The Isle of Wight’s Island Harbour has been sold – more than two years after the company behind the site, Uavend Investments LLP, entered administration leaving debts of £10 million.
The site has now been acquired by Island Harbour Marina (IOW) Limited, part of the Sumaya Group.
Directors of the Sumaya Group, Moses Oyediwura and Jamie Emiabata, own the currently closed The Breeze restaurant located at the marina.
The Island Harbour marina is located within an area of Outstanding Natural Beauty (AONB) on the banks of the River Medina at Newport, and offers 222 berths, of which 100 are reserved for residents of Island Harbour, who pay an annual maintenance fee.
Access for boats is provided through the lock gates and a dredged channel in the river.
The marina also provides ashore storage for around 100 vessels within the boatyard and a control tower onsite oversees control of the lock and day to day operations.
The marina also has a shower/ toilet block for customers and berth holders, an office suite with a tenant currently in-situ and 25 apartments of which 21 are used as holiday lets.
Income growth
A lease is in place from Isle of Wight Council and The Crown estate for use of an area of land to the north of the lock gates and for a holding pontoon into the River Medina.
The marina is adjacent to the Isle of Wight festival site, during which time the marina offers camping and caravan packages and hires out the holding pontoon.
The sale was billed as offering an attractive opportunity with room for income growth through improved utilisation of the existing site.
“As for the site and the restaurant, we are currently developing plans and look forward to sharing more detailed information as soon as those plans are finalised,” said a spokesperson for the Sumaya Group.
“We are actively working with our professional team on the next steps and hope to provide an update soon.”
During the transition period, it is understood the harbour’s lock and control tower will operate as usual.
Uavend Investments LLP entered administration in September 2022.
As of September 2024, the company’s debts stood at £53,148 according to a report from the appointed administrator.
A receiver was appointed on October 10, 2024.
