THEY are in million-dollar locations, but Melbourne's exclusive rowing clubs will pay just $1 a year to control and profit from their city facilities for the next two decades.

Melbourne City Council is set tonight to extend the leases to the seven clubs based on the Yarra River opposite Federation Square, and charge them each $21 for the next 21 years, plus GST.

A crew rows past the boatsheds opposite Federation Square yesterday. Credit:Simon O'Dwyer

Among those to be granted leases are Melbourne Grammar School, which last year posted a $9.3 million surplus - up from $7.7 million in 2010 - and last year had $120 million in net assets.

The school yesterday said its shed was primarily used by boys who attend the school and coaches, although Old Melburnians also rowed. It said it was grateful to the city for its leasing arrangement.