Club Mykonos is a beach resort ideally located on the Cape West Coast along the shores of the beautiful Langebaan lagoon. The resort offers a range of tasteful accommodation options, from four-star Greek-style terrace units to the luxury Marina Village Apartments. It has its own private beach, swimming pools, conferencing and event facilities, a marina with outstanding restaurants and boat storage units. Club Mykonos has become increasingly popular over the years as a lively family holiday destination with something to offer for guests of all ages.
Although Club Mykonos comprises just 13% of Trematon’s investment portfolio, it has continued to provide a consistent income stream and has been a valuable asset. Club Mykonos’ contribution to group profit decreased by 58% to R5.5 million (2019: R13.1 million). Sales of properties decreased to R6.5 million (2019: R22.9 million). If profits from the sale of properties is excluded and the annuity income of Club Mykonos is compared to the prior year, profit only decreased by 13%, which is a good performance considering the very tough circumstances that were prevalent in 2020.
Club Mykonos owns the development rights on the resort and continues to develop as the market permits in a structured manner. The latest addition, Marina Edge, consists of 16 prime stands on the marina which is the centrepiece of the resort. These stands are being sold as freehold plots.
The Club Mykonos Marina and Boatyard operations were also largely unaffected by the pandemic, with profit remaining consistent with the previous year. We have, however, seen an increase in vacancies. The boatyard currently offers a “360 degree” boating service with 257 managed lock-up storage units, a full service and maintenance facility, boating accessory shop and commercial buildings.
We recently completed the installation of a new solar plant on the roofs of the garages in the boatyard which will provide approximately 50% of the electricity consumed at the resort and will assist in reducing our carbon footprint.
Club Mykonos’ intrinsic net asset value increased by 8% as a result of the installation of the solar plant. The solar installation will result in
an increase in profit in the next financial year and will result in Club Mykonos being less reliant on availability of power
from Eskom. This will mitigate any supply constraints from Eskom as Club Mykonos continues to explore potential development of the remaining zoned undeveloped land in order to unlock further value.
The Club Mykonos Marina remains a popular leisure boating destination and mooring facility. We continue to maintain and upgrade this area on an ongoing basis to provide our tenants with the best possible boating experience, whilst safeguarding their assets.