GÖKLİMAN MARINA
Gökliman Marina is offered for outright sale as a fully permitted, shovel-ready marina development — a rare opportunity to acquire 61,500 m² of titled land together with a Ministry-approved marina construction licence in one of the Aegean's fastest-growing yachting regions. The marina is designed and engineered to SHGM 5 Gold Anchor certification standards, targeted upon completion. The buyer acquires the project company directly, with title deed and permits included.
Transaction Type: Direct Sale, Not a Partnership
This is a full sale of the project company, which directly holds the titled land and the Ministry-approved marina permit. There is no joint venture, no minority stake and no ongoing partnership with the seller — the buyer acquires 100% of the company and all associated rights.
Investment Highlights
🎯 Unique Market Position
Targeted 20.4% of Bodrum's premium marina market once built — the largest single operator, and the only integrated resort model in the region.
✈️ Airport Advantage
Only 35km from Milas-Bodrum International Airport — the shortest access of any premium marina in the region (vs. 38-56km for competitors).
⚙️ Unique Equipment
110-ton travel lift plus a dedicated East-side mega-yacht berth (up to 60m) — the only haul-out facility of its kind in Güllük Bay.
📈 Regional Capacity Ranking
By total berth capacity, Gökliman ranks 3rd among Bodrum's 5 major marinas — within the top 60% locally. Regionally, Gökliman is estimated to sit in the top third of the Aegean's ~28 marinas, and in the top quartile of Turkey's ~65 registered yacht harbors — reflecting strong, still-unmet sector demand (industry sources estimate national marina capacity needs to grow by at least 50% to keep pace).
💰 Pricing Discipline
The €58M asking price implies approximately €116K per berth — a discount to comparable, already-operating Bodrum marinas (€132K–€153K/berth) — reflecting the pre-construction stage and leaving substantial upside for the buyer.
🛡️ De-Risked Starting Point
Ministry approvals secured, clear and unencumbered title, fixed-price EPC framework with 10% contingency, and zero existing debt on the asset.
Sale Structure & Asking Price
Asking Price
€58M
Transaction Structure
Direct company sale of the entire project as a single package — title deed & Ministry marina permit transferred in full for the €58M asking price. Phase 1 (marina) and Phase 2 (villa compound or 5-star hotel) are development stages of this one asset, not separate sales — the choice and timing of Phase 2 are entirely at the buyer's discretion. No partnership, no minority stake.
Estimated Construction Costs (Buyer CAPEX, Post-Closing)
Illustrative breakdown of the buyer's post-closing construction investment. Figures are preliminary estimates and subject to the buyer's own due diligence.
Phase 2 may alternatively be developed as a villa compound at a similar capital range, entirely at the buyer's discretion — see Combined Return calculator below.
Asset Overview
Berth Configuration (500 Total)
- 350 sea berths (wet moorings)
- 150 dry-dock / land-based storage & parking positions
- Dedicated East-side mega-yacht berth for vessels up to 60m — unique in Güllük Bay
Integrated Resort Model (Phase 1)
- €12M retail AVM complex (10,000 m²) with designer boutiques and restaurants
- Boutique hotel, 2,000 m², 50 rooms, spa & wellness
- ICAO-certified helipad for VIP and emergency services
- 110-ton travel lift, unique in the Bodrum region
Berth Allocation by Vessel Size
| Vessel Length | Berths | Share | Sea Area |
|---|---|---|---|
| 10 m | 70 | 14% | 2,450 m² |
| 12 m | 116 | 23% | 5,568 m² |
| 15 m | 180 | 36% | 12,150 m² |
| 18 m | 25 | 5% | 2,385 m² |
| 20 m | 61 | 12% | 7,015 m² |
| 25 m | 48 | 10% | 8,400 m² |
| Total | 500 | 100% | 37,968 m² |
Land & Project Area
Titled Land
- 61,500 m² title-deeded land in Kıyıkışlacık, Milas, Muğla: Block 541 Parcel 5
- Zoning: Ministry Priority III Marina Zone — approved 02.05.2024
- Protected natural harbor with excellent holding ground
Official Area Breakdown (Block 541 Parcel 5)
| Total Land Area | 67,358 m² |
| Leaseable Land | 31,166 m² |
| Dry / Landfill Area | 25,950 m² |
| Leaseable Sea Area | 106,173 m² |
| Total Project Area (Land + Sea) | 173,531 m² |
Phase 2 — Villa or Hotel Development (Future Upside)
A second, independent development phase sits on the remaining 27 dönüm (decares) of the site, with 10,000 m² of approved construction rights that can be developed either as approximately 40 luxury villas or as an additional hotel/resort extension, at the buyer's discretion. Construction cost for either option is estimated at €1,500/m², implying a Phase 2 investment of approximately €15M — bringing the combined Phase 1 + Phase 2 construction investment to approximately €58M (a separate figure from, and not to be confused with, the €58M company acquisition price above). Phase 2 delivery is targeted for after the Phase 1 marina opening and is not included in the asking price for the marina company; it represents additional future upside for the site, in either a residential (villa) or hospitality (hotel) format.
Illustrative Hotel Development Scenario
For scenario and informational purposes only: a 5-star hotel option on the Phase 2 land is estimated at a construction cost of €1,200/m², covering a total hotel construction area of approximately 10,000 m² — an estimated total construction cost of approximately €12M. This portion of the site may alternatively be developed and sold as villas. The resulting return on this investment (ROI) is to be calculated independently by the investor; it is not modeled or guaranteed by the seller. The landowner guarantees that this portion of the land will be revised to carry a tourism development permit (tourism license).
