sure SUMMER/AUTUMN 2004

HLL HUMBERTS LEISURE INTERNATIONAL LEISURE BUSINESS CONSULTING

contents

4 10 12 15

NEWS

THE IMPACT OF TIGER

PLANNING REFORMS

GAMING UPDATE

18 20 22 24

GOLF ACTIVITY

LANDS TRIBUNAL

CARAVAN COMMENTARY PUB AGENCY

welcome

welcome

I am pleased to report that this edition of the Bulletin coincides with a further record trading year for HLL Humberts Leisure across all the ten leisure industry sectors in which we specialise. Notwithstanding our own growth however, growth for the broader leisure industry at large has been achieved in the face of much regulatory influence by Government. “Since May 1997 some 153 pieces of legislation have been introduced, the majority of which have a financial impact on the leisure sector. That said, the Government has also brought forward needed deregulation in the area of liquor licensing and now in gambling. However, delays in implementation and changes in policy create their own uncertainties for business. If this is combined with planning and property issues and employment legislation from the European Union, there is much to do and so much to be aware of before making decisions on future investments”. So writes Brigid Simmonds, chief executive of Business in Sport and Leisure (BISL), in its report conducted in conjunction with RSM Robson Rhodes in Spring 2004 on the growth and challenges in leisure. As readers will know, BISL is the umbrella organisation representing over 100 companies in the sport, hospitality and leisure industries. Its membership, derived from the leading commercial operators and expert consultancies, enjoys a combined stock market capitalisation of over £40 billion. This report is to be commended. For our own part, I believe that many of HLL Humberts Leisure’s core skills are wonderfully represented in a number of perceptive pieces in this – our Summer/Autumn 2004 – Bulletin, which amply demonstrates the depth and diversity of the professional, funding and transactional work that we undertake. Please do also visit our website to see more on www.humberts-leisure.com

N E C TALBOT-PONSONBY FRICS Executive Chairman

2 | 3 HLL HUMBERTS LEISURE

news

Harmony Hall Children’s Nurseries Northampton Leisure Club Ventura Tobago Paradise Solstice Park Kent Hotels

news Shooting Grounds Marina Marco Peninsula Cottages Holne Chase Hotel Hayle Harbour Holiday Property Bond

s

Town Centre Leisure Opportunity

SOLD

On the instructions of Northampton Borough Council, which owns and operates three leisure centres in and around Northampton town centre, HLL Humberts Leisure is offering the unique opportunity to take over the operating of these three leisure centres.

Harmony Hall, Jamaica 1300 ACRES OF PRIME LEISURE DEVELOPMENT HLL Humberts Leisure is delighted to announce completion of the sale of the Harmony Hall Estate in Jamaica, where we acted on behalf of the vendor, The Most Hon. The Marquess of Northampton.

These popular town centre leisure complexes attract a combined total of more than a million users per annum and proposals are sought on or before 24th September 2004 from experienced operators to take over and invest in improving the clubs. Gavin Gavin Brent BSC MRICS | london: 020 7629 6700 | e-mail: [email protected]

Extending to approximately 1,300 acres, the property occupies a prime position on the north coast of the Island, about half way between Montego Bay and Ocho Rios. The Estate has been bought by a new company called Harmonisation Limited, a quasi government consortium of representatives of The Development Bank of Jamaica and The National Housing Trust of Jamaica.

Prime Minister of Jamaica, P J Patterson, commenting on the sale, said "The Harmony Hall development will offer a vacation experience unparalleled in the Caribbean.” He added “This development will enable us to capture a major spot at the top end of the international tourism market" A sale price of £5 million was achieved.

Children’s Nurseries In our role as initiators and consultants to Leisure and Media VCT Plc., HLL Humberts Leisure is involved with two children’s nursery companies, Nu Nu and Dolphin. Both these companies are performing well and looking for further expansion opportunities. They comprise two of the ten leisure companies in which Leisure and Media VCT is invested. Dolphin’s nurseries are located in Greater London and the Home counties with Nu Nu’s nurseries in the Midlands and the North. Please let us know if you have any sites or existing buildings (typically 5,000 to 7,000 square foot) which might be of interest to either of these companies. Gavin Brent BSC MRICS | london: 020 7629 6700 e-mail: [email protected]

4 | 5 HLL HUMBERTS LEISURE

news

FOR SALE

Club Ventura, Redditch, Worcester We are pleased to announce that we have been asked to market Club Ventura in Redditch, Worcestershire. The premises comprise a modern squash and health and fitness club offering a diverse range of facilities including, in addition to 4 squash courts, a substantial and fully fitted and equipped gymnasium, sprung floor aerobics studio, male and female changing rooms and WC’s, large spa with jacuzzi, sauna, steam and independent showers, health and beauty suite, bar and multi-purpose function room/office/creche. There is also a separate detached former two bedroom house with garage currently being used as a ladies only health and fitness facility called Reds. The property is for sale long leasehold (circa 75 years unexpired) as a fully fitted and equipped going concern at a low ground rent. Please contact Gavin Brent if you require one of our sales brochures. Gavin Brent BSC MRICS | london: 020 7629 6700 | e-mail: [email protected]

