Paignton Pier on sale for £1.8 million

Paignton pier is to be sold off for around £1.8 million by current owners.

The pier is currently owned by Mitchell Leisure Investments, who have operated the stores and arcade on the pier since 1994.

In this time the company has spent more than £1.8m investing in the pier including an extension of the arcade and a restoration of the pier’s open decking.

Emergency repairs were carried out in 2008 after a major structural fault was found in one of the supporting columns.

The sale of the pier is being handled by GVA Hotels and Leisure, who will negociate an offer on the pier and the concession agreements worth around £90,000 a year.

Richard Baldwin, director of GVA Hotels and Leisure said: “Paignton Pier is an iconic structure, which has been a popular visitor attraction on the English Riviera for millions of people for more than 130 years.

“The pier is for sale freehold as a going concern with vacant possession on completion, subject to the various concession agreements in place.

“Surrounded by stunning coast and countryside, Paignton Pier is a real jewel in the crown of our coastline and we’re confident this sale will attract major interest.”

Baldwin has said the pier is to be sold as Mitchell Leisure Investments Ltd sells off Paignton's economy relies extensively on tourism with the pier making up a considerable part of the local leisure trade.