 In 2006 the pier was sold to Manchester company Urban Splash . The new owners launched a competition in August 2007 , inviting people to submit ideas for the regeneration of the pier and island . At the time , the repair work required was estimated at £ 4 million . There were 95 entries for the competition from around the world , whittled down to a shortlist of six . The winner of the design competition , Levitate Architecture and Design Studio Ltd , was announced in March 2008 . The winning design included a dozen luxury apartments and a 50 @-@ room hotel . 