FOR SALE

Colonial Hotel in Tobago Paradise. West Indies Kick the job, sell the house, burn the suits, and live happily ever after on the proceeds in this tropical former British colony. Boutique hotel in beautiful hillside setting overlooking sandy bay, with 18 hole golf course nearby. 8 double rooms, bar, restaurant, terraces & gardens. Lots of potential. Price guide £1.75m Peter Sandes FIBA | winchester: 01962 835960 | e-mail: [email protected]

UNDER OFFER

Solstice Park Hotel Development Site. Close Stonehenge. A303. Wiltshire. An excellent strategic 2.28 acre site fronting a major new 160 acre industrial, office, business and leisure park. High visibility from this major trunk route to the south west, with broad user catchment markets, and good access to new split junction system off dual carriageway. Planning for 120 bedrooms (revisions submitted for 149). Fully serviced site. Price guide £1m freehold. Peter Sandes | winchester: 01962 835960 | e-mail: [email protected]

2 Major Kent Hotels for Redevelopment Acquired for Clients The Norfolk and Grand Hotels, Eastern Parade, Margate have been acquired on behalf of McCarthy & Stone Assisted Living and McCarthy & Stone Developments Ltd in a multi million pound conditional deal for redevelopment. The two hotels of circa 200 bedrooms will be demolished and approximately 120 new units constructed for the elderly. This is indicative of the necessity to meet the demands of quality accommodation and lifestyle for an ageing population in many coastal towns.

6 | 7 HLL HUMBERTS LEISURE

news JOINT VENTURE

Marina Marco HLL Humberts Leisure are retained to secure a joint venture purchaser for a prime development site on the beautiful Dalmatian coast in Croatia with easy access to international airports at Split and Dubrovnick The resulting leisure resort will include an international five star Crowne Plaza hotel, spa and health and fitness, villas, apartments and boardwalk fronting a 170 berth marina with restaurants, bars and speciality retail. Due for completion in 2006, Phase I of the building programme is commencing imminently with apartments now available at pre-construction prices. Nigel Talbot-Ponsonby FRICS | london: 020 7629 6700 | e-mail: [email protected] Andrew Bates MRICS | winchester: 01962 835960 | e-mail: [email protected]

Lower Lodge Shooting Grounds, Sussex

FOR SALE

FOR SALE

Lower Lodge Shooting Grounds comprise a well capitalised corporate entertainment centre set in 115 acres with a rare planning consent providing further business development.

Peninsula Cottages

Also included within the sale is the 5 bedroom principal house, 3 bedroom detached bungalow and Sussex barn (with residential planning permission). A fine lifestyle management opportunity. Offers are sought in excess of £3.5m.

HLL Humberts Leisure and Humberts in Norwich are offering these traditional waterside holiday cottages for sale, either in blocks or in one lot, on behalf of Moore & Co of Wroxham. Set in a stunning location on the banks of the River Bure these cottages are available on 999 year leases with mooring, parking and leisure facilities available. Full management is in place if required

Kenelm Cornwall-Legh BA (HONS) | london: 020 7629 6700 | e-mail: [email protected]

Kenelm Cornwall-Legh BA (HONS) | london: 020 7629 6700 | e-mail: [email protected]

Holne Chase Country House Hotel

This sensational Dartmoor National Park Country House Hotel set in extensive park and woodland is an opportunity not to be missed, reports Peter Sandes, Head of HLL Humberts Leisure Hotel Agency. Sebastian and Philippa Hughes after nine years of ownership are returning to their farming roots, having skilfully developed this beautiful 17 letting bedroom hotel with two rosette restaurant, owner’s cottage, walled garden, complete privacy of circa 48 acres yet within 5 miles of the Exeter/Plymouth A38 trunk route. Attractions that sets this business apart, are winter shooting parties, 1.5 miles of salmon and sea trout fishing on the River Dart, and stabling for guests horses that all contribute to its exceptional quality. The price guide is £1.5 million (leasehold), and early viewing is recommended for this country house hotel business with such a fine legacy for any future owner to build upon. Peter Sandes FIBA | winchester: 01962 835960 | e-mail: [email protected]

VALUED

Henllys, Anglesey

UNDER OFFER

EST

1983

The Holiday Property Bond has recently opened its latest multi million pound UK development on Anglesey in North Wales. This former 20 bedroom country house hotel with 18 hole golf course, built originally as a private home for one Mr Hansom, inventor of the renowned Hansom Cab, enjoys magnificent views over the Menai Straights and Telford’s Menai Bridge towards Snowdonia.