Illustrative Financial Projections (Marina Operations)
The projections below model marina berthing and ancillary operations only (excluding AVM/hotel revenue), based on a conservative 50%→90% occupancy ramp and a 40-FTE operating structure. They illustrate the potential of the asset once developed and are not a guarantee of future performance.
| Year | Occupancy | Revenue | OPEX | EBITDA |
|---|---|---|---|---|
| Year 1 | 50% | €4.90M | €2.10M | €2.80M |
| Year 2 | 60% | €6.50M | €2.20M | €4.30M |
| Year 3 | 70% | €8.30M | €2.35M | €5.95M |
| Year 4 | 80% | €10.40M | €2.50M | €7.90M |
| Year 5 | 90% | €12.85M | €2.60M | €10.25M |
5-year cumulative revenue approx. €42.9M; 5-year cumulative EBITDA approx. €31.2M. Personnel: 40 FTE.
Year 1 Revenue by Vessel Class (50% Occupancy)
| Vessel Class | Berths | €/Berth/Year | Year 1 Revenue |
|---|---|---|---|
| 25m+ (large yacht) | 48 | €1,400 | €840K |
| 20m (motor yacht) | 61 | €1,200 | €732K |
| 18m (motor boat) | 25 | €1,100 | €248K |
| 15m (primary target) | 180 | €950 | €1,283K |
| 12m (sailing yacht) | 116 | €850 | €592K |
| 10m (small boat) | 70 | €700 | €245K |
| Ancillary (lift, winter storage, fuel, service) | 500 | — | €960K |
| Total Year 1 Revenue | 500 | — | €4.90M |
Operating Cost Structure (OPEX)
| Category | Year 1 | Year 3 | Year 5 |
|---|---|---|---|
| Personnel (40 FTE) | €1.15M | €1.15M | €1.15M |
| Energy & Consumables | €160K | €240K | €320K |
| Maintenance & Repair | €250K | €375K | €500K |
| Legal & Management | €60K | €60K | €60K |
| Marketing & Sales | €180K | €150K | €120K |
| Other | €70K | €90K | €115K |
| Total OPEX | €1.87M | €2.065M | €2.265M |
Phase 1 CAPEX Breakdown — €43M
| Category | Amount | Share |
|---|---|---|
| Marina Construction (all-in, incl. 10% contingency & consultants — see detail below) | €24.5M | 57% |
| Retail AVM & Administration Building (10,000 m²) | €12.0M | 28% |
| Boutique Hotel (2,000 m², 50 rooms) | €3.0M | 7% |
| Other Phase 1 Costs & General Contingency | €3.5M | 8% |
| Total Phase 1 CAPEX | €43.0M | 100% |
Marina CAPEX Detail — 12 Work Packages (24-Month Programme)
| Package | Description | Duration | Cost |
|---|---|---|---|
| IP-01 | Seabed Preparation & Geotextile | 8 weeks | €1.20M |
| IP-02 | Pontoons — 1,206m C45/55 Concrete | 24 weeks | €2.85M |
| IP-03 | Steel Berths & Piling (191m) | 20 weeks | €1.98M |
| IP-04 | 110-Ton Travel Lift | 16 weeks | €2.35M |
| IP-05 | Land Development & Landfill | 12 weeks | €1.27M |
| IP-06 | Repair Hangar (1,200 m²) | 16 weeks | €640K |
| IP-07 | Stone Buildings & Offices | 20 weeks | €2.16M |
| IP-08 | Security Systems (X-Band + AI Camera) | 8 weeks | €580K |
| IP-09 | Electromechanical Systems (1,250 kVA) | 16 weeks | €2.45M |
| IP-10 | Sea Net & Floating Breakwater | 12 weeks | €1.45M |
| IP-11 | ICAO Helipad (20×20m, H145/H160) | 10 weeks | €450K |
| IP-12 | Engineering, PM & Consulting | 104 weeks | €750K |
| Subtotal | €18.13M | ||
| Consultants + Contingency (see detail below) | €4.664M | ||
| Total Marina CAPEX (incl. 10% contingency) | €24.494M | ||
Consultant & Contingency Breakdown
| Item | Amount | Share |
|---|---|---|
| 10% Contingency Reserve — unforeseen cost buffer | €1.813M | 38.9% |
| Financing Costs — loan arrangement, bank guarantees, collateral fees | €600K | 12.9% |
| Marketing & Launch — pre-sales, campaign, international boat shows | €500K | 10.7% |
| Legal & Permitting Costs | €400K | 8.6% |
| Furniture, Equipment & Fit-out | €400K | 8.6% |
| Construction & Marine Insurance | €350K | 7.5% |
| IT Systems — marina management software, POS, access control | €250K | 5.4% |
| Other / Unforeseen | €351K | 7.5% |
| Total | €4.664M | 100% |
Technical & Security Infrastructure
🔧 110-Ton Travel Lift
The only haul-out facility in Güllük Bay — an estimated €126K+/year additional revenue potential.
🚁 ICAO-Certified Helipad
20×20m, certified for H145/H160 — VIP transfer and emergency medical evacuation, unique in the region.
🛡️ Military-Grade Security
X-Band radar, thermal PTZ cameras and 48 AI-based security cameras with 24/7 automated threat detection.
