SYDNEY Harbour party boat MV Matilda is set to be auctioned – but it also needs a thorough refurbishment in order to stay afloat.

Agents value the 100feet (30metre) boat at $3m and say it can hold up to 350 people.

However it has sustained “significant hull corrosion” from what is described as “osmosis”, something attributed to inappropriate welding.

“Deep pitting” is said to have occurred, forcing it to be moored until further repairs can occur.

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“It is the perfect opportunity for anyone who knows the ropes to snap up this once brand-new $3m vessel for a bargain to reclaim as their own, although this vessel could sink in a few years’ time if they don’t do repairs,” Lloyds Auctions chief operations officer Lee Hames said.

“It presents a great opportunity for anyone looking for a cost-effective startup to their own party boat hire business.”

Lloyds Auctions head of business development Glenn Screech said there was no reserve sale price for the boat.

Moored up-river from Sydney Harbour, the vessel is still afloat and awaiting its next owner. Lloyd’s Auctions can be contacted for more information.

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