Hayle Harbour, Cornwall A unique coastal leisure development opportunity brought to the market by HLL Humberts Leisure and now under offer. Nigel Talbot-Ponsonby FRICS | london: 020 7629 6700 | e-mail: [email protected] Andrew Bates MRICS | winchester: 01962 835960 | e-mail: [email protected]

Now completely refurbished and spectacularly redeveloped to provide 88 holiday apartments or cottages, with major leisure facilities including pool and 18 hole golf course. Henllys is the latest acquisition of the Holiday Property Bond introduced by HLL Humberts Leisure. HLL Humberts Leisure continues its long association with the Holiday Property Bond as their retained property advisers and portfolio valuers.

8 | 9 HLL HUMBERTS LEISURE

consulting: economic impact study Following our pilot study of The Open golf championship at Muirfield in 2002, the Consulting team were asked to undertake a full study of the economic impact of The Open at Royal St. Georges in July 2003. Researchers acting for HLL Humberts Leisure undertook 475 spectator interviews during the four days of the finals. They asked questions to find out if and where spectators stayed and how much they spent on accommodation. They asked where spectators had bought food and drink and how much they had paid, and what they had spent on travel. The Consulting Team also interviewed big spenders at The Open, including the organisers, the Royal and Ancient Golf Club, the Caterers, Media and Local Authorities. Based on these interviews and information gathered by our researchers we were also able to estimate spend by smaller businesses and the players themselves. In measuring economic impact, it is important to exclude spending by local residents, as this is assumed to be spending which has been earned in the local economy and is therefore of no net benefit to that economy. We also had to avoid double counting expenditure. For example we could not count expenditure on food and beverage and then recount that same expenditure used to employ local people. We also had to avoid counting expenditure which did not benefit the local economy. For example spending on food and beverage was only a benefit where it created local jobs and sourced local goods. After all that, we had to apply an Income Multiplier to account for the re-spending of the new money in the local economy. For example the re-spending of wages received by local people at The Open on purchasing local goods and services Clearly, it’s the sort of thing that can make you go mad, and this is probably why many such studies are undertaken by ‘mad professors’ at University research institutes. In this instance we used our own mad professor - Martin Taylor - who as a Member of the Institute of Economic Development was able to develop a fiendishly complex model to derive the local economic impact. The final result of our study was that this major sporting event had benefited East Kent to the tune of £17.6m of additional spending, that would not have come into the local economy were it not for the Championship. We further estimated that this spending would have been responsible for creating some 1,323 full-time equivalent jobs. The impact of The Open compares well with other sporting events and this is probably explained by the event running over four days and attracting a very high proportion of spectators, players and the media from outside the local area who all need to book accommodation, eat and drink.

measuring the impact of tiger Martin Taylor BA (HONS) BTP MRTPI MIED MTS | brighton: 01273 325911 | e-mail: [email protected] Georgina Anastasakis BA (HONS) MSc MBHA MTS | brighton: 01273 325911 | e-mail: [email protected] Bridget Baker DMS FBHA | brighton: 01273 325911 | e-mail: [email protected]

rating revaluation 2005

an eye to the future

Business rating is gearing up for one of its Big Days – a full Revaluation of all non-domestic property which takes effect on 1 April 2005. Commercial properties are revalued every five years, and the figures for 2005 will reflect values prevailing as at April 2003. By the time this Bulletin appears, the Valuation Office Agency will already have completed over 75% of the valuations of non-domestic property which will appear in the new Rating List. The VO must complete the work on every property in time to deposit the new Rating Lists with local authorities on 30 September 2004. Rate bills based on the new figures will be issued in April 2005. It is still too soon to make predictions about the new assessments with any degree of certainty. It is, however, possible to use available information as a pointer towards the way in which matters are moving. This article is designed to give a flavour of the current state of play. Since the bulk classes represent such a large proportion of both the total number of hereditaments, and the total rateable value, the trends which they set are likely to be reflected generally across all property sectors. There are major variations both between types of property and regions of the country. On the whole, rental values in the bulk classes have risen, although this generalisation disguises some wide variations – indeed in the industrial sector some rental values (albeit few) have fallen since 1998. The general expectation is that the overall average rise will be in the region of 20%. For the purposes of further analysis, it is assumed that this increase will be mirrored across all sectors. Although rateable values can change markedly on revaluation, it is not the purpose of a revaluation to generate more revenue. The objective is to redistribute the same tax burden more fairly across non-domestic properties as a whole by reflecting the relative changes in value which have taken place during the five years since the last exercise. The law only allows the annual increase in revenue to be pegged to the level of inflation. Hence, as RVs rise on revaluation, the rate in the £ will fall. There are various reasons why it may not fall by precisely the same factor as RVs increase. The government is allowed at revaluation to recoup “losses” which have been suffered during the life of the previous rating list as a result of reductions in assessment achieved on appeal. The old phrase “there is no such thing as a free lunch” springs readily to mind. Even so, a reduction in rate poundage should come about, and present indications are that the new multiplier in England for 2005/6 will be in the region of 41p in the £ (the charge for 2004/5 in England is 45.6p). The same analysis indicates that the likely multiplier for Wales will be 40.6p in the £ (45.2p for 2004/5); and for Scotland 44.8p in the £ (49.8p for 2004/5). Again it should be emphasised that these figures are the result of an analytical process, not valuations as such. More information will be available towards the autumn when the actual outcome of the revaluation process is more clearly established. There are two further points which will influence the issue. The government has yet to decide on what scheme of transitional relief will be applied. A scheme there will be – that at least is known – but until the increase in RVs and liabilities is known, the financial demands of a scheme cannot be established. As in 2000, it is likely that there will be very different schemes in place as between England and Wales. The second issue relates to Small Business Relief, which is a new benefit to be introduced on 1 April 2005. This is a relief which will be enjoyed by properties whose RVs fall below a certain threshold (currently planned to be £8,000 although this may change). The cost of the savings for these smaller properties will be borne by the remainder in the form of a supplement to the rate poundage – again, a factor which will only be established once the new RVs are known. HLL Humberts Leisure has considerable expertise and an excellent track record in dealing with non-domestic rating matters for a wide variety of corporate and individual clients – whether the property is a small holiday caravan park or an extensive day visitor attraction – and our fees (often related directly to savings) are competitive. Our success can be traced directly to our intimate knowledge of all aspects of the leisure industry, on which we can draw in arguing a case with the Valuation Officer. We can provide the complete service - from an initial appraisal of the new assessment, through lodging an appeal and negotiating with the Valuation Officer, to appearing before the Valuation Tribunal or Lands Tribunal to present a case on your behalf. Your new rateable value will be available from 1 October 2004 by accessing the Valuation Office Agency website (or we can ascertain it for you). Appeals cannot be lodged before April 2005 (ie when the new values actually come into force) but it would be sensible to consider well in advance whether the value should be challenged, and HLL Humberts Leisure would be delighted to assist.

