The aim was to promote the site in order to obtain a new tenant for the marina, which boasted views towards the Peak District National Park.

Challenges

The marina had fallen into disrepair as a result of the failure of the previous tenant to invest in the carrying out of essential repairs and maintenance.

As a result, the tenant company went into administration and the marina was taken back by the freeholders, the Canal & River Trust.

As a registered charity the Canal & River Trust needed to get the best possible value out of the sale of the marina, either through investment directly into the site and its facilities, or through income received from rental receipts.

Using its specialist knowledge of the inland waterways market to generate interest both from the local area and from other inland waterways operators nationwide, our marine and leisure property consultants carried out an informal tender process to seek a new tenant.

Vail Williams recommended that it was written into the lease agreement that any prospective tenants were required to carry out renovations to the marina. Not only that, the refurbishments were required to be of the highest standard.

In early 2014, established inland marina operator and developer, Pridewater Estates, was selected as preferred bidder.

Following in-depth negotiations, a new lease was agreed which included an obligation on the tenant to invest in substantial refurbishment of the entire site.

Expertise:

  • Marine and leisure property advice
  • Commercial lease advice
  • Commercial lease renewals
  • Property asset management

Result

As a result of the advice provided by the team of marine and leisure consultants, refurbishment and rebuilding works at the marina were completed in early 2015.

This included the replacement of all landing stages, the building of new showers, toilets, offices and stores, as well as improvements to internal paths, roads and parking facilities. A free Wi-fi connection for moorers was also installed, along with improved site security.

The semi-derelict site has now been transformed into arguably one of the best moorings facilities on the entire Peak Forest Canal.

It now boasts a number of extra canal berths and high quality berth-holder facilities, in addition to a workshop for a local microbrewery, some holiday accommodation and a Certificated Location caravan site.


For further information please contact our team.
“As a result of the specialist advice we were given by Vail Williams’ marine and leisure consultants, we have achieved not only a valuable new tenant to run the marina, but have also succeeded in transforming it into one of the best facilities on the canal. By ensuring that the renovation of the canal was written into the terms of the lease agreement, Vail Williams was able to ensure we got the best possible outcome – both for the Trust and the users of the canal.”

Simon Moore, Business boating surveyor at the Canal & River Trust.
“We were very proud to be selected to upgrade, lease and operate New Mills Marina. The marina was perfectly positioned to become the finest place to moor a canal boat in the High Peak district, and we are delighted with the results of the renovations carried out.”

Bob Hutton, Co-Owner of Pridewater Estates.

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