PLANS are being made for a new 400-berth marina and waterfront development on the Isle of Wight.

The Homes and Communities Agency (HCA) is looking for a partner to develop and operate the regeneration project at East Cowes.

The opportunity includes the freehold of the Columbine Building which has the world’s largest union flag painted on its doors, has two internal 16-tonne cranes and is expected to be of interest for manufacturing or as a marine service centre.

Land also included for sale includes the Victoria Barracks building, Albany building and Maresfield Road site which has planning permission for up to 100 new homes, a 60-bed hotel, a restaurant or bar and associated car parking.

The development opportunity is the latest phase in the East Cowes regeneration project, which has already seen the development of 180 new homes, a Waitrose store, medical centre and new town square. It follows a £3.16m investment by the HCA in Cowes Harbour Commission’s Outer Break-water project, which will provide a new 400m-long barrier to offer marine craft and the local area extra protection from high winds and tidal pressures.