Club Development Report - Winter 2009
Matters are moving ahead with the redevelopment but not in the way that was anticipated at the time of my previous Ark update. At that time, the assumption was that we would continue working toward being able to appoint a developer in time for work to commence on site by September 2010. This was in the knowledge that whether or not we actually went ahead at that time would very much depend upon prevailing economic conditions. It is now clear, however, that the market for residential properties is not going to pick up sufficiently by then to enable the Club to generate the returns needed to fund all elements of the redevelopment. Realistically, it could be a four to five year time frame at least before it does.
What is clear, however, is that although we can muddle through for that period with the existing clubhouse facilities and even the dry storage platform (the “apron”), the marina is another matter. The condition of some of the pontoons and the bridge in particular are becoming an increasing concern. Bearing in mind the marina is the Club’s biggest source of revenue, we felt we had to look at ways of advance funding this element of the redevelopment. The estimated cost of replacing the marina is actually the smallest element of the overall development budget, so we felt we might be able to do something that is affordable. We also have to bear in mind, however, that any marina replacement is done in a way that does not compromise any future development plans, particularly the infill of the area currently covered by the apron.
The approved new marina layout, as indicated in the previous Ark, has been on display in the Club foyer for a while now. To implement this now, however, will mean that the existing slipway will have to be removed, and the walkway pier cut away at least back in line with the apron, to allow the infill to be completed in due course without having to change the marina layout at that time. A maintenance dredge will also need to be carried out and the old pontoons removed and disposed of. All of this will need to be funded, as well as re-piling and installing new pontoons. For the Club to do this on its own will require raising funds on terms that will probably be unaffordable and so investigations are being undertaken to see if this can be achieved through what is effectively a long term lease of a new marina, which will not require the Club to incur any upfront capital costs. Indications are that this can be achieved and we hope to be able to report to members in due course that we are able to proceed in the winter months of 2010/11. This will also give us time to obtain all the necessary statutory consents that work of this nature now requires, as well as to arrange contractors and make plans for temporary storage of boats berthed in the marina.
We are also conscious that we have to deal with the matter of the most appropriate legal structure for the Club. Once we have dealt with the marina issue, we plan to turn our attention to this matter. Our intention at present is to convene an open meeting in due course for members to discuss options and obtain feedback, before we make any firm proposals for members to vote on. So, as previously indicated, the work goes on!
Terry Webb
Secretary, Development Committee