Southport-based asset management company Seventy Ninth Group has agreed terms to buy two holiday parks in Scotland for acquisition and subsequent redevelopment.
Seventy Ninth Group is planning to build up to 700 holiday lodges across two sites, with the projects estimated to have a gross development value [GDV] of more than £300m combined.
Once built, the parks are set to feature on-site dining and modern health and spa facilities for guests. The lodges will also be offered on sale from a starting price of £200,000.
A family-owned firm founded by entrepreneur David Webster and his two sons, Jake and Curtis Webster, Seventy Ninth Group specialises in acquiring and redeveloping undervalued assets in its core markets of real estate and natural resources.
Jake Webster, managing director of Seventy Ninth Group, said: “We are delighted to be able to add this latest acquisition to our portfolio. The leisure sector has been a significant area for growth for us as we look to redevelop these two sites into luxury leisure accommodation.
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“The nature of the UK staycation market is evolving. Expectations are growing around the quality of accommodation and facilities expected on site with many holidaymakers seeking a luxury experience.
“Investment is key to operators who want to compete in this luxury space as they look to upgrade, refurbish, and expand their offering. For investors, this means there is a real opportunity for long-term, stable returns,” he added.
The news comes just a few days after it was revealed that Canadian private equity firm Brookfield had scrapped plans to sell holiday village chain Center Parcs in a £4bn-plus transaction due to high interest rates and inflation. The domestic self-catering holiday sector in the UK has experienced unprecedented demand since the Covid-19 pandemic forced holidaymakers to look closer to home for their annual breaks, resulting in increased merger and acquisition [M&A] activity and consolidation.
Source: shorttermrentalz
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