Martin Reed MRICS IRRV | brighton: 01273 325911 | e-mail: [email protected] Anthony Miller FRICS IRRV | london: 020 7629 6700 | e-mail: [email protected]

10 | 11 HLL HUMBERTS LEISURE

planning reforms

planning reforms The fundamental reforms proposed to the planning system in December 2002 by the Planning and Compulsory Purchase Bill are now before the House of Commons. The Bill carries forward the government’s vision and strategy to speed up the planning system, deliver better outcomes and promote sustainable development. »

The provisions contained within the Bill introduce powers which intend to allow for the reform and speeding up of the planning system, an increase in the predictability of planning decisions, the speeding up of the handling of major infrastructure projects and of the handling of planning applications both by central government and local authorities to make the system quicker and more efficient. The main changes affecting development control procedures are: LOCAL DEVELOPMENT FRAMEWORKS TO REPLACE LOCAL,STRUCTURE AND UNITARY DEVELOPMENT PLANS The Government recognises that Local Plans can take a very long time to prepare. The decision to replace the current two-tier Local Plan and Structure Plan system with Local Development Frameworks (LDF) stems from the need to speed up the process. Each LDF will contain a statement of core policies setting out the local authority’s vision and strategy for the district and detailed action plans for smaller, local areas of change. Although one of the aims of the LDF is to simplify the development plan framework, it is questionable whether the number of separate documents, a significant number of constraints and cross references, and a complex process for transition is the answer. PLANNING POLICY STATEMENTS TO REPLACE PLANNING POLICY GUIDANCE NOTES WITHIN THREE YEARS The Government considers there to be too many Planning Policy Guidance Notes (PPGs), some of which contain only limited planning guidance. As a result, each PPG will be reviewed over the next three years and replaced by a series of Planning Policy Statements concentrating on those important policy decisions which need to be resolved at a local level. Of note is the Government’s intention to cancel PPG21: Tourism as it considers national planning policies that impact on tourism are actually contained in other PPGs (PPG6 - Town Centres, PPG7- The Countryside, PPG13 - Transport) where the central issues in planning for tourism - sustainability, accessibility and location of development - are dealt with. This has implications for the tourism industry as its needs may not be fully identified or catered for within planning policy. REGIONAL SPATIAL STRATEGIES TO REPLACE REGIONAL PLANNING POLICY GUIDANCE Regional Spatial Strategies (RSS) will set out the Secretary of State’s policies in relation to the development and use of land within the Regions. The policies must be concerned with the use and development of land, but need not be directly related to planning. RSS will be more focused than RPG and will contain sub-regional sections. Their success will depend on how successful English regional assemblies are both in establishment and practice. RSS may become a positive tool of regional planning but could equally be undemocratic and remote. STATEMENT OF DEVELOPMENT PRINCIPLES TO REPLACE OUTLINE PLANNING PERMISSION The Bill proposes that Local Planning Authorities (LPAs) may issue Statements of Development Principles (SDP) in relation to a proposed development. The SDP must indicate whether it disagrees or agrees with the principle of the proposed development and whether this is in whole or in part. The SDP will be a material consideration for the determination of any subsequent planning application and will last for three years (as opposed to five years for an outline application) starting from the date of issue by the LPA. SDPs may allow for increased flexibility in implementation of development strategy whilst providing some element of certainty for developers purchasing land. However, outline permissions have proved to be a very useful procedure for securing the principle of development (and hence funding). Their loss could prove to be detrimental to some larger development projects. DURATION OF PLANNING PERMISSION REDUCED FROM FIVE TO THREE YEARS The normal life of a planning permission will be three years rather than five, although the power would remain open to LPAs to issue permission for a longer or shorter period. Section 73 consents will not be available to extend the time for the start of development or the submission of reserved matters. GENERAL PERMITTED DEVELOPMENT ORDER TO BE UPDATED In recognition of the need to simplify the General Permitted Development Order (GDPO) and Use Classes Order (UCO). Initial suggestions have included the removal of the 28 day rule which currently allows certain types of ‘development’ to take place for no more than 28 days in any one year (for example, street markets and sporting events) without planning permission being needed. However, this idea has already been dropped.