⚡ 1,250 kVA Power Infrastructure
120 smart boat pedestals with EV-boat-charging-ready infrastructure — built for the next generation of yachting.
🌊 1,206m Pontoon System
High-strength C45/55 concrete with a bi-directional floating breakwater enabling year-round operation.
🏆 5-Gold Anchor Standard
Meets SHGM criteria — the only marina in the Güllük area positioned for international superyacht broker listings.
Bodrum Peninsula: Competitive Landscape
| Marina | Berths | Airport | Lift Equipment |
|---|---|---|---|
| Yalıkavak Marina | 620 | 54km | 250T + 100T |
| D-Marin Turgutreis | 532 | 56km | 100T |
| Milta Bodrum (Doğan Holding) | 450 | 38km | 100T + 75T |
| Güllük Egesu | 350 | 10km | None |
| GÖKLİMAN (NEW) ⭐ | 500* | 35km | 110T |
Total premium market: 2,452 berths across 5 major marinas. Gökliman market share: 20.4% — the largest operator, and the only integrated resort model (marina + hotel + retail + helipad).
* Of Gökliman's 500 total berths, 350 are sea berths (wet moorings) and 150 are land-based dry-storage / parking positions.
Beyond the local competitive set above, Bodrum is estimated to host roughly 5 of Turkey's approximately 65 officially registered yacht harbors (≈8% of the national total) and roughly 5 of the Aegean region's approximately 28 marinas (≈18% of the regional total) — among the highest concentrations of premium yachting infrastructure in the country. (Sources: Turizm Günlüğü, national yacht-harbor count, Nov. 2025; Marinalar.com regional marina directory, 2026. Figures are directory-based estimates, not an official government census, and should be independently verified.)
Regional Winter Storage Shortage & Integrated Service Advantage
Across the Bodrum peninsula, several marinas are reporting winter dry-storage (kışlama) waiting lists, indicating that regional storage capacity is not keeping pace with demand; summer months bring correspondingly heavy vessel traffic and congestion across the peninsula's marinas. Gökliman is positioned to address this gap directly: beyond wet-berth capacity, the site combines marina services, logistics support, a full technical service network, and a helipad on one integrated site — a combination that few competing marinas in the Aegean and Mediterranean offer, positioning Gökliman to compete effectively for both berthing and winter storage demand across the regional market.
Annual Berth Pricing Benchmark (10m / 15m Yacht)
| Marina | Region | 10m /Year | 15m /Year | Segment |
|---|---|---|---|---|
| Yalıkavak Marina | Bodrum | €10,500 | €22,500 | Ultra Luxury |
| Milta Bodrum | Bodrum | €11,200 | €26,250 | Prestige |
| D-Marin Turgutreis | Bodrum | €9,800 | €20,625 | Premium |
| Egesu Marina | Güllük | €6,125 | €13,125 | Economic Premium |
| Rhodes Marina | Greece | €6,515 | €14,500 | Professional |
| Kos Marina | Greece | €5,250 | €11,250 | Popular |
| GÖKLİMAN (target) ⭐ | Güllük / Milas | ~€7,500 | ~€14,250 | 5-Anchor Premium |
While prices in central Bodrum reach up to €1,500/m, Gökliman is positioned at approximately €950/m — a premium-value price point supported by its 10km airport access, the shortest of any marina in the region.
Location & Project Specifications
Property Details
- Kıyıkışlacık, Gökliman Mevkii, Milas, Muğla — Güllük Bay
- 61,500 m² title-deeded land in Kıyıkışlacık, Milas, Muğla (Block 541 Parcel 5)
- Zoning: Ministry Priority III Marina Zone — approved 02.05.2024
- Protected natural harbor with excellent holding ground
Airport Access (Critical Advantage)
- Milas-Bodrum International Airport: 35km — shortest in the region
- Milta Bodrum Marina: 38km · Yalıkavak Marina: 54km · D-Marin Turgutreis: 56km
- Direct flight connections from Istanbul, Ankara and Izmir hubs
Site Location & Master Plan
Satellite view of Guellluek Bay with the Gokliman site marked
Preliminary architectural site plan / master layout (marina basin, travel lift yard, AVM and hotel block)
Government Permit & Legal Standing
License Terms
- Duration: 30 years — long-term guarantee
- Area: 135,921.00 m² — sea surface and fill (dolgu) area under State ownership and disposal (Devletin Hüküm ve Tasarrufu), usage permit granted for yacht marina construction
- Issued by T.C. Milas District Governor's Office — Document No. E-32876325-400, approved 24.06.2026
- Year 1 usage fee (ecrimisil): ₺61,000,000 · Contingency deposit: ₺18,090,000
- Ecrimisil is assumed to escalate 15% year-over-year thereafter (illustrative assumption, not contractually fixed): Y1 ₺61.0M · Y2 ₺70.2M · Y3 ₺80.7M · Y4 ₺92.8M · Y5 ₺106.7M
Buyer Protection
- Government-backed 30-year exclusive usage rights
- Clear title, no encumbrances or competing claims
- Ministry Priority III designation ensures regulatory support
- Unconditional approval for marina, hotel, retail and resort facilities
Neighboring Plots & Surrounding Area
All parcels directly adjoining the Gökliman site (Ada 541 Parcel 5) have been reviewed via the Turkish national land registry (TKGM) cadastral parcel viewer, Kıyıkışlacık Mahallesi No. 128716, Milas, Muğla. The surrounding area is an established, gated low-rise villa community — there is no quarry, waste facility, or industrial use bordering the site.
