Sydney Harbour as an Investment Opportunity

25 August 2024

You may not be aware that there is now a new lobby group to reorganise moorings in Sydney Harbour. With a limited number of moorings, they are likely to become a new investment opportunity, and it might be noted that foreign interests, who were very active in buying expensive houses, not living in them and waiting for am easy capital gains profit may be targeting moorings or marinas now. The government in theory controls all this, and Eddie Obeid has some schemes for marina developments.
In Woolwich, there are new plans for a marina extension, and over in Lavender Bay near Waverton they have been fighting Marina developments for some years. As an observer, most of the boats are not used much, so they is actually a parking lot for rich people’s toys. As the areas to travel become smaller and more constricted, it is harder for rowers and people who want to get around the harbour. As a rower, I can attest to this. Moored boats are a problem, and moving boats are also worse the closer they get in the shared space. If people want to go boating every now and again, perhaps an encouragement of hire schemes might be a good idea. Obviously a few days a year, like the start of the Sydney-Hobart race might lead to shortages, but this does not justify turning the harbour into a yacht parking lot all year.
In Woolwich, the local Independents have been fighting this for years, and the local Liberal, who did nothing, tried to put herself prominently in the photo but did not succeed.
Here is the write up in the SMH today:

WATERWAY PRIVATISATION
‘Existential battle’ with marina developer

Lucy Macken SMH 25/8/24

Prestige property reporter

The well-heeled folk of Hunters Hill have been known for their strident stance against overdevelopment since 1971, when about a dozen local mums joined with the late union organiser Jack Mundey and his ‘‘green bans’’ movement to stop Kellys Bush becoming a housing estate.

So an application to the council to almost double the size of Woolwich Marina met a groundswell of opposition in what is being billed an ‘‘existential battle’’ against the privatisation of a public waterway.

On the drawing board is a proposal to expand Woolwich Marina from the current 45 berths to 79 and to moor larger vessels, including 35-metre superyachts.

The estimated cost of $8.5 million seems to be the least of the hurdles facing the marina’s ultimate owner, Hong Kong businessman Chan Hoi Li, given it was unanimously rejected by both Hunters Hill Council and North Sydney Local Planning Panel.

The next step will be an on-site conciliation meeting with the Land and Environment Court on September 19 and 20.

Chief among the 11 grounds for refusal – including maritime, Aboriginal and bushland heritage concerns, visual impacts to state heritage-listed Kellys Bush Park, the existing use of public space and public consultation – are what former mayor Ross Williams cites as the privatisation of a public waterway and the safety risk to children sailing in what is already a congested section of Parramatta River.

Then there are the heritage concerns of a native kelp forest and a shipwreck in the river, as well as the endangered White’s seahorse recently found at Cockatoo Island.

Less represented among the local community groups objecting to the proposal are casual boat users and kayakers.

‘‘They’re not organised, but there are a lot of them,’’ local David Griffith said in his submission to the planning panel. ‘‘The only winner in all this is the owner, who will get a wonderful financial windfall from privatising a public waterway.’’

Marina manager Idy Chan, daughter of the owner, referred queries to architect Micheal Fountain, whose firm designed the proposed expansion and who said any comment would be inappropriate given the matter was before the Land and Environment Court.

Chan family corporate interests bought the marina in 2015 for $10 million. The historic Glen Mahr residence behind it was added in 2019 for $6.6 million.

Idy Chan made no secret of her plans, telling Good Weekend in 2018 that she had a waiting list of Chinese emigres wanting berths for their smart yachts.

There were 406 submissions to the council about the proposed new marina. Of the 289 in support, the 285 form letters were counted as a single submission. The 117 objections included a formal objection by the elected members of Hunters Hill Council.

Rallying behind

the vocal locals, opposing community groups include Lane Cove 12ft Sailing Skiff Club, Greenwich Flying Squadron, Hunters Hill Sailing Club, Friends of Kellys Bush and Hunters Hill Trust.

‘‘Even the kindy P&C are involved one way or another. It’s a proper community outrage,’’ said Chris Stannage, president of Hunters Hill Sailing Club.

‘‘We already exist alongside the ferries, party boats and everyone else on the harbour, but we also have fairly substantial duties of care, and if it means our sailors will be put at undue risk then we would have to look at where we sail.

‘‘That has turned this into a pretty existential battle from our perspective,’’ Stannage said.