Buyer Beware!
April 2026
Boatowners are angry and if you read the following short pages, you will understand why. We are not stupid and we do not like being bullied and after a decade of Moffat mismanagement, far from being depleted, the Boatowners’ Residents Association (CRBA Ltd) has a large membership and is stronger than ever. It is well funded, well organised and we have shown that we are not afraid to litigate if mediation fails. If you get to the end of these documents, and you still try to develop CYBC, you can’t say you weren’t warned!
Important information for Potential Developers/Buyers
- The current financial position of CYBC
- Why the Moffats' business plan failed (and will always fail)
- Infrastructure and site issues which limit investment return
- Do the math!
- The expert determination of the market rate of licence premiums
- #communitynotcommodity
Boatowners have a proven track record of refusing to bend to the will of a property developer and the local community has got behind us. They don’t want the Moffat Mega Boats either and if RBKC planners can’t or won’t stop them, they have shown that they are prepared to add their weight to ensure that any future River Works Licence prohibits boats of that size and shape. After a decade of headaches caused by continuous pressure from boatowners, the Port of London Authority (PLA) are not keen on another property developer taking control.
Ben Coleman MP is proactive and vocal in support of the boatowners against CYBC. On 2 Feb 2026 he said “Time to put houseboat owners in control. Our iconic houseboat community in Chelsea has long suffered from its predatory landlord, CYBC. Now CYBC's parent company is in administration, owing a staggering £96 million. I'm concerned that the new directors are continuing with the previous approach – dealing with the Chelsea Reach houseboat owners one by one rather than as a group. The boat owners tell me they are ready to take over and run the moorings themselves to benefit the community. It is time to get away from excessive commercial interests and view this as a social asset. I’ve made it clear to the Port of London Authority, which licenses out the moorings, that the boat owners have my full backing, as they do of the community across Chelsea”.
Our community also has the support of RBKC and the local societies including the Chelsea Society and the Cheyne Walk Trust. RBKC Councillor Elizabeth Campbell said “I would be delighted to see houseboaters acquire the moorings at Chelsea Reach, with support from the Chelsea Society. As Leader of the Council, I have backed houseboat owners, who have shown amazing tenacity and resolve in the face of threats to their homes, big fee increases and the arrival of mega boats. Long-term security of tenure, protection from excessive licensing fees and services charges, and no more mega boats, would all be big wins for this special community and residents across Chelsea.”
Since 2018, we have collected over 10,000+ signatures on our #CommunityNotCommodity petition, including signatures from Graham Norton, Felicity Kendall & Suggs from Madness. Some of our residents have lived here since the 1970s and, just as they were then, our houseboats remain an important part of our local Chelsea community
