Overview
Our Leisure agency team has had a strong quarter, reporting more completed deals and terms agreed across Region the first 3 months when compared this time last year.
Completed deals: recent transactions
Recent completions include Watermouth Holiday Park on the North Devon coast, which was sold to an existing site owner, whilst further West at Bude the Kerenza Hotel sale has completed in excess of it’s guide price. On the East Devon coast we have introduced new operators of the well-known Sea Shanty at Branscombe beach, acting for the long-term owners and running a competitive operator search.
Pipeline update: terms agreed across the region
Meantime there have been terms agreed for sites ranging from South Somerset, throughout Devon and as far West at Redruth, with coastal areas continuing to get higher levels of interest when compared to inland venues. Deals include new lettings and assignments, land sales and freehold sites and we expect to release deal details in time for our next update.
Market commentary: what we’re seeing on the ground
Michael Easton, who looks after the sector comments ‘Despite continued uncertainty and cost pressures, there are more buyers and prospective tenants looking to secure premises at present. This follows a lull late last year and has continued despite the much more recent events in the Middle East. Applicants have adopted a more proactive approach with many keen to transact ahead of the Summer holidays. For the first time in a few years we are activity seeking new instructions to replenish sale stock – more so in the accommodation sector for Holiday Parks and Hotels, but also in the pub market. Our view is that we have reached the bottom of the market and buyers are much more willing to commit. Whilst trading is still a challenge we are seeing ever growing customer loyalty to those venues who maintain good standards, consistency and strong customer service credentials.’
If you’re considering selling, letting or acquiring a hotel, holiday park or pub, contact our Hotels & Hospitality team to discuss your options. Expert Advice for Leisure Property Owners in the South West – Vickery Holman
