The vendors are inviting offers in the region of £4.75 million for the 59 residential moorings and the associated boatyard business on the River Thames between Battersea Bridge and Lots Road.
The facilities for sale include the residential moorings stretch down Cheyne Walk towards Battersea Bridge and are divided into two areas approached by bridgeheads from Old Ferry Wharf, Cheyne Walk and Battersea Bridge. Offshore, a total of eight trot moorings were laid in 2007 on the riverbed for the mooring of pleasure craft.
It also includes one of the more expensive and highly desirable advertising hoardings in London facing the River Thames, the boatyard incorporating the workshop and stores, floating dry dock and The Charles Fleming Management Vessel and the management offices that consist of a two storey brick built period building of approximately 913 square feet and the residents’ car park with space for 10 cars and 2 lock up motorbike sheds.
The Chelsea Yacht and Boat Company is described as a well established business and the is currently operated, on a part time basis, by two directors/shareholders, together with the boatyard manager and an administrative manager. There are five skilled permanent employees in the boatyard who manage the berths, repair and refit houseboats, pontoons, etc, together with a receptionist and two night watchmen who work on a shift basis.
The main operating profit is derived from sale and the renewal of Periodic Licence Agreements, annual berthing and maintenance charges paid by all craft, (current standard annual mooring fee is £120 per foot), the sale of Houseboats, boat fitting and repairs, and the advertising hoarding rental which currently produces a gross profit margin of £102,000 per annum.
'Over the last 20 years, houseboat design has developed at a significant pace and modern houseboats now rival traditional residential housing. As a result, the moorings and their houseboats have become synonymous with famous names who reside on the River and enjoy a unique aspect and way of life in the Capital,’ said Philip Mason, managing director of The Chelsea Yacht and Boat Company.
The site has been used for the setting of a number of films and television programmes including The Naked Truth starring Peter Sellers and Terry Thomas, The Horses Mouth with Sir Alec Guinness, and Sensitive Skin starring Joanna Lumley and Jean Marsh.
According to John Mitchell, a director from Humberts Leisure, the leisure property specialists advising on the sale, it is an unique opportunity for a private real estate investor.
‘It is one of the most famous maritime sites on the tidal River Thames. The business has been managed effectively by the current owners and achieved an operating profit (EBITDA) in 2010 of £472,500 with potential for further earnings uplift in the future,’ he said.
