Tue, 06 Jul 2010 | BUSINESS SALE
The pier in Southwold, Suffolk, which dates back to 1900, is on the market for £6 million.
The British seaside institution is to be sold with planning permission for a five-storey, 30-bedroom hotel.
Following extensive rebuilding and refurbishment in 1999, when it was extended to 190 metres, the pier went on to scoop numerous national tourism awards.
It was named Best Seaside Attraction in 2007, Best Tourism Experience 2008 in the East of England and Best Large Attraction 2009.
As well as boasting several restaurants, Southwold Pier is also a regular host to Britain's only surviving sea-going steam passenger ship, the PS Waverley paddle steamer.
Stephen Bournes, who has owned the pier since 2005, said, “We have been striving for three years to acquire planning permission for the new development to provide a new 'art deco' building of merit.
“I feel confident that the foundation stones are well set for the pier to continue in a positive way forward and we will leave the pier with great sadness,” he added.
The luxury hotel was originally due to cost between £2 million and £3 million but, with the project now estimated at £5 million, it is no longer financially viable for the couple, hence the sale.
Mr Bournes said they could not cover the necessary 40 per cent of a loan, plus conditions, and they could not foresee that the banking situation would change.
In a prime location, this freehold business opportunity includes a detached, well-equipped bakery factory along with a retail outlet and cafe, all part of a family business with a century of trading history.
Established in key industries like power generation and rail, this company offers specialised electrical and engineering services across the UK and Ireland, boasting strong relationships with blue-chip clients and a reliable income stream.
This well-established company has a decade-long track record in a growing market and is fully relocatable or can be operated remotely, providing flexibility for the new owner.
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