What to check before buying a marina

Start with the tenure, not the berths

Most marinas sit at least partly on submerged land owned by the state. In New South Wales, for example, much of that land is Crown land held under a lease or licence. The remaining term, the renewal rights and the rent review mechanism often matter more to value than this year's occupancy. A marina with eight years left on its lease and no renewal right is a very different asset from one with forty.

Read the lease for make-good obligations as well. Some require the operator to remove structures at the end of the term, which can turn a valuable asset into a liability in its final years.

The structures are working against the sea

Breakwaters, piles, pontoons, gangways and fuel infrastructure all have finite lives. A condition survey by a marine engineer, including an underwater inspection, tells you what needs replacing and when. Turn it into a capital schedule over ten to fifteen years, not a single number at the back of a report.

Pay particular attention to the breakwater. It protects everything else, it is the most expensive element to repair, and its condition is the hardest to see.

Match the berths to the boats people are buying

Boats have grown longer and wider. Many older marinas have too many small berths and too few large ones, and catamarans need wider pens than monohulls of the same length. Compare the berth mix with the local fleet and the waiting list.

Reconfiguring the berths can lift income, but it needs approvals and capital. Test whether the market will pay for larger berths before relying on that upside in the price.

Read the income closely

Separate annual berth licences from casual and visitor income, and both from land-side rent: boatyard, hardstand, dry stack storage, fuel, hospitality and retail. Then check how concentrated the income is. A handful of large tenants or a single restaurant lease can carry a surprising share of the profit.

Dredging and environmental history

Ask how often the basin and the entrance channel need dredging, what the last campaign cost, and where the spoil went. Disposing of contaminated sediment can be expensive and slow to approve.

Review the history of the fuel dock, the boatyard and any slipway. Antifouling paints and fuel leave a long legacy in the seabed, and the cost of dealing with it can land on the next owner.

Look at what comes next

Finally, look at what the planning controls and the waterways or port authority would allow: more berths, dry stack storage, or a better use of the land behind the water. In many marinas the real upside is on the land side.