Grand Banks Yachts has made a deal to acquire land in Stuart, Florida, that will expand its footprint with 13,000 more square feet of land and a built-up area of about 2,864 square feet.
The property has berthing for as many as nine boats. It’s currently a private residence opposite the Grand Banks yard in Stuart, Florida, that serves as the company’s U.S. headquarters.
Grand Banks says the acquisition will allow it to service more boats at the same time. The $1.9 million deal will be paid through a $10,000 deposit, about $500,000 more at closing, and $1.4 million paid over a period of 15 years starting in July 2024.
The deal is expected to be completed Dec. 12.
“Grand Banks has built a strong reputation as a reliable boatbuilder, and providing top-quality service and support to our customers is especially crucial when selling luxury motoryachts,” CEO Mark Richards stated in a press release. “The acquisition of 458 SW Salerno Road will further strengthen the group’s image and branding as a premier luxury yacht builder, build a strong foundation for us to enhance our services and generate new revenue streams, which in turn adds long-term value for shareholders.”
What boat brands does Grand Banks build? In addition to the Grand Banks line, the company also builds Eastbay and Palm Beach brands in Malaysia.
Where to learn more: visit www.grandbanks.com