| Ada / Parsel | Area (m²) | Registered Use | Assessment |
|---|---|---|---|
| 541/6 | 6,727 | Vacant land (Arsa) | Neutral — vacant land held for the same residential use |
| 541/7 | 54,361 | 67 twin houses + 14 offices (built) — AYYILDIZ-1 | Good — established low-rise residential community, compatible neighbor |
| 541/3 | 10,058 | Vacant land (Arsa), Tokatbaşı | Neutral — vacant land held for the same residential use |
| 533/1 | 19,664 | 50 twin villas (built) | Good — established low-rise residential community, compatible neighbor |
| 535/1 | 84,522 | 56 buildings built, 33 more approved (villas) | Good — established low-rise residential community, compatible neighbor |
| 538/1 | 66,345 | 104 twin villas + clubhouse/management building (built) | Good — established low-rise residential community, compatible neighbor |
| 542/1 | 7,785 | Vacant land (Arsa) | Neutral — vacant land held for the same residential use |
| 544/1 | 9,093 | 34 duplex villas (built) | Good — established low-rise residential community, compatible neighbor |
| 546/1 | 14,616 | 52 duplex villas (approved) | Good — established low-rise residential community, compatible neighbor |
| 547/1 | 13,243 | 50 duplex villas (built) | Good — established low-rise residential community, compatible neighbor |
| 355–358 / 551–575 | — | Baştur Sitesi — established gated villa community, 500+ villas (built) | Good — established low-rise residential community, compatible neighbor |
Source: T.C. General Directorate of Land Registry and Cadastre (TKGM) parcel records. No adjoining or nearby parcel is registered for quarrying, waste storage or heavy industrial use.
Estimated Seasonal Population — Surrounding Villa Community
Based on the housing unit counts identified across the neighboring parcels above — approximately 946 built or approved villa / twin-house units, including an estimated 500+ villas at the Baştur Sitesi development (Ada blocks 355–358 and 551–575) — and assuming an average household size of 2.5 residents, the table below estimates the surrounding villa community's seasonal population. Summer season is taken as May–October; winter season as November–April. Total unit counts are based on the data available to us and may require further verification or additional data.
Illustrative estimate only, based on publicly available housing unit counts and a standard household-size assumption. Actual occupancy and resident population may vary and should be independently verified by the investor.
Additional Due Diligence Items — Available on Request
Site boundary and access photography/video, and utility capacity agreements with water, sewage and electricity providers, will be made available to the buyer during the formal due diligence phase (see Sale Process, Step 02). There is no natural gas service in this region, so natural gas infrastructure and permits are not applicable to the project (see Government Permit & Licensing Roadmap below). Construction restrictions applicable to the land are governed by the 30-year Ministry marina permit and Priority III Zone designation described above; any additional zoning or setback conditions will be confirmed and documented during due diligence.
Government Permit & Licensing Roadmap (Investor Reference)
The roadmap below summarizes the government permits and licenses associated with this site (filed under its official application scope, Milas Kıyıkışlacık Shipyard & Tourism Complex, covering the same land and sea area, marina/repair facilities, retail AVM, boutique hotel and premium 5-star hotel described throughout this document), the responsible authority for each, and their typical sequence — prepared as of 12 July 2026. It is provided for investor reference; the seller has already secured certain items (see below), and the remaining applications are the buyer's responsibility to pursue during and after closing.
Note: there is no natural gas service in this region. Natural gas infrastructure and related permits are therefore outside the scope of this roadmap and not applicable to the project.
| # | Item | Responsible Authority | Status |
|---|---|---|---|
| 0 | Environmental Impact Assessment (ÇED) — prerequisite for all permits below | Ministry of Environment, Urbanization & Climate Change — EIA Directorate | To be confirmed |
| 1 | Sea fill area (25,000 m²) | Governor's Office + Ministry of Environment, Urbanization & Climate Change | Secured — see 30-year yacht marina usage permit above |
| 2 | Shipyard / workshop / haul-out yard / 1×110-ton crane | Ministry of Transport & Infrastructure (AYGM); OHS (ÇSGB); Ministry of Industry & Technology | To be confirmed |
| 3 | Fuel supply center | EPDK — Petroleum Market License | To be confirmed |
| 4 | Fresh water, wastewater, package treatment plant + marine discharge | MUSKİ (Muğla Metropolitan Municipality); Ministry of Environment, Urbanization & Climate Change | To be confirmed |
| 5 | Electricity, meters, generator | ADM Elektrik Dağıtım A.Ş. | To be confirmed |
| 6 | Rooftop solar (GES) | ADM Elektrik Dağıtım A.Ş. / Directorate General of Energy Affairs (YEPDİS) | To be confirmed |
| 7 | Fire safety systems | Milas Municipality / Muğla Metropolitan Municipality Fire Department | To be confirmed |
| 8 | Retail center (AVM) and restaurants | Milas Municipality; Provincial/District Directorate of Agriculture & Forestry (food) | To be confirmed |
| 9 | Boutique hotel and 5-star hotel | Ministry of Culture & Tourism — Tourism Operation Certificate | To be confirmed |
| 10 | General building permit / occupancy permit / coastal edge line | Milas Municipality Zoning Directorate; Ministry of Environment, Urbanization & Climate Change | To be confirmed |
0. Environmental Impact Assessment (ÇED) — Prerequisite
Authority: Ministry of Environment, Urbanization and Climate Change — EIA Permit and Inspection Directorate General. A project involving a shipyard, land fill and marine discharge is unconditionally subject to the ÇED process. Following the March 2026 regulatory amendment, the "EIA Not Required" decision pathway was eliminated, and even smaller-scale projects now require a full "EIA Report Must Be Prepared" process. This report/decision is a prerequisite for all other permits below (fill area, shipyard, discharge).
