AN ISLE of Wight based marine company has announced the purchase of Medina Yard and Medina Village in Cowes.
The site, spread across 12 acres of waterfront in Cowes, is now under the ownership of Diverse Marine after its purchase from former owners, the Peter Harrison Trust.
The Island company specialises in the construction of workboats, amphibious watercraft, search and rescue craft and boats for the HMS Prince of Wales aircraft carrier, as well as small workboats and RIBS.
Ben Colman, director of Diverse Marine Ltd, said: “The acquisition of the Medina Yard and Medina Village not only protects the future of Diverse Marine, its staff and contractors but also gives security to other tenants on the site that support us in our day-to-day activities.
“We look forward to engaging with all stakeholders to consider how to collectively and collaboratively improve the site to meet the needs of all tenants and stakeholders and look to development plans and opportunities on the site for the greater good of Cowes and the Isle of Wight”.
- Read more: Plans for Medina Yard in Cowes unveiled
The team at Diverse Marine thanked their legal team, Stephenson Harwood LLP, the Peter Harrison Trust and all other parties involved for advancing the sale cleanly and efficiently.
What is next for Medina Yard?
A large development could take place, as the site still has planning permission available to it.
Medina Yard could see development providing at least 535 homes and 16,600m2 of non-residental floor space, as well as the refurbishment of the Hammerhead Crane.
In 2016, the same year the planning application was submitted to the Isle of Wight Council, the site saw a big fire.
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