We don't just sell shares in boats, we sell the luxury lifestyle that is befitting of our official endorsement from Riviera Australia. We offer the most transparent, time effective and relaxing boating syndication service in Australia. Our team have all been working around luxury vessels for decades and understand the intricacies of creating a truly remarkable experience for the boat owner.
Structure
Each partner in a Riviera operated under the Boating Partnerships program enters a tenancy in common and receives a title of ownership in proportion to the share they have purchased, protecting their equity in the motor yacht. In addition, our partner contracts have been specifically designed around the Australian syndicated ownership guidelines to ensure our clients have full control over their vessel.
Usage
All owners receive equal use of the boat with popular days and public holidays split evenly and the structure varies depending on the location and amount of owners. For example vessels based in Hamilton Island are generally used a week or two at a time, with four weeks per year allocated for maintenance. For vessels based permanently in one location, one sixth owners receive 56 days per year, one fifth owners receive 64 days per year and one quarter owners receive 84 days per year, plus unlimited standby days. These days are then divided between four 3 month terms.
Number of owners
All vessels are limited to 6 partners or less with no exception. This gives owners more flexibility to use the boat and reduces the overall wear and tear on the vessel. In our experience working in syndication, we have seen the negative impact larger groups can have on the resale value of a vessel and the frustration for owners when they can’t use the boat as often as they'd like. We have implemented this rule in order to maintain our vessels to the highest standard and ensure our clients can get a real sense of ‘boat ownership’.
Vessel build and options
From start to finish, owners are involved in the build process and can even visit the factory. Prior to the order being placed with Riviera Australia, all owners have a say in the options and layouts available. Foxtel, Wi-Fi, radar, reverse and anchor cameras, secondary freshwater pump, underwater lights, cockpit joystick and motorised tenders are examples of standard options on all partnership vessels. Depending on the vessel size and location, additional options are chosen.
Warranties
All new Riviera vessels come with a 2 year non-structural warranty and a seven-year structural warranty. The majority of our partnership vessels are powered by the incredible Volvo IPS engines and drives. As standard, these come with a five-year extended warranty or 1,000 hours for smaller engines and 2,000 hours for larger engines.
Training
Owners and nominated drivers are required to complete an extensive training program including offshore cruising, night navigation, berthing, anchoring and operating all systems and equipment. The goal is that all owners become confident, self-reliant skippers, which is especially important in remote locations. Additionally, we provide local knowledge information and training in emergency procedures such as fires, collisions and running aground.
Vessel handbook
We understand you don't use the boat every week and may forget some of your training, so we provide a comprehensive vessel handbook including step-by-step instructions for use of all equipment and systems on board. This handbook also includes information for troubleshooting common problems but, should you need extra help, we are on call 24/7.
Insurance
All partnership vessels are insured by a policy that provides a similar cover to a single ownership boat, however it also indemnifies each owner against the illegal acts of another owner. There are no cruising limits; it’s your boat so you can go wherever you like.
Standby days
A standby day is one that is booked within 48 hours of an unreserved day. With smaller partnerships it is common for owners not to book their entire allocation of days per trimester, thus allowing for other partners to book under standby. All calendars have days remaining in addition to owners' allocations and maintenance for use under standby.
Owner login
All owners can log into our Partnership Platform and access their vessel's online calendar to create, cancel and swap reservations, request popular days and contact their fellow owners. This system uses strict rules to ensure owners receive equal use of weekdays, weekends and popular days.
Relocated vessels
Many of our vessels travel to other locations during their homeports’ low season. Owners are encouraged to join the skipper and experience these trips of a lifetime. The vessels are allocated time within the maintenance period to make the transfer and the relocation costs are equally split between the owners.
Costs
We run an honest and open book system with all running costs made transparent and divided equally among owners with Boating Partnerships receiving a monthly management fee. There are no tricks and no hidden costs.
Running costs such as berthing, insurance, preventative maintenance, engine and generator servicing, toiletries and kitchen disposables, anti-fouling and polishing are given an approximate budget per year and are split evenly amongst the owners. If we have over budgeted, owners can choose to receive a refund or alternatively use the excess to go towards future costs. Each vessel has its own bank account and Xero account and which enables us to provides a quarterly statement outlining the money coming into the boat account and every expense being paid out.
Additional costs are those that are unknown (for example, fuel, cleaning and laundry). These costs are charged directly to the owner that used the boat meaning you only pay depending on how you use the boat. If owners go for a day cruise and leave the boat in a clean and tidy state, they are charged less then an owner that was onboard over night and used the beds. It doesn’t make sense for cleaning to be included in the monthly fee as all owners use the boat differently.
Other services
Boating Partnerships is dedicated to making your boating experience and lifestyle worry and hassle free. Whether you're new to boating or an experienced skipper, everything is taken care of with tailored packages to suit your boating lifestyle. All our clients, whether you are a partner in a vessel or own your boat outright, receive a true walk-on/walk-off experience with many exclusive benefits. Learn more about our management services and our concierge services.
