The successful bidders for the marina at Sa Maison are already planning further investment in a service area for yachts and service berths for superyachts.

An area at Sa Maison was offered to bidders by Transport Malta for a marina and although there were 28 entities that collected the relevant documentation, only five bids were submitted by the October 2014 deadline.

It was subsequently awarded to the Marina di Valletta consortium, whose majority shareholder, with 50.4 per cent of the shares, is the giant Azimut/Benetti Group through its subsidiary Marina di Varazze, with the remainder held by various other companies coordinated by their agents in Malta since 2006, Esprit Yachting.

This is not the first time that the group has tried to invest in Malta: it had made an unsuccessful €12 million bid for the Manoel Island Yacht Yard. In 2012, its owner Paolo Vitelli said the group would be willing to invest in the island with a marina and refit operation which at the time was estimated at circa €22m.

He is now going to get at least a part of that – although the contract for Sa Maison has not yet been signed and the concession fee and annual rental have not yet been made public.

The Marina di Valletta – its name will tap into the capital city’s internationally-recognised brand – will be backed by the expertise of the group, which has four other marinas that the group built and now operates in Italy and Russia, Esprit Yachting managing director Niki Travers said.

“It is a strategic position for them as they also have yards in various facilities in the north of Italy, Brazil and Turkey. But it really makes sense for them to have a base here.

“Having such a well-known shareholder involved is crucial as it means immediate international exposure for us. Malta will feature as one of the group’s network of marinas, visible through its 138 offices in 69 countries, its media presence as a leading superyacht builder and its boat and trade show presence.”

This is the first new all-weather marina for many years so there was a lot of pent-up demand from local boaters

The 274-berth marina will require considerable investment to ensure all-weather protection. A so-called spending beach will be installed along the Pieta’ waterfront to absorb reflected waves, while a 120m-long floating breakwater will arch across the entrance to the marina.

“Don’t be fooled! It may be called floating but it is made of 2,500 tons of concrete, in 12 sections. It is 6m wide and you can drive a truck on it,” consortium chairman Pierre Travers added.

In spite of the heavy capital expenditure and income based mostly on annual berthing fees, Niki Travers said that the business should break even after 10 years – well before the 25-year concession runs out.The marina will accommodate boats up to 22m but the breakwater itself will be able to accommodate a few visiting superyachts simultaneously. Around 90 per cent of the marina will be dedicated to permanent berths, which Niki Travers believes will only ease the current demand for the next three to five years.

“This is the first new all-weather marina for many years so there was a lot of pent-up demand from local boaters. And we are convinced that its proximity to Valletta will make it popular with visiting yachts,” he said.

The marina will have several bonuses for its users. It will have 110 parking spaces – the highest ratio to berths of any marina (apart from the fact that they will be exclusively for marina users). It will have the amenities one would expect – like a capitanerie with chandlery, showers and a cafe – but also professional berthing assistance, cleaning services, a fuel facility and the first blackwater extraction service in Malta.

The marina is expected to be fully operational within three years. The Gozo Channel operations will be relocated to Marsa, meaning that apart from the AFM maritime base, Marsamxett will now be dedicated entirely to leisure maritime activities.

In spite of the fact that marina will pay its own way, there is the potential for more value-added from charter, servicing and yacht management services offered by Esprit Yachting and its sister company, Strand Marine.

“It is not easy to find appropriate land as you cannot have yachting activity in close proximity to industrial activities like oil and gas maintenance. For example, there are times when the Malta Superyacht Services had to halt operations because of an overspray from grit blasting from the dock across the creek when the winds were blowing that way… There have been a number of missed opportunities for this activity in Malta,” Pierre Travers lamented.

“But things are coming together now and the future is looking bright. We believe that the group will make more investments within five years – and we would also want to move into superyacht berthing, refit and repair at some point.”