Island Harbour in the Isle of Wight has changed ownership after more than two years since Uavend Investments LLP, the previous owner, went into administration with debts totaling £10 million.
The new owner of the site is Island Harbour Marina (IOW) Limited, which is a part of the Sumaya Group.
The Sumaya Group is led by directors Moses Oyediwura and Jamie Emiabata, who also own The Breeze restaurant situated at the marina, although it is currently closed.
Located on the banks of the River Medina at Newport, the Island Harbour marina is set within an area recognized for its Outstanding Natural Beauty (AONB) and boasts 222 berths. Among these, 100 are specifically designated for Island Harbour residents who are required to pay an annual maintenance fee.
Boat access to the marina is facilitated by lock gates and a dredged channel in the river.
In addition to the berths, the marina offers onshore storage for approximately 100 vessels within the boatyard, with a control tower on-site overseeing operations and the lock.
Facilities at the marina include a shower and toilet block for customers, an office suite currently leased out, and 25 apartments, most of which are utilized as holiday accommodations.
Opportunities for Growth
The marina holds a lease agreement with the Isle of Wight Council and The Crown Estate for the use of land north of the lock gates and a holding pontoon extending into the River Medina.
Situated near the Isle of Wight festival site, the marina capitalizes on this proximity by offering camping and caravan packages during the festival period and renting out the holding pontoon.
The recent sale of the marina is viewed as an appealing opportunity for potential income growth, particularly by enhancing the utilization of the existing facilities.
A spokesperson for the Sumaya Group mentioned, "We are currently developing plans for the site and the restaurant and will share more detailed information once these plans are finalized. Our professional team is actively working on the next steps, and we aim to provide an update soon."
Throughout the transitional phase, the marina's lock and control tower will continue to operate without interruption.
Uavend Investments LLP went into administration in September 2022, accumulating debts amounting to £53,148 as of September 2024, as reported by the administrator. Subsequently, a receiver was appointed on October 10, 2024.
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