Greece’s Hellenic Parliament has ratified a concession agreement which paves the way for the construction and operation of a new mega-yacht marina on the island of Corfu.
The agreement grants a private consortium the right to develop, manage and operate the marina for 40 years.
The deal was signed by the Hellenic Republic Asset Development Fund and the Corfu Port Authority, and Lamda Development through its subsidiary Lamda Marinas Investments.
Lamda will pay an upfront, one-off fee of €9.7 million and an annual concession fee equal to 7.7% of its turnover.
The total value of the consideration under the contract is expected to exceed €89 million over the 40 years.
Lamda will also investment more than €50 million for the construction and development of the marina from scratch.
Third Greek marina
The new project will include building infrastructure for mega-yachts, together with supporting facilities for high-end tourism services.
The new mega-yacht marina will be located to the west of the cruise pier and be able to accommodate 410 vessels up to 140 metres in length.
The land area will encompass nearly 10 acres.
It is anticipated the new marina will boost Corfu’s tourism and attract high-value visitors, however critics have raised concerns regarding environmental risks and transparency concerns over the terms and long duration of the concession.
The new marina will be Lamda’s third in Greece, joining existing marinas at Flisvos and Agios Kosmas, as well as the company’s Ellinikon development project.
Once developed, Lamda will hold around 40% of the total turnover of Greek marinas.
