Marina co-op privatisation bid gathering momentum
The owners of the berths at the Msida yacht marina are shortly expected to launch a bid for the marina, which is earmarked for privatisation by the government.
Spokesperson Etienne Bonello Dupuis, also the deputy mayor of San Gwann, said a series of internal meetings between a core group of boat owners were still ongoing, but that the group will be announcing its plans very soon.
The tenants have also been investing money in the prospective bid, Bonello Dupuis said, and members for the cooperative’s professional team were being selected.
Bonello Dupuis said there was great interest from boat owners in the formation of a tenants’ cooperative. Some 700 boaters have a berth at the Msida marina.
The lucrative privatisation deal is expected to attract great interest from private investors. The Msida marina has its pontoons already laid out, it enjoys safe waters, and it is a going concern: a deal that will guarantee income right away.
At an average yearly €1,200 in rent for an 11-metre boat, the marina still offers free utilities to tenants. Tenants are expecting to be charged for the use of electricity and water after privatisation.
Bonello Dupuis has argued that a co-op will lead to a more equal structure by opening it to boat owners who would buy shares at a standard fee, but then also be charged a fee according to the size of the boat. “It will also bring greater pride in the ownership of the marina... It will give a different kind of management because boat owners will have a piece of the marina, and it will be in their interest to take care of the marina.”
Bonello Dupuis has also stated that any profits could be re-invested in the marina. “Whether it’s the co-op or a private owner that takes over the marina, there will be a need for increased maintenance, the revamping of the decking, and the upgrading of electrical supply and even fire-fighting equipment, which is inexistent on some pontoons.”
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