Midland Marina and Central Marine in Midland, ON are up for sale. After 42 years in the boating business and more than 20 years operating the marina, Bert DesRochers has decided to sell.
“My wife and I turned 65 this past year,” says Bert DesRochers, owner of Central Marine. “I have three kids and none are interested in the marine business. Over the 42 years we've been in the business we've done well.”
DesRochers has decided to sell his business in multiple parts. His 100-slip marina has been listed for $600,000, which includes the chattels such as the floating docks, above ground gas system, three-and-a-half acres of land and a waterlot that is leased from the municipality for $20,000 per year. According to DesRochers there is also a provision to add another acre of waterlot for a fee of $1,000 per year, which could potentially accommodate another 40 additional boats. He also says expansion opportunities exist since the property is zoned so that a restaurant can be added and there's plenty of space to add dry storage for boats.
“The reason the lease is so low is that we had been leasing the Marina from the Federal Government for more than 40 years continuously,” says DesRochers. “When they decided to divest their on-water properties, we wanted to buy it, but so did the township because it is right in town and directly adjacent to the municipal marina. Rather than a long dragged out battle with the town, we agreed to lease on a long term at very favorable rates instead. The lease was structured for 30 years, with a slight price escalation every five years. The lease has 28 years left, and who knows what can be negotiated at the end of that lease.”
Central Marine's parts and service, and chandlery businesses are listed for $200,000. Central Marine's sales division is also for sale, however, DesRochers admits that it's a difficult time to sell that portion of his business. “It's also available to buy, except that with this down market, I may have to build it up to its normal profitability before getting someone interested,” he says. “Ideally now is the best time for someone to buy the sales division, because it can be purchased at a very low price compared to when it's once again earning a lot. I don't want the sales side to stand in the way of the sale of the marina, so that's why I've divided them.”
Central Marine is currently a dealer for Rinker and Stanley boats.
The marina has been listed with Don Redmond from Remax and is also listed on MLS. For more information contact Remax Georgian Bay at 705 529-4437 or email at firstname.lastname@example.org or visit MLS listing #20082223.