1. Sea Fill Area (25,000 m²)
Authority: Relevant Administration → Governor's Office → Ministry of Environment, Urbanization and Climate Change. Under the Coastal Law Implementation Regulation: the relevant administration's (investor/municipality) proposal to the Governor's Office is forwarded to the Ministry together with the Governor's Office opinion; the implementation zoning plan decision and fill project are approved by the Ministry. A building permit on this area cannot be obtained until the Ministry's lease, easement right establishment, or usage permit/allocation process has been completed.
2. Shipyard / Workshop / Haul-Out Yard / 1×110-Ton Crane
Authority: Ministry of Transport and Infrastructure — General Directorate of Infrastructure Investments (AYGM); Ministry of Labor and Social Security; Ministry of Industry and Technology. Establishment and operating permits are obtained from AYGM under the Shipyards, Ship Building and Repair Yards Regulation. Heavy lifting equipment such as 110-ton cranes require periodic inspection/examination and authorized-body approval under occupational health and safety legislation. A separate Industrial Registry Certificate must also be obtained from the Ministry of Industry and Technology for manufacturing/workshop activity.
3. Fuel Supply Center
Authority: EPDK (Energy Market Regulatory Authority). A "marine fuel bunkering" license is obtained under the Petroleum Market License Regulation. In addition, environmental permits, fire/civil defense approval, and compliance with flammable/explosive material storage rules are required for tank/storage facilities.
4. Fresh Water, Wastewater, Package Treatment + Marine Discharge
Authority: MUSKİ (Muğla Metropolitan Municipality Water and Sewerage Administration); Ministry of Environment, Urbanization and Climate Change. Fresh water connection and capacity agreement are handled through MUSKİ. As the area has no sewerage infrastructure, the planned package treatment plant plus deep marine discharge requires a separate "Deep Marine Discharge" project approval and environmental permit from the Ministry under the Water Pollution Control Regulation (a technical information file, Annexes 3A/3B/3C, is submitted; the permit is valid for 5 years). This application may also be evaluated as part of the ÇED process.
5. Electricity, Meters, Generator
Authority: ADM Elektrik Dağıtım A.Ş. (Aydın-Denizli-Muğla regional distribution company). Connection agreement, system usage agreement and meter installation are handled through ADM Elektrik Dağıtım. For backup power generators, a noise measurement report may be required under the Environmental Noise Assessment and Management Regulation as part of the business opening permit.
6. Rooftop Solar (GES)
Authority: ADM Elektrik Dağıtım A.Ş. / Directorate General of Energy Affairs (YEPDİS). Installations under 25 kW do not require a license; application is made to ADM Elektrik Dağıtım, which is forwarded via YEPDİS to the Directorate General of Energy Affairs for evaluation. As the total installed capacity across the AVM and hotel rooftops will likely exceed this threshold, capacity allocation limits and licensing requirements must be confirmed with ADM Elektrik on a project-specific basis.
7. Fire Safety Systems
Authority: Milas Municipality / Muğla Metropolitan Municipality Fire Department. Preliminary approval is obtained from the local fire department under the Regulation on Fire Protection of Buildings; a fire department report must be submitted at the building permit and occupancy permit stages.
8. Retail Center (AVM) and Restaurants
Authority: Milas Municipality; Provincial/District Directorate of Agriculture and Forestry. A Business Opening and Operating License is obtained from Milas Municipality. Restaurants additionally require a food business registration/approval certificate and hygiene certificate from the provincial branch of the Ministry of Agriculture and Forestry.
9. Boutique Hotel and Premium 5-Star Hotel
Authority: Ministry of Culture and Tourism. Once construction is complete and physical integrity is established, a Tourism Operation Certificate application is filed via e-Devlet (title deed/lease agreement, business opening license, sustainability certificate and other documents are required; the process may take 2-6 months). If the project falls within an incentive zone, a Tourism Investment Certificate may also be obtained prior to construction.
10. General Building Permit / Occupancy Permit / Coastal Edge Line
Authority: Milas Municipality Zoning Directorate; Ministry of Environment, Urbanization and Climate Change. A building permit compliant with the implementation zoning plan and an occupancy permit are obtained from the municipality. Facilities located in the coastal zone additionally require coastal edge line approval from the Ministry.
Recommended sequence: ÇED process → fill permit → shipyard establishment permit → environmental permits (discharge, fuel) → utility connection agreements (water, electricity, solar) → building permits → operating/activity certificates (tourism, business opening, fire) → occupancy permit.
Table above reflects the permit roadmap as prepared on 12 July 2026. Item 1 (sea fill area usage) has been secured by the seller — see the 30-year Ministry yacht marina usage permit under Government Permit & Legal Standing above. Status of remaining items should be confirmed directly with the seller during due diligence; items not yet completed are the buyer's responsibility to pursue post-closing.
