It has been reported that Camper & Nicholsons Marinas has signed an agreement with its landside partner, Westcourt Real Estate (WREE) and the Homes and Communities Agency (HCA) to permit the £50 development of Victoria Quay in Cowes, Isle of Wight. The plan allows for a landside and seaside development, which will include a new 400 berth marina at East Cowes on the Isle of Wight, UK.
The agreement is subject to the satisfaction of certain conditions including funding, planning and building. In particular, the exchange of final contracts relating to the development remains subject to the incorporation and financing of an investing company within the next 45 days. It is anticipated that the investing company will then engage a development company, in which Camper & Nicholsons Marinas will have a carried interest.
The agreement to develop Victoria Quay in Cowes is a ground breaking initiative in several aspects:
In addition to the new proposed 400 berth marina, the scheme will include a boutique hotel together with a wide range of residential, commercial and leisure facilities on the 2.6 hectare site. This location ccurrently houses the world famous Columbine building and the historic Victoria Barracks.
This agreement signals the return of the Camper & Nicholsons Marinas to the UK and will be their first new such project since the company was restructured in 2013/2014.
First Eastern, which increased its shareholding in Camper & Nicholsons Marinas
to 52.4% through active participation in and underwriting of the £2.4 million fundraising in June 2014, has been instrumental in supporting CNMI and WREE in negotiations with HCA and in seeking development capital for this £50 million project.