Grand Banks Yachts has completed the acquisition of two properties in Rhode Island, US through its wholly-owned subsidiary, Stuart Yacht Corporation.
The luxury yacht builder’s announced in March 2025 that it had entered into a sale and purchase agreement to acquire Spring Wharf Marine Holdings, LLC and Casey’s Marina as part of strategic expansion in US.
The group has previously said expanding its footprint into the East Coast of the US, was the ‘final piece of the puzzle’ in its expansion plans into the States.
The total purchase consideration was US$21 million with the acquisition enabling Grand Banks to expand in its main geographical market in the US and enhance long-term sales of Grand Banks and Palm Beach Motor Yachts.
Casey’s Marina is located in the heart of downtown Newport and provides full marina services and amenities including water connection points, wi-fi, restrooms and security patrol.
Workshop and boat storage
It has a total land size of approximately 38,000sqft, which includes approximately 7,000sqft of covered area for workshop and boat storage space, guest accommodation, and approximately 27,000sqft of open area for boat hardstand and car parking.
It is capable of berthing up to 20 boats in the water and more on the land.
The Waites Wharf is located approximately 100 metres from the Spring Wharf.
It is a two-storey mixed-use building, combining commercial and residential spaces, with a total built-up area of approximately 10,250sqft.
In its current configuration, it has three offices and an executive style apartment.
Grand Banks has been renting a small sales office, berths and a storage unit at the properties since 2018.
“I am very excited with this opportunity for the Group,” said CEO, Mark Richards.
“This acquisition will have immense strategic value to enhance our future sales and customer experience.”