Note on area figures: the confirmed 135,921.00 m² sea-surface and fill (dolgu) area under the secured 30-year Ministry usage permit (see Government Permit & Legal Standing above) is measured separately from, and excludes, the main titled land parcel. The 131,000 m² sea area + 25,000 m² fill area referenced in this roadmap's summary table reflect the source permit application's own figures; the investor should independently confirm how these relate to the confirmed 135,921.00 m² permit area during due diligence.
Nearby Amenities — Kıyıkışlacık Area
For reference, the following hotels, guesthouses and the local marina are located in or near Kıyıkışlacık based on publicly available information current as of 2026. This list reflects what could be identified through public sources; it is not an exhaustive commercial survey, and inclusion does not imply any business relationship with this offering.
- Antique İasos & Hayal Butik Otel — Kıyıkışlacık (Zeytinlikuyu) — antiqueiasos.com
- Kumkat Hotel — Kıyıkışlacık — kumkatotel.com
- İasos Saklı Kent (Zeytinlikuyu Pansiyonu) — Kıyıkışlacık — iasossaklikent.com
- Hayal Pansiyon — Kıyıkışlacık — listed via third-party booking platforms only; no independent official website identified
- Port Iasos Marina (reference marina) — Güllük / Kıyıkışlacık — portiasos.com
Sale Process & Post-Closing Construction Programme
Sale Process — Next Steps
- 01 — Confidentiality & Letter of Intent (Weeks 1-2)
- 02 — Due Diligence: technical, legal, financial (Weeks 3-6)
- 03 — Negotiation & Documentation: SPA, incorporation (Weeks 7-10)
- 04 — Closing & Payment: share transfer, title registration (Weeks 11-12)
Construction Programme After Closing
- Phase 0 — Preparation (Oct 2026, 4 weeks): EPC tender, permit finalization, contractor selection
- Phase 1 — Marine Works (Oct 2026–Jun 2027, 24 weeks): seabed prep, berths & piling, pontoon floating, travel lift install
- Phase 2 — Buildings (Nov 2026–Mar 2028, 20 weeks): hangar, stone buildings, AVM shell, offices
- Phase 3 — Systems (Jan 2028–Mar 2028, 16 weeks): electromechanical, security installation, ICAO certification
- Gates: Financial Closing (15 Oct 2026) · Marine Completion (15 Jun 2027) · Pre-Opening (15 Mar 2028)
- April 2028: Grand Opening — SHGM 5-Gold Anchor certified, ICAO approved
Valuation Basis
Why €58M
- Asking price ÷ 500 berths ≈ €116K/berth — a discount to comparable, already-operating Bodrum marinas
- Reflects the pre-construction stage: buyer captures the full development upside
- Includes titled land, Ministry marina permit, and all regulatory approvals — no further permitting risk
- The per-berth figure alone understates the asset: the price also includes the €12M retail AVM complex (10,000 m²), the 2,000 m² boutique hotel shell, and a further 10,000 m² of hotel/villa development land at the rear of the site (Phase 2) — a fully integrated marina, retail and hospitality resort, not berths alone
Comparable Valuations (Operating Marinas)
- Yalıkavak (Bodrum): 620 berths — €95M (€153K/berth)
- D-Marin Turgutreis: 532 berths — €70M (€132K/berth)
- Palmarina (Croatia): 800 berths — €120M (€150K/berth)
- Gökliman (pre-construction, asking): €116K/berth — discounted vs. built comparables
Illustrative Buyer Return Profile (Marina Operations Only)
Phase 1 CAPEX
€43M
Marina, AVM & boutique hotel construction (post-closing)
Year 5 Stabilized OPEX
€2.60M
Annual run-rate at 90% occupancy, 40 FTE
Total Capital Deployed (Phase 1)
€101M
Asking Price (€58M) + Phase 1 CAPEX (€43M)
+ Phase 2 (Buyer's Choice): €12M–€15M → Combined Total (Whole Project): €113M–€116M
Illustrative ROI
~+55%
Cumulative return over the illustrative hold: (MOIC − 1) × 100%
Illustrative MOIC
~1.5x
5-year cumulative EBITDA (€31.2M) plus an illustrative exit value at a 12x Year-5 EBITDA multiple, versus total capital deployed
Illustrative IRR
~8-9%
Approximate hold from 2028 opening through Year 5 (2033), marina operations only — see interactive calculator below
These illustrative return metrics are based on marina berthing operations only and exclude AVM/retail and hotel revenue (both funded within the €43M Phase 1 CAPEX but conservatively excluded from these projections), as well as any value from the optional Phase 2 villa/hotel development — all of which represent additional, unquantified upside for the buyer. They do not constitute a guarantee, promise, or independent valuation of investment return.
Interactive Occupancy Scenario Calculator
Drag the sliders below to test different occupancy assumptions for the 2028 opening period and the following five years. Revenue, EBITDA, MOIC and IRR recalculate live based on your inputs.
Combined Return — Phase 1 + Phase 2 (Live)
Choose which Phase 2 track to include — the combined figures below recalculate live together with the occupancy sliders above. A Phase 2 track must be selected; toggle between them to compare.
The occupancy sliders and the top row of results above model marina berthing revenue only (excluding AVM/retail and hotel revenue), assume a blended per-berth rate that increases approximately 10% per year as the marina matures, and hold Total Capital Deployed (€101M) and the 12x exit multiple constant. They do not constitute a guarantee, promise, or independent valuation of investment return.
