Work on the new marina scheme for East Cowes is expected to begin later this year
A developer is being sought to build and operate a new 400-berth marina and surrounding waterfront development at East Cowes, Isle of Wight.
The Homes and Communities Agency (HCA) is seeking a partner for the development and says the opportunity includes the freehold of the Columbine Building which has the world’s largest Union Flag painted on its doors.
The building has an eaves height of 12 metres and benefits from two internal 16 tonne cranes and is expected to be of interest for manufacturing or as a marine service centre.
Land also included for sale includes the Victoria Barracks building, Albany building and Maresfield Road site which has planning permission for up to 100 new homes, a 60 bed hotel, a restaurant or bar and associated car parking.
The development opportunity forms the latest phase in the East Cowes regeneration project, which has already seen the development of 180 new homes, a Waitrose store, medical centre and new town square.
It follows a recent £3.16million investment by the HCA in Cowes Harbour Commission’s Outer Breakwater project, which will provide a new 400m-long barrier to offer marine craft and the local area extra protection from high winds and tidal pressures.
‘Work likely to begin later this year’
Paul Flatt, HCA senior development manager, said: ‘This is an exciting opportunity for a developer with experience in marine and waterfront development to bring forward the next key phase of the regeneration of East Cowes.
‘The development of a new marina at East Cowes is a unique opportunity in one of sailing’s most prestigious locations.
‘The HCA has worked hard over a number of years with its partners to enable this opportunity to come about. All the infrastructure and planning permissions are now in place, ready for a developer to start on site.’
He added: ‘The marina project is an important next step in the on-going regeneration of East Cowes Town Centre.
‘The scheme will provide an important addition to marina facilities in the Solent and continue to attract visitors and jobs to East Cowes itself.
‘We have received very strong interest in this project, from established marine developers in the UK as well as abroad. We are confident that the scheme will be a success and reinforce Cowes as one of the most important sailing venues in Europe.’
Expressions of interest are being sought from experienced developers interested in creating and operating the marina along with the surrounding opportunities. An appointment is expected to be made by the summer with work beginning later this year.
The HCA is being advised by Jones Lang LaSalle and Marina Projects.
Further details can be obtained from Michael Green or Eleanor Hussey at Jones Lang LaSalle by contacting +44 (0)238 038 5613 or e-mailing Michael.Green@eu.jll.com by 21 February.