A seafront scheme in Tenby finally looks set for completion after being sold for more than £1m by its administrators.

Work has been on hold on the Waters Edge development on the South Beach for some time, resulting in an unfinished site, earmarked for luxury apartments, adjacent to the South Beach Bar and Grill.

Now developer ButlerWall Homes has bought the site, and the purchase means that the future of the iconic Festival of Britain beacon nearby has also been secured.

The sale covers the final remaining apartment in the first phase of the development, together with the second phase, which comprises ten apartments completed to steel frame level.

Previously the location of the Fountains Café, the development has been sold by Opus Restructuring, the administrators of South Beach (Tenby) Limited , following a successful marketing campaign and negotiations by Bilfinger GVA, one of Europe’s leading real estate managers.

Said James Petherick, associate at Bilfinger GVA: “The site is in an amazing location, quite literally a stone’s throw from beautiful South Beach.

"It has lain dormant for some time and completing the sale to ButlerWall Homes should enable the completion of this fantastic scheme, improving the aesthetics of the sea front.”

Added administrator Trevor Binyon: “We were pleased to have achieved such a positive outcome to this unfortunate failure. The lender has been repaid in full, and we have been able to limit the losses suffered by what, luckily, were very few local creditors.”