REPEAT APPLICATIONS TO BE REFUSED LPAs will be able to refuse to consider applications for permission if in a two year period the LPA have refused a ‘similar’ application and this decision was not appealed. This power also applies if the Secretary of State has, within the two years ending on the receipt of the new application, refused a relevant similar application on a call-in or appeal against a refusal or nondetermination by the LPA. The LPA is the sole judge of what is ‘similar’. This ban on repeat applications may encourage applicants to consult with LPAs more extensively before submitting applications, although this consultation is proposed to be charged for as discussed below. However, unless sufficient resources are made available to LPAs for such discussions, this could become both a significant burden on officer time and another cause of delay in the system. TWIN TRACKING APPLICATIONS TO BE REFUSED LPAs will be allowed to decline to make a determination if a similar application is under consideration by it and the eight week determination has not yet expired. This would also apply if a similar application has been called in or is subject to a Section 78 appeal. The LPA may also decline to consider an application if at that time a similar application has been granted, refused or is still awaiting determination and the time for a Section 78 appeal has not yet expired. Twin tracking has long been seen to be controversial by central and local government. The threat of a non-determination appeal often galvanises LPAs to make a determination on the application still before them, to avoid an award of costs. The loss of twin tracking results in a significant shift of power to the benefit of LPAs. 21 DAY DEADLINE FOR STATUTORY CONSULTEES COMMENTING ON PLANNING APPLICATIONS Statutory Consultees will have to respond to planning applications within 21 days in an attempt to speed up the planning application process. However, it is not known how this deadline will be applied as LPAs are still likely to await important responses before determining an application. In addition, there will be a review to consider whether to limit the number of statutory consultees for planning applications. POWER TO REVOKE PLANNING PERMISSION WHERE THERE HAS BEEN A MATERIAL INACCURACY If there has been a material inaccuracy in the application or evidence that the applicant has sought deliberately to mislead the local planning authority, a planning permission can be revoked. It is not clear whether it is intended to exclude the usual compensation entitlement for revocation. INTRODUCTION OF CHARGES FOR PRE-APPLICATION DISCUSSIONS WITH LOCAL PLANNING AUTHORITY Given the proposed ban on repeat applications, it is likely applicants will wish to spend more time consulting before submitting proposals. The regulations will allow LPAs to charge for such consultations. This will have obvious implications for prospective applicants who will incur expenditure even before an application is submitted. REVIEW OF APPEALS PROCESS The Government seeks to make the appeals process more efficient by giving the Local Planning Authority (LPA) and Inspector dual jurisdiction over a nondetermination case for a brief period once the case has gone to appeal. This will give the LPA longer to decide the case while at the same time enabling the Inspector to begin processing the case. Applicants will be given less time to decide whether to lodge an appeal (reduced from six to three months). Given the length of time it takes to gather together information and specialist knowledge to decide whether to lodge an appeal, and to lodge the appeal itself, this is a significant time constraint.

The changes to development control processes now proposed are in part significant and in part tinkering with the existing system. There remains, however, ample room for delay and confusion in the proposed development control system. Greater power will lie with LPAs and, more especially, is reserved to the Secretary of State.The degree to which detail is reserved to statutory instruments means that we still have little clear idea of just what the changes will mean. Whilst the intention is for the system to become cheaper and faster, by providing an incomplete picture and leaving so much to a succession of statutory instruments, the Government’s approach to reform can only create uncertainty and possibly lead to a regime just as complex as the system it aims to simplify.

