NOW is the time to invest in a new marina for luxury boats, according to business leaders and those in the industry.

Plans have been unveiled by the harbour master for a new facility in St Peter Port that could cost up to £23m.

It is one of a host of projects set to be prioritised by the States, but one that has already attracted private investment interest.

Boatworks+ technical director and Guernsey Marine Traders Association member Ben Mahy (pictured) said the larger-boat market was one sector of the global economy that was flourishing despite the current financial problems.

‘It’s a market which is right on our doorstep. Boats from the shipyards of Holland and Germany pass through Channel Island waters on their way to the Mediterranean and the market is not being tapped into,’ he said.

‘There’s huge potential there and these larger vessels that the harbour office is proposing to accommodate could contribute a huge amount to the local economy through harbour dues, marine services and the amount of visiting wealth that would be brought to the island.’