99-year lease approved for Coffs Harbour Yacht Club paving way for redevelopment

The future of Coffs Harbour's Yacht Club has been backed by council after unanimously approving a 99-year lease arrangement, paving the way for a significant redevelopment through a joint venture between the club and a private partner.

Commodore of the Coffs Harbour Yacht Club, John Wait, asked for the council’s support during a May 1 public forum. He explained the club was in need of renovations and an extended lease was essential for the viability of a proposed redevelopment.

Wait said the Club had been on the existing waterfront site since 1961 and the current structure was built in 1975.

“The building is now 50 years old and in need of a new refit… to liven the place up and make it more applicable for the area down there.”

“A long-term tenure of 99-years is necessary for the proposed redevelopment to proceed to fruition.”

Why the long lease?

The proposed works are being called the “Jetty Venture” – a joint project between the club and a third party.

According to Wait, the proponent requested a 99-year lease, stating “that's what he would like to see, I guess, for the amount of money he's talking about. He wants to probably guarantee his return – that he’s going to get that type of money back.”

The alternative is a 21-year lease that would see the club borrowing money and taking on loans, which has been the approach previously.

Council’s thoughts

Councillor Tony Judge asked Wait what kind of support the club would need from council to stay financially viable during construction, if the project goes ahead.  

Wait suggested reduced rent and alternative storage facilities to maintain its sailing programs, which he described as growing in popularity. The club hosts sailing and other water-sport events and programs. It also has a bar, restaurant and cafe, and hosts functions.

The motion was approved by council and includes a six-month interim extension of the current lease to allow for finalisation of negotiations with the joint venture partner.

A community asset

Councillor Julie Sechi called the Jetty Venture partner “ impressive” and commented on “the respect they've shown... for the community usage of the club.”

Councillor Judge called the Yacht Club a “fantastic asset” for the community.

“I'm really excited that there's a viable future for the club and that it's going to be bigger and better,” Judge said.

"In other parts of Australia, you have to be wealthy or live in the right place to sail, here in Coffs [Harbour], everybody can do it. And isn't that a wonderful thing?”

Thumbnail: Coffs Harbour Yacht Club – off the beach sailing Facebook page.