Clare Lee BSc (HONS) PGDipTP MRTPI AIEMA | brighton: 01273 325911 | e-mail: [email protected] Jonathan Marshall MA MRICS | brighton: 01273 325911 | e-mail: [email protected] Georgina Anastasakis BA (HONS) MSc MBHA MTS | brighton: 01273 325911 | e-mail: [email protected]

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visitor attractions & lifestyle businesses

Over 20 years experience

2

1

HLL Humberts Leisure has specialised in the sale and valuation of visitor attraction businesses for more than 20 years. It has sold Land’s End three times and over recent years a substantial number of parks, themed or otherwise, have been discreetly sold, valued or had funding sources introduced by Humberts Leisure. Our transactional evidence by analysis of sales achieved is unassailable when it comes to valuations on behalf of banks and financial institutions for funding, CGT, balance sheet and other purposes. 1 SHIRES ADVENTURE PARK, Cornwall 110 acre family theme park , valued by HLL Humberts Leisure on behalf of existing clients as part of a strategic expansion proposal. VALUED 2 WOOKEY HOLE CAVES AND MILL, Somerset Landmark visitor attraction business sold to well known leisure industry figure and circus proprietor, Gerry Cottle. SOLD

3

6

3 WILLEN LAKES, Bucks Well located water sports and entertainment /conference centre near Milton Keynes INVESTMENT OPPORTUNITY 4 BECKY FALLS, Devon Renowned and charming Dartmoor Falls and Woodland Park sold as profitable ‘lifestyle’ business SOLD 5 TAMAR OTTER SANCTUARY, Cornwall Delightful wildlife conservation centre in picturesque 20 acre setting with good business growth potential FOR SALE 6 YORK BOAT, York Thriving and profitable City centre river hire and cruising business in popular tourist destination UNDER OFFER

4

5

Nigel Talbot-Ponsonby FRICS | london: 020 7629 6700 | e-mail: [email protected] Tim Smith BSC (HONS) MRICS | london: 020 7629 6700 | e-mail: [email protected] Richard Baldwin BSC (HONS) MRICS | skipton: 01756 799271 | e-mail: [email protected] Kenelm Cornwall-Legh BA (HONS) | london: 020 7629 6700 | e-mail: [email protected]

new gaming legislation

gambling on the future

As this Bulletin goes to press yet another major casino joint venture has been announced. MGM Mirage and Peel Holdings (owner of Manchester’s Trafford Centre) have agreed to a £650m JV to develop four casino complexes if the Gambling Bill is enacted. MGM already have other JV’s in place including major proposals adjacent to Meadowhall near Sheffield and at Earls Court in London. Other resort casino plans are being worked up, mostly by UK companies in conjunction with international gaming corporations. There is now a real likelihood that the new landscape of major casino destinations will have been forged ahead of deregulation. Although the venues will probably still have to jump through the new hoops in respect of licensing, local authorities may find it difficult to resist granting new licences to those schemes which are far advanced and where funding is clearly in place. Indeed many local authorities appear desperate not to be left out of the game. The position in relation to smaller casinos is also moving at a quick pace. All operators are actively seeking new locations and many are effectively gambling on the deregulation taking place. Although this seems a fair bet, the spectre of over-supply should not be disregarded by the market. Property investors should appreciate that there will be winners and losers. Current rental levels being quoted may prove to be over-hyped, especially if there are several new openings in the same city. The Houses of Parliament Joint Committee scrutinising the Draft Bill published their report on 7 April 2004. They have broadly endorsed the proposals and appear to agree that well managed casinos offer a good business opportunity without additional undue risk of increasing gambling addiction. However, they believe there should be a limit to the number of slot machines in any venue and that the largest casinos should be required to create regeneration benefits for the local area. There is now an excellent chance that the deregulation will become law during 2005, unless a snap election de-rails the process. The UK public will then have to decide how far to embrace the new way to spend their money. Other sectors within the UK leisure industry should sensibly be looking at how to prevent themselves losing out to the “new kid on the block”.

John Anderson BSC FRICS | skipton: 01756 799271 | e-mail: [email protected] Tim Smith BSC (HONS) MRICS | london: 020 7629 6700 | e-mail: [email protected] Richard Baldwin BA (HONS) MRICS | skipton: 01756 799271 | e-mail: [email protected]

14 | 15 HLL HUMBERTS LEISURE

extreme sports sector

E R T X E O P S

The extreme sports sector is highly active at present. Examples of sports in this sector include climbing, caving, motorised and non-motorised water sports, canoeing/whitewater rafting, motorised land sports, air sports, mountain biking and other land based activities such as orienteering, bungee jumping and rope courses, skateboarding and bmx. Climbing and skateboarding have both been identified as among the fastest growing sports at present in the country. Formerly appealing only to niche segment and enthusiasts, these sports are now being introduced to more mainstream user groups such as schools, corporate groups and families.

E M RE R O T C E S S T OR

Around 3 million Britons are estimated to have tried an ‘adrenalin sport’. Serious participants are usually prepared to travel long distances to partake in these activities and this trend is playing an important role in changing the face of holiday resorts. The age profile of serious participants is young, the 16-34 age group dominating, particularly males, but there is a strong market for the 35-55 age group.