Combined Return assumptions: Villa Compound adds €15M capital and an illustrative one-time €12M gross profit realized in Year 3, with no separate exit value (already monetized as a sale). 5-Star Hotel adds €12M capital and an EBITDA starting in Year 3 through Year 5, plus its own exit value at the same 12x multiple, both driven live by the Hotel Occupancy slider (default 50%, using 100 keys, an illustrative €220 ADR, ancillary F&B/spa revenue equal to 30% of room revenue, and OPEX at 65% of total revenue). Both tracks are illustrative only and must be independently verified by the investor; actual results will differ.
Note: all financial projections in this section are illustrative operating estimates prepared on a preliminary basis. They do not constitute a guarantee, promise or independent valuation of investment return. Figures are subject to the buyer's own due diligence and verification.
Combined Portfolio Scenarios — Full Development Potential
The three scenarios below combine all elements of the project — marina operations (Phase 1), the retail AVM (10,000 m²), the boutique hotel (2,000 m²), and Phase 2 (villa compound or 5-star hotel) — into a single illustrative return profile, shown side by side. All three update live together with the occupancy sliders in the calculator above.
🛡️ Conservative Scenario — Combined Return
Phase 2 track: Villa Compound — 40 villas sold at an illustrative 80% gross profit margin (one-time gross profit of approximately €12M).
Fully illustrative combined scenario for discussion purposes only. Marina revenue/EBITDA rows above update live with the occupancy sliders in the calculator above; retail AVM and boutique hotel rows use fixed per-scenario assumptions. MOIC/ROI/IRR use the same 12x Year-5 EBITDA exit multiple as the calculator above. Actual results will differ and must be independently verified by the investor; this does not constitute a guarantee, promise or valuation.
📊 Likely Scenario — Combined Return
Phase 2 track: 5-Star Hotel operating at 50% annual occupancy (illustrative annual EBITDA computed live from the same hotel formula as the calculator above).
Fully illustrative combined scenario for discussion purposes only. Marina revenue/EBITDA rows above update live with the occupancy sliders in the calculator above; retail AVM and boutique hotel rows use fixed per-scenario assumptions. MOIC/ROI/IRR use the same 12x Year-5 EBITDA exit multiple as the calculator above. Actual results will differ and must be independently verified by the investor; this does not constitute a guarantee, promise or valuation.
🚀 Optimistic Scenario — Combined Return
Phase 2 track: 5-Star Hotel operating at 70% annual occupancy (illustrative annual EBITDA computed live from the same hotel formula as the calculator above).
Fully illustrative combined scenario for discussion purposes only. Marina revenue/EBITDA rows above update live with the occupancy sliders in the calculator above; retail AVM and boutique hotel rows use fixed per-scenario assumptions. MOIC/ROI/IRR use the same 12x Year-5 EBITDA exit multiple as the calculator above. Actual results will differ and must be independently verified by the investor; this does not constitute a guarantee, promise or valuation.
6-Year Forward Valuation (2032) — Fully Built & Operational, Conservative Estimate
Illustrative forward-looking scenario: assuming Phase 1 (marina, retail AVM, boutique hotel) and Phase 2 (5-star hotel) are both fully built and operating at stabilized levels six years from today, and applying a deliberately conservative valuation approach, the estimated value of the title deed, permits and operating businesses would be approximately as follows.
Assumptions: full completion of Phase 1 and Phase 2 (5-star hotel option) with stabilized operations; retail AVM and boutique hotel valued at the Conservative Combined Portfolio Scenario presets above; 5-star hotel valued at a 50% average occupancy using the same hotel formula used throughout this document; a 10x EBITDA multiple is applied — more conservative than the 12x multiple used elsewhere in this document's live calculators — specifically to produce a deliberately cautious estimate. This is an illustrative forecast only, not an appraisal, guarantee or promise of value, and actual results will differ; the investor should commission an independent valuation at the relevant future date.
Closing
Prepared by: Levent Ocal, PMO Director | Bodrum Gate Yatırım ve Proje Danışmanlığı A.Ş. | Q3-Q4 2026 Closing Target
🎯 €58M Asking Price | Land Title + Permits Included | Ready for Development
IASOS MARINA
Detailed Investment Brief Coming Soon
The full investment package for Iasos Marina — including asset details, financial projections and market analysis — is currently being finalized and will be published on this page shortly.
Important Notice — Milta Bodrum Marina Offers
Before any offer can be submitted for Milta Bodrum Marina, the full legal name of the purchasing entity and a Bank Comfort Letter (BCL) issued by a bank are required. An offer may only be submitted once Milta Bodrum Marina's owning company has approved the prospective buyer.
MILTA BODRUM MARINA
Critical Valuation Parameter: Remaining Concession Term
Approximately 20 years remain on Milta's operating concession, which expires in 2046. The 49-year operating right (işletme hakkı) was granted in 1997 under privatisation; the underlying land remains state-owned. This is a limited-life asset, not a freehold in perpetuity — there is no guarantee of renewal beyond 2046, and this should sit at the centre of any valuation or investment analysis.
Classified Information — Verbal Disclosure Only
Due to the sensitive and confidential nature of this transaction, certain strategic, financial and negotiation-specific details regarding Milta Bodrum Marina cannot be published in this document. This information will be shared verbally, in person or by direct call, exclusively with qualified and pre-approved investors. Please contact us directly to request a confidential briefing.
