Margate Estates Ltd, the company which owns 17.5 acres of Margate’s seafront including Dreamland, is up for sale – just days after the firm announced major investment plans.
The company which owns a vast prime cut of Margate’s seafront – including the Dreamland theme park – has been placed up for sale, just days after announcing investment plans to develop the 17.5 acre site as a year-round “world-class” entertainment complex.
Margate Estates Limited is being offered for acquisition for an undisclosed sum, and includes the iconic cinema building, heritage amusements, events spaces, car park, restaurants, and a plot of land recently approved for a new 124-bed hotel.
“In addition, MEL have an option to acquire a 140 year leasehold interest in a residential tower, retail units and a three storey car park in Arlington Square,” states the 18-page sales brochure from estate agents Jones Lang Lasalle.
“The subject sites provide a once in a lifetime opportunity to be involved with a catalytic resort regeneration scheme in one of Kent’s most treasured locations and to develop and grow the creative movement that currently thrives in Margate.”
Listed for sale are the Art Deco events centre, Cinque Ports restaurant, seafront hotel development site, the Dreamland car park recently acquired from the council, the Triangle development site, outdoor events site, and the Dreamland amusement park, which is hailed as “a major footfall driver.”
“Following the Free to Enter model being introduced in 2019, visitation has grown to 700,000 per annum. The Scenic Stage and the Events Space are outdoor events arenas adjacent to the amusement park that have 5,000 and 15,000 people capacity respectively.”
The sale comes just one day after MEL announced it was seeking further investment in order to develop the cinema building, construct a 124-bedroom hotel, and create an all-weather visitor attraction, conferencing and events space.
“MEL is seeking investment to significantly grow visitation beyond the peak season and broaden its appeal to the international and business tourist markets,” said CEO Eddie Kemsley.
“A 365-visitor offer is essential to the continued success of Margate as it will provide the ability to offer year-round employment, rather than just seasonal, with Dreamland being a large employer of young people.”
The Dreamland site is likely to remain under the operation of Sands Heritage Ltd, which held a 99-year lease on the site until 2020, when it was installed as freeholder by Arrowgrass Master Fund Ltd, the Cayman Islands-registered hedge fund which also owns MEL.