Bright future for Brightlingsea Marina
Situated in Brightlingsea Creek, close to the mouth of the Colne Estuary, this 7.44 acre coastal development is one of the largest mixed use marina developments on the East Coast. When completed it will comprise; 177 self-contained apartments, 8 town houses, 12 retail units, underground parking for 259 vehicles and a 50 berth marina. And a recent dredging programme has opened up access to the marina for larger craft.
Since Waterside Marina went into receivership in 2012, it has been maintained and operated by the joint LPA receivers Derek Mason and Nigel London. With Fenn Wright taking responsibility for advising them on planning and development issues, letting the unsold homes to full occupancy and finding retail tenants. The scheme currently produces in the region of £470,000 per annum of gross income.
Now it has been sold to Purelake Group for £6.6million completion of the project is in sight. This will provide a major boost for the town and enhance its appeal as an attractive place to live and work.
Tendring District Council is currently in the process of reviewing Purelakes’ planning application for the build of the last 50 homes which will complete the project.
Commenting on the recent sale, Roger Hayward, Senior Partner at Fenn Wright said: “Waterside Marina represents an interesting but highly complex development, the like of which we will not see again on the East Coast for many years. The company who conceived and started the project got into difficulties at the time of the last recession when the commercial and residential property markets were struggling. As a result, the project has been unfinished for some time. However, the receivers have worked hard to maintain the scheme and resolve the outstanding issues. The new owners have a great opportunity to capitalise on the original potential and create a unique waterside destination.
As a picturesque town enriched with maritime history, being part of Waterside Marina is a wonderful opportunity for anybody who would enjoy living or working by the sea. I am positive its completion will provide a major boost both to Brightlingsea and the existing residents. I am delighted Fenn Wright has been part of achieving this outcome”.
If you need strategic advice about development potential get in touch with Roger Hayward FRICS.