Boatshed Going For $1m Less

Sydney Morning Herald

Monday September 11, 1989

DANIELLE COOK

The Boatshed marina at Balmoral (pictured) is on the market for the second time in 12 months with an expected sale price $1 million less than it was late last year.

The Boatshed, on Sydney Harbour, and owned by a company associated with the Milson Group, was put to auction by the group last October, when it was reported that between $2 million and $2.5 million was sought for the property

If sold in that price range, the property would have reaped a $1 million profit for the group, which had paid $1.1 million for The Boatshed in December 1987 and had spent a reported $300,000 improving it.

A buyer was not found, however, and 12 months later the Milson Group has decided to give an auction another try.

One of the group's directors, Mr Ray Smith, said: "We thought spring was a good time to put it on the market, especially because there is nothing else for sale like it at the moment."

Mr Smith said that between $1 million and $1.5 million was expected for the property this time round.

"Last time, the agent told us to expect a lot more because the Woolwich Boatshed had just been sold for more than $3 million.

"I believe the market is more realistic now."

Located next to the Balmoral baths on Middle Harbour, The Boatshed has a four-bedroom owner's residence, a slipway, workshop and storage area.

There are 56 moorings, with the potential to accommodate more, and a hire boat business.

It is owned in one of the Milson Group's associated companies, Milson Marine Pty Ltd. The agent handling the sale, by auction on October 17, is Raine and Horne Commercial.