A working waterfront property on Swans Island damaged by the January storms is now up for auction. The owners of Kent’s Wharf value the business and property to be worth $2.9 million, setting the minimum bid at $1.4 million.
”That’s one of the most prime fishing grounds," said Steve Shelton, a realtor with the Masiello Group who is assisting the owners with the sale. "Lobsters can’t handle the warmer water. And out there it’s super cold waters so the dying rate is very minimal."
Beyond selling fuel and bait, Kent’s Wharf operates as a middleman for commercial fishermen — buying their lobster catch and selling to seafood retailers. Shelton said the wharf serves about half of the island's commercial fishermen.
During the January storms, the high sea levels lifted one of the docks at Kent's Wharf off its pylons and onto its side. The wharf’s owners successfully applied for a $5,000 grant from the Island Institute and have since made the repairs.
The sale includes the business, property, and over half a million dollars of specialized equipment. Shelton said the owners have wanted to sell the business since even before the January storms but struggled to find a buyer due to high commercial financing rates.
"It’s just tough because commercial [loans are] at 8.5% right now, So people are just kind of waiting," Shelton said. "Nobody’s really searching Swans Island for any kind of commercial property, so we decided to try the auction to get it out there nationally. There’s four or five people that are very interested right now. I’m not sure what’s going to happen, but we have interest at least."
