The interest from potential buyers in a large Midlands canal marina was so strong that Bond Wolfe property agency sold it for £1.1 million a day before its planned auction.
Fenny Marina is on the southern arm of the Oxford Canal at Station Fields in Fenny Compton, near Southam in Warwickshire, with 85 boat berths, a three-bedroomed bungalow and extensive outbuildings.
Bond Wolfe listed the property with a guide price* of £950,000+ in its livestreamed auction on Thursday 8 February, but after multiple enquiries and competitive offers it was sold 24 hours before the auction took place.
The new owners are Crafted Boats Ltd, a family-owned firm of specialist boat builders and repairers based in Bromsgrove, founded in 1953.
James Mattin, managing director and auctioneer at Bond Wolfe, said: “It was a pleasure acting for our client for whom we have successfully sold the marina.
“He can look forward to a well-earned rest after many years ownership and we are very pleased for the purchasers Crafted Boats Ltd, the ideal party to take the marina on to the next level.
“This is a perfect example of our unique hybrid open market and auction offering working in tandem.
“Our comprehensive marketing campaign coupled with the target of a specific auction date focused the minds of seriously interested parties, resulting in a pre-auction sale for well over the guide price.”
Fenny Marina is an established inland waterway marina originally developed in the 1970s with various income streams and the prospect of more if the business is developed.
The dry dock is a separate business that pays £1,250 in rent per month to the marina, with additional income from diesel, LPG, pump-out, waste disposal and chandlery sales.
Aaron Pinder, a director of Crafted Boats Ltd, said: “We want to thank James for all his help and time, as we don’t think this would have happened without him.
“Our plan for the marina is to continue to operate the mooring and services but to look at improving the facility.
“We will also be offering, as we do at our other sites, repaint jobs, hull and top side work, grit blasting and epoxy coating, pressure wash and blacking, plus engine repairs, to name just a few of our services.”
The marina is approached via a recently resurfaced private driveway with electric security gates leading to a car park, with the marina basin beyond.
The office, chandlery and stores face the canal towpath with the dry dock and bungalow at the southern end of the basin.
The entire property extends to around 6.12 acres, while the marina basin itself taking up approximately 4.46 acres with direct access to the canal and a fixed, serviced pontoon mooring with capacity for 85 berths.
The detached and extended three-bedroomed bungalow that comes with the sale has a rear garden and spacious area at the front, with a hallway, kitchen, reception room, utility area, bathroom and bedrooms inside.
MFG Solicitors provided legal advice on the deal for Crafted Boats Ltd, while Freeths Solicitors advised the vendor, whose identity has not been disclosed.
