Cowes Harbour Commission acquire Kingston Wharf for £2million9th April 2012

Real estate advisers Vail Williams LLP acted for Cowes Harbour Commission in their recent acquisition of Kingston Wharf for £2 million.  
 
Kingston Wharf forms part of the East Cowes waterfront on the Medina River on the Isle of Wight.  In addition to being a world renowned yachting destination, the River is also the Island's principal port. The site comprises 8.7 acres (3.52 hectares) of marine industrial land, which includes boatyard facilities, commercial wharfs and 14,850 sq ft (1,380 sq m) of workshops and offices.
 
The strategic investment by the Commission is aimed at securing the important marine services site and commercial shipping wharf for the long term benefit of the harbour and its stakeholders. It protects the future of the site as a home for a wide range of marine services in Cowes, as well as the Commission’s own harbour services and boatyard operations, which have been located at Kingston since 1999.
 
Kingston Wharf is also of strategic importance to the Isle of Wight as it facilitates the import of bulk oil by ship to the Island’s only oil terminal operated by Pace Petroleum and the aggregate facility operated by Hall Aggregates. These two important wharves are now secured in the custody of Cowes Harbour Commission.
 
Buying the freehold enables Cowes Harbour Commission to further establish and expand Kingston Marine Boatyard and Kingston Marine Services. KMB and KMS are part of Cowes Harbour Commission, which provide services to boat owners, yacht clubs, marinas and marine operators across the Solent.
 
Cowes Harbour Master and Chief Executive Stuart McIntosh said: “The negotiations to buy Kingston have been protracted and challenging but finally very worthwhile. The Harbour Commissioners consider securing and maintaining commercial wharves and marine service sites to be fundamental to the long term prosperity of the harbour and the local economy. It is vital to continue incremental investment into marine services and infrastructure to ensure that marine business and job creation can continue to prosper in Cowes and the Medina Valley.”