Christie & Co instructed to sell Port Dinorwic Marina in North Wales on behalf of administrators at Azets
Specialist hotel property adviser, Christie & Co has been instructed by top ten accountancy firm Azets, to bring Port Dinorwic Marina to the market, following Port Dinorwic Marina Limited being placed in administration last month.
Port Dinorwic Marina, which dates back to 1763, was acquired in 2017 by The Marine and Property Group Limited and occupies a freehold site area of 9.16 acres (3.1 ha).
The picturesque Grade II listed marina provides 180 berths, offering year-round cruising in the Menai Strait, which separates North Wales and Anglesey. In addition, the main harbour building features Swellies café, a physiotherapist and office space, all let to third-party occupiers. Further third-party occupiers providing valuable rental income include La Marina restaurant, Beauty by Maryam and Riah hair salon.
With approximately 85% of turnover being derived from berthing income and third-party rents, it is considered that Port Dinorwic Marina offers considerable upside potential to an incoming owner/operator who is prepared to invest in the property and infrastructure and further develop both the marine and property-based business elements.
Simon Monks, Restructuring Director with Azets and joint administrator, comments: “The administration of Port Dinorwic Marina Limited will enable what is a very attractive underlying piece of operational real estate to find a new owner and hopefully new investment through an open marketing process. Working with the team on site, we have asked Christie & Co to coordinate the sale on our behalf and any potentially interested parties should contact them for further information.”
Jon Patrick, Head of Leisure & Development at Christie & Co adds, “Marinas, like a number of other leisure related business models (including holiday parks and garden centres) often remain in the same family or ownership structure for many years. As a result, there are a limited number of opportunities available at any one time and interest when one does come onto the open market can be considerable. In view of the attractive location and potential business upside opportunities presented, we believe that Port Dinorwic Marina is likely to generate a wide variety of prospective purchasers and/or investors, both from within the industry as well as those looking for lifestyle investments.”
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Manager
M: +44 (0) 7721 420 656 or E: bronte.hughes@christie.com
