Andrew Short Marine selling $17 million in property

A REPORT in The Sunday Telegraph has revealed that major Sydney dealership Andrew Short Marine is selling more than $17 million worth of property in a bid to keep its operations afloat.

According to the newspaper report, "almost 20 of the company's boats worth a total of $5 million were repossessed by GE Capital pending the sale of its prime industrial site at Taren Point".

The boats were reportedly repossessed from Ferguson's Boat Shed at The Spit, north of Sydney, which is owned by A & M Short Investments.

Receivers Ferrier Hodgson confirmed in a statement on Friday that it was appointed Receiver and Manager of the property on September 1 and has listed for sale the 4800sq m site on Taren Point Rd. The site is currently home to an Office Works store. The property, which was developed by A & M Short Investments, is being listed for $9 million.

"On 1 September 2011 Morgan Kelly [partner] was appointed Receiver and Manager over the Property pursuant to the provisions contained in a registered real property mortgage created by A & M Short Investments Pty Limited in favour of GE Commercial corporation (Australia) Pty Limited," said a statement on Ferrier Hodgson's website.

The Sunday Telegraph report said Andrew Short Marine's head office in Box Rd, Taren Point, was also up for sale although was not a target of the receivers.

Andrew Short Marine in Taren Point is still open for trading, although it is understood the company has ended its lease with d’Albora’s Marina at The Spit.

Andrew Short Marine has been a major seller of Mercury Marine products for many years. Marine Business today spoke to Brunswick's Asia Pacific GM John Temple who said the business relationship remains strong.

"We've known about the issues for some time. Matthew and Kylie Short have kept us in the loop with the efforts to sell their property. We have had a long standing relationship with the business, are still supplying them, and are happy to support Andrew Short Marine until the issue has been resolved," said Temple.

News of this comes as the Short family marks the second anniversary next month of the tragic death of the company's founder, Andrew Short, in a sailing accident.

Marine Business left several calls with Andrew Short Marine but has not had a response.

As well as Mercury products, Andrew Short Marine sells Boston Whaler, Meridian, Zodiac, Sea Ray and Sea-Al boats.