A specialist agency has been appointed to find potential new operators, investors and/or buyers for Margate Winter Gardens.
Commercial Real Estate firm Colliers will carry out a marketing exercise, promoting the Winter Gardens and gauging interest in the venue. The goal is to attract investment proposals from organisations with the experience and expertise needed to make it a successful leisure venue for Thanet.
The Winter Gardens shut in August 2022 for an in-depth survey of the structure of the building and to look at long-term plans for the future. An allocation of £300,000 was made for the survey and marketing work from the Margate Town Deal.
The decision to identify a specialist commercial agency to work on the Winter Gardens project was approved by Cabinet in March 2023. Since then a procurement and selection process has taken place with submissions received from four agencies.
The selected agency will now create a detailed marketing information pack and launch a campaign to attract proposals from serious investors.
Thanet council leader Cllr Rick Everitt said: “We are excited to partner with Colliers on this important project. Their expertise in the property market and extensive knowledge of the entertainment industry will be instrumental in finding the right buyer or operator for the Winter Gardens.
“We recognise how important this project is to many residents and are optimistic that this partnership will lead to the timely completion of the current process, creating a reinvigorated cultural landmark that will enrich the community and attract visitors for years to come.”
Nigel Ball, director in Colliers Licensed & Leisure team, said: “We’re pleased to be working with Thanet District Council to explore a range of opportunities for this historic site. We expect to identify partners who can deliver a long-term commercial solution which contributes to the wider economy in Margate.”
The council has started to prepare for the renovation process, beginning with clearing the contents and removing debris from the Winter Gardens building.
The majority of items will be recycled with some sold by auction. When confirmed, details of the auction will be made publicly available.
The Grade II listed building hosted its last performance on August 7 last year during the Margate Soul Festival before the lease was returned to Thanet council by Your Leisure and the doors were shut in readiness for an appraisal report on the venue and its future uses.
The lease hand back came after Your Leisure faced a substantial shortfall in its income as a result of Covid with trading income down by £1.28million in 2020 compared to 2019 and outstanding liabilities in the region of £8m in terms of loans for Hartsdown and Ramsgate leisure centres.
The council, as guarantor for the leisure centre loans, could have faced extra penalties if the loans were redeemed early.
The initial Town Deal bid included a £4million allocation for works to the historic venue but this fell down when the government Department for Levelling Up – which issued the funding – asked for more detail on long-term plans which could not be supplied.
The council has appointed consultants Counterculture to put together a night time economy review and strategy for the district, and explore options for the future of the Winter Gardens.
All options for either lease arrangements, operator agreement or sale for the venue are being kept open
An immediate cost of £2.5m is needed for structural , building and mechanical and electrical works with a further £3.5m estimated over the next 10 years, meaning total costs are estimated at £6.25m.
