Press Release
THE CROWN ESTATE ANNOUNCES LATEST MARINE LEISURE ACQUISITION
4 November 2008
The Crown Estate has announced today that it has completed the purchase of Burnham Yacht Harbour in Essex.
Bought from East Coast Marinas Ltd, the 350-berth marina, located on the north bank of the River Crouch outside the town of Burnham-on-Crouch, is home to the famous Burnham Week, the longest running annual yachting regatta on the UK mainland.
Burnham Yacht Harbour includes 350 fully serviced pontoons, boatyard, chandlery, yacht brokers and ‘The Swallow Tail’ bar and restaurant overlooking the marina.
The sale constitutes all the land, buildings, seabed, fixed assets and pontoons that form part of the marina. Burnham Yacht Harbour Marina Ltd has entered into a fifty-year lease with The Crown Estate to operate the marina.
The acquisition is further demonstration of The Crown Estate’s commitment to its major investment strategy in the marine leisure sector. It follows the purchases of Deganwy Marina in Wales in January and Scotland’s Rhu Marina in April.
Rob Hastings, Director of the Marine Estate at The Crown Estate, said: “We are delighted with this latest purchase as part of our marine leisure investment strategy. Burnham Yacht Harbour is an invaluable resource to the sailing community on the east coast and will be a great addition to our growing marina portfolio.”
Richard Lingard, Director of Burnham Yacht Harbour Marina Ltd, said: “We look forward to working in partnership with The Crown Estate and believe Burnham Yacht Harbour is now in a much stronger position to weather any potential recessionary effects and to take advantage of the current conditions to increase market share.”
Ian Froome of Vail Williams, who acted as independent valuer to The Crown Estate, commented: “With the ever increasing cost of south coast marinas, the east coast is set to benefit from rising demand as people seek to reduce costs in the current economic climate. Burnham Yacht Harbour is a high quality marina offering a full range of services to boaters.”
The transaction was brokered by Colin Crosthwaite of Strutt and Parker’s Leisure and Hotels team, who said: “Our specialist expertise and long experience in the marina sector enabled us to identify this sale and leaseback opportunity and negotiate a deal to meet both parties financial goals.”
Further Information
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