There is a wide variety of providers of general adventure activity centres nationwide which are targeted at different market segments from teenage groups to corporate users, often with an emphasis on team building. Using the natural environment, Scotland and Wales are particularly noted for their provision of these types of venues. In response to the introduction of new types of sports from other countries more specialised venues and centres are being established such as the Extreme Academy in Watergate Bay, Newquay which offers year round adventure beach sports such as kitebuggying and kite-surfing, waveskiing surfing and mountain boarding. However, the increase in demand for participation in extreme or adventure sports year round has led to an increase in the supply of artificial environments in which these sports may be undertaken. Examples include Ratho near Edingburgh, Ice Factory development in Kinlochleven and Xscape in Milton Keynes and Leeds. The development of such facilities has occurred largely in the last five years and many more are in the pipeline. Despite the speed of growth in demand, these are still fledgling sports, just beginning to enter the mainstream national leisure sector and consciousness. One of the key issues at the present time is that there is little evidence of proven success, by which we mean long term viability, at these emerging centres. Xscape appears to be meeting targets and continues to expand with new sites identified on the horizon. The Extreme Academy has reportedly exceeded all targets. But Ratho has been placed in receivership only 6 months after opening. Ratho took 12 years to develop at a cost £24m and the initial projection of 200,000 visitors has proven to be too low to be profitable. Not all schemes need to be so ambitious. HLL Humberts Leisure Consulting has been involved in a wide range of smaller scale projects for both public and private sector clients who seek to develop various elements of extreme and adrenaline sports as part of mixed use schemes. We have been asked to evaluate the prospects for incorporating both indoor and outdoor elements of adventure sports at Chasewater South (an extension to Chasewater Country Park) in Lichfield, Willen Lake in Milton Keynes, at Plymstock Quarry in Devon and Coatham Enclosure, Redcar. Former industrial sites and quarries lend themselves very well to conversion to extreme sports centres. At this stage there continues to be room for growth in this sector as new sports are introduced to the country, new venues are required for providing good quality facilities for all levels of participant as well as potentially being able to host competitions. The time is right to consider opportunities in this sector.

Georgina Anastasakis BA (HONS) MSc MBHA MTS | brighton: 01273 325911 | e-mail: [email protected] Bridget Baker DMS FBHA | brighton: 01273 325911 | e-mail: [email protected] John Anderson BSC FRICS | skipton: 01756 799271 | e-mail: [email protected]

16 | 17 HUMBERTS LEISURE

golf activity

sales successes in 2004 1 North Weald Golf Club, Essex 18 hole 6,377 yard (par 71) David Williams designed golf course Guide Price £1.5 million Purchaser: Home Counties Golf & Leisure Ltd 2 Tilgate Forest Golf Centre, Sussex 27 hole pay and play golf complex Let at annual rent Tenant: Glendale Golf Ltd 3 Shirenewton Home Farm Estate & Golf Club, Monmouthshire 18 hole 6,607 yard golf course and estate property Guide Price £2.0 million Purchaser: Beacon Estates (Chepstow) Ltd 4 Richings Park Golf & Country Club,Buckinghamshire 18 hole 6,210 yard (par 70) golf course and estate property Guide Price £3.0 million Purchaser: Deer Park Hotel & Golf Course 5 Bentley Golf & Country Club, Essex 18 hole 6,709 yard (par 72) golf course Guide Price £1.75 million Purchaser: The Members 6 Castle Point Golf Course, Essex 18 hole 6,069 yard (par 71) golf course Annual rental offers invited

SOLD

1 North Weald Golf Club

LET

SOLD

2 Tilgate Forest Golf Centre

3 Shirenewton Home Farm Estate

SOLD

SOLD

UNDER OFFER

4 Richings Park Golf & Country Club

5 Bentley Golf & Country Club

6 Castle Point Golf Course

Ben Allen BSC (HONS) MRICS | winchester: 01962 835960 | e-mail: [email protected] Martin Brister FRICS | winchester: 01962 835960 | e-mail: [email protected]

18 | 19 HLL HUMBERTS LEISURE

lands tribunal

double success Stephen Morgan and Jonathan Marshall, both Directors of HLL Humberts Leisure have recently been called as Expert Witnesses in separate cases before the Lands Tribunal. This Tribunal is the senior court for land compensation disputes. In both cases the tribunal agreed with HLL Humberts Leisure’s opinions and awarded in favour of their clients.

