Edward Symmons - Mixed-Use Development - Colchester, Cook's Shipyard

Date: 29 May 2003

Edward Symmons Real Estate Professional Services has sold the Cook's Shipyard, Wivenhoe, Colchester to local developer, Lexden Restorations Ltd for circa £2 million.

Lexden Restorations Ltd is planning a mixed-use development for the 15 acre shipyard. The development will primarily be residential housing, with some social housing, an element of commercial usage, and will also include various community benefits such as riverside walkways and a museum.

NatWest appointed two Partners from Edward Symmons as receivers of the Cook's Shipyard back in 1993. After preliminary due diligence it was discovered that certain title issues needed resolving to sort out access, without which the site was unsaleable. After four years of delicate negotiations, a special purchase vehicle company was set up to buy additional land from British Gas, to provide a new access point to the shipyard site.

Edward Symmons was also tasked with resolving a number of complex planning and environmental issues, including site contamination arising from the previous use of the site, the review

of the Local Development Plan, and also resistance from local opposition groups.

Richard Haines at Edward Symmons & Partners comments:
"We are extremely pleased to have finally resolved all of the outstanding matters to enable the site to be sold to Lexden Restorations. The case highlights Edward Symmons' expertise in dealing with complex cases. Our team was able to utilise their wide range of skills and to think outside the box in order to move the case forward."

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