_Meet Nick Edmiston -The sailing king of Monaco
Yachting is inextricably linked to life in Monaco. “Every child in Monaco will learn sailing at some stage in their education,” the architect Sir Norman Foster commented at the opening of the Principality’s Foster + Partners-designed Yacht Club de Monaco.
And there is no better place to see Monaco life in microcosm than at his waterfront paean to sailing.
The Yacht Club displays all the requisite accessories of the luxury lifestyle – the watch and fashion boutiques, the fine dining, super-yacht berths and priceless views over the Grand Prix track.
But this sustainable building, powered by the sun and cooled by sea water, is a hub for all the community, with a children’s sailing school, a restaurant that offers a €20 ‘menu du jour’ and a landscaped park on the roof that provides a new pedestrian route between the quayside and Casino Square.
Physically and symbolically, the Yacht Club de Monaco’s new home, which opened in 2014, sums up what this wealth, water-loving nation is all about.
Nick Edmiston, founder of Edmiston & Co
It is also a natural home for Nick Edmiston, founder and chairman of Edmiston & Co, one of the most recognised brands in international yachting, now run by his son Jamie.
Edmiston, previously the CEO of yacht firm Camper & Nicholsons, moved to Monaco in 1989 and launched the company that has become a world leader in the sale, charter, management and construction of super-yachts.
“I used to commute regularly between London and the south of France and was going to live in Cannes, but Monaco is far more convenient and there are advantages to running a business here rather than in France,” he comments.
“That’s one of the most important reasons for me to be here as, unlike other countries that are in flux, Monaco has a very structured financial regulatory system. It’s a good place to do business.”
It is arguably the only place to be if you hope to find success in the super-yacht business. While newcomers such as Montenegro are making their mark on the world yachting scene, “Monaco is the Mediterranean centre of yachting and it has a prestige that nowhere else can replicate. Ours was one of the earliest yachting businesses down there.
Every successful yachting company has followed my example,” says Edmiston, fresh from 2017’s Yacht Show, which he is confident will lead to securing a few deals for yachts costing up to €100m.
His advice to prospective investors is never to spend more than 10% of their net wealth on a yacht – then to budget for 10% of that figure in the annual costs. “The cheap thing is buying it. The expensive thing is running it. You don’t want to wake up in the middle of the night worrying about it,” he says.
In his early days in Monaco, €20m was considered top whack. “Now yachts are getting ever bigger and more sophisticated. The most expensive one I’ve sold was €350m,” he says. Gyms, pools and helipads have become staple features. “I know one yacht that can land four helicopters at any time. The owner said ‘I’ve got mine, but what about my guests?’” Edmiston recounts. “There’s nothing you can’t do on a yacht now.”
Like its yachting industry, much has changed about Monaco in the 30 years he has been there. “It was fairly traditional and village-like when I arrived, but the advent of new and very heavyweight money has made it into a very cosmopolitan and sociable place. There are now 3,000 British expats and about 150 Russian families resident here,” he says.
Edmiston & Co is a household name in the sale, charter, management and construction of super-yachts
“The Brits were mainly older, established retirees. Now Monaco is shifting towards a younger profile. They have successfully sold their business or are still running a business in yachting, banking or investment.
"There is more of a trend to continue working while living here and it’s becoming more attractive to families with kids.
The schools here are fantastic and most children are at least bilingual,” says Edmiston, whose younger children were educated in state schools in Monaco before moving to boarding schools in England.
The world’s most densely-populated country comes with its challenges. Some 50,000 people come into Monaco by train or car each day for work, which takes its toll on traffic flow and sparks fierce competition for parking places.
“One of the problems for people who work here is that they cannot afford to live here. Of the 80 or so people in my office, only half a dozen live in Monaco. If you happen to be Monesgasque, the Prince looks after you very well,” says Edmiston.
There is considerable construction work taking place too, including on a new peninsula of reclaimed land opposite the Grimaldi Forum. “There is always building work going on, but it’s progress. Monaco has a very progressive attitude and it’s a good, vibrant place to live,” Edmiston comments.
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