South Coast Metropole South Coast Metropole - King Sturge

Isle of Wight
Industrial Office Retail
Prime rent £69.96m 2 £177.61m 2 £753.48m 2
Prime yield 7.00% 7.00% 5.50%
Prospects ✓ ✓
Isle of Wight
Issues
The island continues to attract investment in both
the commercial and residential sectors, and is
rapidly shedding its slightly shabby appearance,
re-emerging in some areas as a cool, chic and
upmarket place both to live and work.
regeneration project, where planning permission
has been granted to 550 new dwellings, a health
centre, 10,500 m² of marine employment and
a maritime museum. A residential developer is
about to be announced for the first phase out of
a shortlist of two, and an application for a new
marina is scheduled before the end of 2008. The
construction of a new 10 m hoist dock and crane
on the waterfront has gone some way to giving the
site credibility as a site for new marine projects. The
hoist can lift and launch up to 70 tonnes and will be
used for both one-off racing yacht projects and by
Vestas, the Danish-owned wind vane manufacturer,
who have a facility on the site.
East Cowes
Pimento Group have successfully completed their
mixed residential, office and retail scheme at No
1 The Parade, in West Cowes. The 19-apartment
scheme has seen record sales for the island with
one of the penthouse apartments achieving £1.2
million. The group have also acquired an office and
industrial site in East Cowes, adjoining Barratt’s new
550-unit residential scheme in Whippingham. The
waterfront site will be developed as a high quality
business park.
Red Funnel, West Cowes
A major coup this year is the attraction of Waitrose
onto the island, anchoring the redevelopment of
East Cowes town centre. The retailer intends to
open a 2,973 m² store together with a new Town
Square and retail units on part of the former GKN
works in 2010. This will help accelerate this major
Liz Earle, the successful Isle of Wight-based
cosmetics company, has relocated to a new
3,252 m² office and call centre in Ryde. John Peck
Construction completed the £4 million project in the
autumn of 2007.
Infracapital Partners, the infrastructure fund of
Prudential, have acquired ferry operator Red Funnel
for around £200 million. The deal should provide
Red Funnel with the financial leverage to invest in
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