Money! How much for a marina?
Right! This is the nitty-gritty! This page demands than any marina (which, let's face it, is a car-park for rich peoples' boats) should be a commercial proposition. It isn't a sports centre or a swimming pool or an arts venue where its provision is seen to directly benefit the public and that benefit can be balanced against the cost of its provision.
This was highlit in Llewellyn Davies Yeang's
The Kings Lynn
Urban Renaissance
Strategy:
"The overarching principles: Development, regeneration and the
operational aspects of Kings Lynn must ... be commercially viable."
We paid good money for this advice: we should
pay attention, too.
So what's it worth?
The following were part of a question put to the BCKLWN and claim to give an estimate of the earnings potential of a 250 berth seaward-facing marina:
Assuming a 70% occupancy and an average boat size of 9 metres,
Total annual berthing income = £283,500 (net of VAT)
If we allocate 25% to service the capital cost = £70,875
Which would repay a capital cost of £1,012,500
These figures based on these assumptions: 5% interest, 25 year payback period, £207/m/yr marina berthing charge (including VAT).
Such as they are, published fresh water marina charges are lower than this, which could reflect a lower capital cost and/or a lower service provision. On the other hand, boats on the inland waterways are mostly longer than their sea-going counterparts (a 30 foot/9 metre narrowboat is regarded as rather minimal), so the income per boat may be more or less equivalent.
Projects that can't pay their way are at perpetual risk. Any time that the politicians who subsidise their existence lose interest their doom is sealed. If a marina is to be built in Kings Lynn, then building a financially viable project will ensure it has a long term future. This should mean getting good value both in terms of initial build cost and operating costs. Both the 2007 and 2009 plans propose a marina that is too expensive to build and too expensive to operate. The fact that the council are talking now about subsidising the operation: "although the marina was expected to run at a profit in the longer term" indicates that they are aware of that it is going to be tough to operate profitably, but doesn't guarantee their support for the future.
For an example of what goes wrong, here's the Lynn News story on the problems at Green Quay, a warehouse converted to cafe, exhibition space and Wash interpretive centre as part of the £ million 4.1 'North Sea Haven' waterfront regeneration scheme (that phrase again!). Now, nine years after it opened, council funding is being cut back and Green Quay could close.