charge a heck of a lot and I can't see the justification. But that gets us into the same ol argument about charges full stop.

Most marinas will allow you to sub lease, but a few whill not.

So in a Nutshell, unless you have lots of money and simply want to ensure that space is yours for duration of ownership (which I don't see any difference with long term lease anyway)then buying could be an option.

If the Marina has a system like Mana, then at least at present, it is a good investment if you have the cash. Berths are easily making good gains there, but they are also very expensive.

[Guest]

HMB operates on what's called a perpetual lease, so for all intensive purposes life means life.

That's pretty cool and a very fair way to run things.

 

Bayswater leases are up in a few years. 400 odd berths at a ballpark average 40K each = someone's in for a massive pay day.

[Guest]

They have still got 20 years or so. So basically what happens when the resource consent expires, all the leases are cancelled, everyone loses their spot and the marina gets to sell them from fresh all over again?

[wheels 543]

all the leases are cancelled, everyone loses their spot and the marina gets

Sounds like a Boating version of Musical chairs

[morspeed 1]

Thanks for the views all, we really would like to berth at HMB as its very close to home...

 

70k to buy or $6500 per year to rent a 40ft berth..

 

If there is little to no capital gain on the HMB berths in the long term then it probably makes better odds to rent.

 

cheers...Gary

[wheels 543]

It would be 70K PLUS about 4.5K'ish per year to rent. So all you save is maybe $2K/year, not 6.5K/yr They charge that for maintenance and so forth. Thieving little varmints these marina's eh. They are probably the only ones in the Marine game that make a substantial profit out of Boating.

[Grinna 2]

Bayswater leases are up in a few years. 400 odd berths at a ballpark average 40K each = someone's in for a massive pay day.

 

That's interesting. What does the $40k pay for? It certainly doesn't pay for resource consent monitoring ... Bayswater Marina have chosen not to undertake any consent monitoring. Cheaper in the short term, but when it comes time to renew resource consents its gonna turn real interesting.