Marketplace lender Assetz Capital has provided a £2.2m loan to fund Roseberry View lodges – part of ACP group, providing funds to create a luxury holiday site in North Yorkshire.
Roseberry View is based in Great Ayton and consists of 10 eight-berth luxury lodges, situated around a private lake with views of Roseberry Topping and the Cleveland Hills. All lodges have a private hot tub and parking, with the site containing amenities including a play-park for children, a playground for dogs, BBQ area and a six-person sauna with a lake-side view.
Assetz Capital has supported director Andrew Platts with the funding for the development which included a £475k commercial mortgage for the site. Assetz then supplied the firm with a £1.73m development loan split into two phases – the first phase consisted of five lodges, associated finance and ground work costs. Further funding was then provided for five more lodges in order to meet demand. It has taken twelve months to complete the entire development, with the lodges becoming available for hire at the end of September.
Roseberry View is currently listed on blue-chip holidays, the country’s leading lodge booking agent and was inundated with bookings before the lodges opened in September. They range in price from £679 to £1,579 for a seven-night stay. Kingston PLH provided all lodges for the site, supporting the project from the offset.
Assetz Capital is a marketplace lender supporting SMEs and property developers across the country. Since 2013, the firm has lent over £900m to UK businesses and in the last year alone, has funded the construction of one in 100 new homes built.
Andrew Platts, managing director at Roseberry View, said: “Roseberry View has been a huge project and one that I am really proud to say is now complete and taking new bookings every day. With the number of staycations in the UK rising, as a result of poor exchange rates cutting the interest in holiday’s abroad, the country needs more luxury holiday sites to meet the demand for this trend. Roseberry View will positively contribute to the local economy, while increasing the options available to customers looking for a holiday in the countryside.”
Rory Whaling, North East regional relationship director at Assetz Capital, said: “This development was an unusual proposition given that the luxury lodge industry has not been proven in the North Yorkshire area. However, we believed in Andrew’s vision and acknowledged his determination to provide a high-quality staycation venue and we are really pleased with the result. Assetz Capital are delighted to have been given the opportunity to positively affect the local economy, boosting tourism for the area.”