Asset management company to acquire two holiday parks for redevelopment
Mon, 27 Nov 2023 | COMMERCIAL PROPERTY
Asset management company Seventy Ninth Group is set to acquire two holiday parks, as the UK’s domestic holiday market continues to evolve. The Southport-based firm has agreed terms to purchase two holiday parks in Scotland for acquisition and subsequent redevelopment.
The company plans to build as many as 700 holiday lodges at the two sites, which have a gross development value (GDV) of more than £300 million combined. The parks will feature on-site dining and modern health and spa facilities, with the lodges to offered for sale at a starting price of £200,000 once built.
Seventy Ninth Group, a family-owned firm founded by entrepreneur David Webster and his sons Jake and Curtis Webster, specialises in acquiring and redeveloping undervalued assets in its core markets of real estate and natural resources, with a focus on sustainable investment strategies. In addition to holiday and leisure parks, the company’s other key sectors include residential and commercial office parks.
Jake Webster, Managing Director of Seventy Ninth Group, commented: “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.”
The UK’s domestic holiday – or “staycation” – market has seen significant growth since the COVID-19 pandemic, when lockdowns and various international restrictions meant that UK holidaymakers had to look closer to home for holiday destinations. This has resulted in considerable levels of investment and M&A activity within the sector.
Jake Webster continued: “The nature of the UK staycation market is evolving. Expectations are growing around the quality of accommodation and facilities expected on site with many holiday makers 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.”
Find out more about the impact of COVID-19 on M&A in the domestic holiday market
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