Grand Banks Yachts to buy Florida marina for US$3.2m

SINGAPORE - Grand Banks Yachts on Monday (Feb 26) said it plans to buy the Stuart Service Yard in Florida to serve as its official US headquarters.

The Singapore Exchange-listed luxury boat builder has entered into a stock purchase agreement to acquire the entire stake of Stuart Yard Corporation, which owns the property, for US$3.2 million.

Of this, about US$1 million will be paid upfront in cash and the remainder of US$2.2 million over six years.

Grand Banks will consolidate its existing Florida US offices and storage under the new headquarters, which will be run by Samuel Henry Compton, who will be re-designated as the managing director of Grand Banks America.

The marina will replace the group's existing rental facilities and berths, acting as a private dock and exhibition venue for its boats in the US.

The property includes seven berths and 12,000 square feet of waterfront offices, shops and maintenance facilities. It also houses commissioning and repair equipment such as a 50-tonne travel lift, an enclosed floating workshop, deep water docks and concrete haul-out area.

The transaction is subject to satisfactory due diligence and approval by the regulatory authorities.