Time-share yachting floated by Nova Scotia firm

Halifax company proposes group ownerships of sleek custom-built vessels

A Halifax company is looking for people interested in owning a piece of Nova Scotia-built yachts.

LeeWay Yachts is testing the waters on its group-ownership model during the 2015 Halifax International Boat Show, on this weekend at Exhibition Park.

Jamie Sangster, LeeWay’s president and CEO, said Thursday the goal is to make it easier and affordable for more people to own sailing vessels.

“It’s a new way that people can think about owning a yacht,” he said in an interview. “You own it in a shared environment.”

Sangster, a Halifax naval architect, is partnered in the venture with Grant Heddon, a fellow Canadian Forces member, and businessman Michael Roper.

Each custom-built boat would have up to eight owners, although stakeholders can also lease out a portion of their interest on an annual basis. That means up to 12 people could be using a vessel during a sailing season.

The yachts would be designed by Laurie McGowan of McGowan Marine Design in Annapolis Royal, and built by Rosborough Boats of Lakeside, Halifax County, or Covey Island Boatworks of Riverport, Lunenburg County.

Several designs would be available, including expedition boats, sailboats and upmarket cruisers. Vessels could range from 8.4-metre expedition vessels to 19.5-metre schooners.

Sangster, who grew up in Pictou Landing, said he doesn’t expect a big market in small schooners.

“If people are interested in a beautiful traditional-but-capable boat built in Nova Scotia — I mean, we’re good at it — let’s try that out and see if there are some dreamers out there.”

Some of the designs will be wheelchair-accessible.

The cost of an ownership stake will vary, depending on the size and type of vessel. Owners would also have the right to sell their interest at market value, if they choose.

A yacht that would normally have a $350,000 price tag would cost about $45,000 to $50,000 under the shared ownership model, Sangster said. That includes annual fees such as maintenance, mooring costs and insurance, as well as the sale price.

“It’s really, the choice would be a second car or a new dimension in your life with a yacht,” Sangster said.

LeeWay Yacht staff would maintain the vessel and provide other services, including sail training and crewing services. An online system would be used to book sailing time.

Sangster admits that shared ownership means less sailing time. But the average yacht owner uses their vessel for 20 days a year, he said.

LeeWay owners will get that much time, if not slightly more, he said.

“We feel it’s a nice compromise. It won’t be for everybody. But it’s certainly a nice alternative.”

Sangster, who plans to retire from the military next year, said the yacht-sharing model exists in other areas but is new to Nova Scotia. There are companies in Ontario and British Columbia selling stakes in yachts, although the concept is more popular in parts of the United States, especially in Florida, he said.

Besides appealing to first-time yachters, shared ownership may also be popular with veteran sailors who have had enough of looking after a vessel themselves.

“I think a lot of the folks who may join us can certainly afford their own yacht,” said Sangster, who doesn’t yet own a yacht himself. “But I believe the fact it’s fully managed, fully maintained, is as important a factor in this.”

He said the company needs eight initial investors to start building boats. Interest could come from anywhere in the province, although the Halifax and South Shore areas are likely to be the initial markets, he said.

Sangster, who will be at two booths this weekend to gauge possible interest, said he would like to see the first two yachts on the water by 2016, although it may be possible to have one operational this summer.