Operated for nearly three decades under Doğan Holding, one of Turkey's most prominent conglomerates, Milta Bodrum Marina occupies the most coveted stretch of waterfront in Bodrum — a rare combination of prime real estate, an irreplaceable location, internationally certified operations and a loyal, high-net-worth clientele.
Investment Highlights
📍 Irreplaceable Location
The only city-centre marina in Bodrum, directly opposite the historic castle, within walking distance of the town's restaurants, nightlife and cultural landmarks.
📊 Proven, Resilient Demand
Occupancy consistently at or above nameplate capacity for over two decades — a waiting-list dynamic exceptionally rare in the marina sector.
🏅 Internationally Recognised Quality
28 consecutive years as a Blue Flag marina and 18 consecutive years holding the TYHA 5 Gold Anchor award — the highest quality distinction in the industry.
🛍️ Diversified Revenue Base
Berthing fees, full technical service operations, and a curated retail & F&B arcade all operate under one roof and one operating entity.
Asking Price & Valuation Perspective
Asking Price
€500M
Negotiable — open to discussion and offers.
Advisor's Perspective on Value
In the advisor's professional assessment, the underlying operating business is worth approximately €150M. However, its exceptional, strategic city-centre location — directly opposite Bodrum Castle, unique among Bodrum's marinas — carries serious additional value that is difficult to quantify in a conventional cash-flow model. This positional premium is a matter for negotiation, which is why the asking price is set above the underlying operating value, while remaining open to discussion and offers.
Asset Overview
| Location | Neyzen Tevfik Caddesi, Eskiçeşme, Bodrum — directly opposite Bodrum Castle, town centre |
| Owner / Operator | Milta Turizm İşletmeleri A.Ş., a Doğan Holding subsidiary |
| Sea Berth Capacity | 425-450 yachts, up to 70m LOA |
| Dry Storage Capacity | 50 vessels |
| Technical Infrastructure | 70-75 tonne travel lift, full technical service (engine, electrics, chandlery), fuel station, waste management |
| Annual Boat Traffic | Approximately 3,500 vessels per season |
| Parking | Approximately 100 vehicles |
| Occupancy | Historically at or above 97-100% capacity for over two decades |
| Certifications | Blue Flag (28 consecutive years), TYHA 5 Gold Anchor (18 consecutive years), Safe Tourism Certificate |
| Additional Infrastructure | Electricity & water hook-ups, fuel station, waste/bilge collection, firefighting, 24-hour security, medical/diving team, Turkey's first free sea ambulance service |
| Reported 2023 Revenue (public source) | €11.8M equivalent — Forbes Türkiye, Nov 2024 |
History & Milestones
- 1976–1988: Operated as "Turban Bodrum Marina" under the Ministry of Tourism — 125-yacht capacity
- 1992: Capacity expanded to 275 yachts with two additional floating docks
- 01.12.1997: Privatised — 49-year operating concession granted to the group later known as Doğan Holding; capacity expanded to 375
- 1999: Marina fully renovated; capacity gradually increased to today's 425-450
- 2046 (projected): 49-year concession term ends — approximately 20 years remaining from today
Retail & Leisure Arcade
An open-air shopping and dining arcade integrated into the marina, hosting a recognisable mix of international and national brands and a lively F&B and nightlife cluster.
- Yves Rocher (cosmetics retail)
- Yargıcı (fashion retail)
- Marina Yacht Club — multi-concept dining & nightlife (Caffé Del Corso, Club Restaurant, Roof Marine, Jazz Bar)
- Marina Bistro and Zazu Restaurant (F&B)
- Marine services and chandlery operators
- Kutluay Yatçılık (marine / berth services)
Market Position
| Marina | Berths | Max LOA | Segment | Location |
|---|---|---|---|---|
| Milta Bodrum Marina | 425-450 | 70m | Town-centre, all-round | Bodrum centre, opposite the castle |
| Yalıkavak Marina | 620 | 140m | Ultra-luxury / superyacht | Yalıkavak, ~18km |
| D-Marin Turgutreis | 550 | — | Upper-mid segment | Turgutreis, ~20km |
| Palmarina Bodrum | 620 | 135m | Superyacht | Bodrum peninsula |
Milta competes on irreplaceable location and brand heritage rather than scale — a defensible positioning that is far harder for a competitor to erode than raw berth count.
Corporate & Legal Structure (Public Information)
Milta Bodrum Marina is operated by Milta Turizm İşletmeleri A.Ş., a Doğan Holding subsidiary. The underlying marina site was privatised in 1997 under a long-term operating concession (işletme hakkı); the marina land itself remains state-owned, with Milta Turizm holding the right to operate it. A transaction of this asset is generally understood to take the form of a company share purchase rather than a direct land title transfer — a standard structure for concession-based tourism assets in Turkey.
Note on Financial & Transaction Details
Detailed valuation methodology, comparable transaction analysis and the proposed negotiation strategy for Milta Bodrum Marina remain classified due to the special and sensitive circumstances surrounding this opportunity. These materials are available exclusively through a direct, confidential verbal discussion with the deal team.
Prepared by: Levent Ocal, PMO Director | Bodrum Gate Yatırım ve Proje Danışmanlığı A.Ş.
🎯 €500M Asking Price (Negotiable) | ~20 Years Remaining on Concession (to 2046)