Jones Lang LaSalle, one of the world’s largest real estate consultants, have completed another major transaction on the River Medina in East Cowes on the Isle of Wight.
Acting on behalf of National Grid Properties they have sold Kingston Wharf, a multi-let marine based industrial investment to one of the occupiers, Cowes Harbour Commission. The facility is used for the import of aggregates and fuel for distribution throughout the island, as well as a second base for Cowes Harbour Commission’s working facilities. Part of the site is used for cruising boat storage.
The site has strategic importance providing one of only a few sites on the river with deep water access.
Commenting on the disposal, Michael Green Head of Jones Lang LaSalle Southampton said: “There was a lot of interest in Kingston Wharf, but in the end we are pleased that the site has been acquired by the body responsible for the on-going management and upgrading of the river. The disposal follows hard on the heels from our other major scheme in East Cowes, where we have advised the Homes and Communities Agency from inception on the successful delivery of a new Waitrose foodstore, 200 space car-park, medical centre and 500 new houses in East Cowes town centre.”
“We are now about to launch the second phase of this scheme, which includes two town centre sites for mixed-use development including care home, retail and residential development opportunities. Even in these testing times we are seeing increasing interest in waterside development, reflecting both the scarcity of these opportunities and investor confidence in well established UK based leisure and holiday destinations, such as Cowes.”
