Causeway Chronicle

Coleraine Marina’s Financial Struggles and Future Ownership Decision Deferred Pending Strategic Review

At the recent Environmental Services Committee Meeting on Tuesday, 14 May 2024, councillors were briefed on Coleraine Marina’s financial woes. The marina is currently running at a loss and in dire need of substantial investment in its marine and landward facilities. The marina’s landward facilities require an estimated £844,000 for replacement while maintaining the marine side will cost approximately £735,000 over the next five years.

An economic appraisal conducted by Cogent Ltd. in April 2021 evaluated the marina’s socio-economic, tourism, and financial prospects, presenting two potential courses of action to council members in September 2023, by Treasury guidelines: either to maintain the status quo, with the council continuing to own and manage the marina, or to sell the marina for maximum financial return. The appraisal recommended selling the marina as the more advantageous option.

The Coleraine Harbour Commissioners have expressed interest in acquiring the marina.

However, during the recent council discussion, Councillor Kane underscored the necessity for a comprehensive Harbours and Marinas strategy before making any final decision. Developing this strategy is anticipated to take up to a year.

Consequently, a proposal to defer the decision on Coleraine Marina until the strategy is completed was agreed upon. The council will focus on crafting a thorough strategy to guide its future actions regarding the marina.

As such, it was concluded that no immediate decisions will be taken about the marina’s fate until the strategic plan is finalised.

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Geoffrey Moffett