lands tribunal

Case one - “The Corton Case” Stephen Morgan was instructed by the RICS spokesman on compulsory purchase, Richard Asher of Jones Lang Lasalle on behalf of the acquiring authority, Anglian Water Services Ltd. The hearing arose as a result of a disputed compensation claim following the compulsory purchase of a derelict holiday park that had planning consent for both timeshare and caravan use. The land of approximately 5.3 hectares was compulsory purchased for the construction of a major water treatment plant servicing the Lowestoft area. The claimant provided highly complex valuations for use of land as timeshare with a fall back value for use as a caravan park. The maximum claim figure for timeshare use was £3.65M with a fall back value of £900,000 as a caravan park. The claimants evidence was represented by a Chartered Surveyor supported by Expert Witnesses including both marketing and accounting. The acquiring authority was represented by Stephen Morgan and Richard Asher as valuers and a forensic accountant Mr Andrews of KPMG. Andrew Wright and Geoff Blackwell were the in-house lawyers for the acquiring authority and the case was presented to the President and Mr Francis a member of the Lands Tribunal by Guy Roots QC and Gerald Rabie. Stephen Morgan produced extensive research on the UK timeshare industry and was able from HLL Humberts Leisure records to identify evidence of transactions. His conclusion was that this land was entirely unsuitable for development by the timeshare industry and therefore had no value in this use. The Tribunal agreed with this conclusion and rejected the claim as value for timeshare in its entirety. Richard Asher provided a valuation for use as a caravan park at £170,000 and this valuation with some adjustment by the Tribunal was accepted and the award given at £182,000. The award was within Stephen Morgan’s original pre-instruction valuation of between £150 - £200,000 for use as a caravan park. The acquiring authority did not find it necessary to seek specialist “marketing” knowledge of the industry as HLL Humberts Leisure research was well able to provide the necessary information to the Tribunal. Once again the Tribunal demonstrated a preference for actual transactional evidence rather than hypothetical residual valuations. Other “old chestnut” valuation issues including defining the hypothetical purchaser; loss of future profits; defining developer’s profit were considered by the Tribunal who dealt robustly with a claimed breach of the European Convention on Human Rights in regard to “offers” purported to have been received for the site. The award was very significantly below both the offer for settlement and the sealed offer and the client was therefore delighted with the overall result.

Case two – “Happy Valley” Southern Water Services Limited instructed Jonathan Marshall as Expert Witness in a claim referred to the Lands Tribunal for losses and damages arising as a consequence of repair works to a sewage pumping main that crossed Happy Valley Holiday Camp at Leysdown on the Isle of Sheppey. The claim arose from an alleged failure by Southern Water to reinstate the main spine road and adjoining land following a series of bursts and relaying of the pipe and was filed in the sum of £92,000 plus accrued interest of £22,500. The claimant’s evidence was supported by witness statements, an accountant’s report and a chartered surveyor acting as Expert Witness. Southern Water’s case was presented to the Tribunal by Charles Taylor, who called factual witnesses and Jonathan Marshall as Expert Witness. Fiona Chantry was the in-house solicitor instructing. With regard to the claim for loss of profits from the clubhouse, Jonathan Marshall was able to demonstrate that disclosed purchase invoices did not reconcile with the cost of sale figures in the accounts and that sums claimed for repair works to the access road did not show as expenditure within the accounts. Furthermore, research of the planning position demonstrated that the operation of the club was, as at the date of claim, unlawful. In conclusion, Jonathan Marshall’s opinion was that compensation payable in this case was nil, and this is the figure that the Tribunal awarded, concluding that the claimant had failed to substantiate his loss. The award represented a complete vindication of our clients’ position and as a sealed offer had been previously submitted to the Tribunal, the cost award was made in our client’s favour. This case illustrates the importance of undertaking a detailed analysis of all evidence available in arriving at an assessment of compensation properly payable.

Stephen Morgan FRICS | chepstow: 01291 627813 | e-mail: [email protected] Jonathan Marshall MA MRICS FAAV | brighton: 01273 325911 | e-mail: [email protected]

20 | 21 HLL HUMBERTS LEISURE

caravan market commentary FOR SALE

Iford Bridge Park Home Est., Bournemouth, Dorset

a sustainable market?

The onward and upward trend in the market for caravan parks of all types continues

The question which arises for most park owners, whether they are seeking to expand their portfolio or retire, is whether the current market is sustainable in the short, medium or longer term? The answer lies partly in the future performance of the UK economy and world events, which proves remarkably difficult to predict, as commentators of the UK housing market over the last few years have found. Nevertheless, evidence in the market of actual, recent transactions is often an indicator of the level of collective confidence in both this sector and in the wider leisure property market in general. Peter Smith and John Mitchell of HLL Humberts Leisure take a look at the evidence…

THE RESIDENTIAL PARK SECTOR HLL Humberts Leisure has continued in 2004 to market parks throughout the UK and has achieved notable sales at premium prices. In the South East, undeveloped twin pitches have raised in excess of £65,000 each and owner-occupied pitches are now regularly fetching in excess of £20,000 each in the best locations. A small park of 1.26 acres near Lancaster in the North West attracted a very strong level of interest, with a large number of informal tenders being received. Lune View Caravan Park was marketed on behalf of Scottish and Newcastle Pub Enterprises, with 21 occupied pitches on a mix of residential and ‘occasional occupier’ agreements, and “offers in excess of £325,000” were invited. Legal matters are still in hand at the time of writing, but completion is expected in the near future. Sunset Drive Park Home Estate near Romford, Essex with 68 pitches has been marketed at a price in excess of £1.3m on behalf of the London Borough of

Havering and has attracted a large number of bids with the sale agreed, subject to contract, following an informal interview process with the top tenderers by the vendors. Earlier in the year the sale of Blueleighs Park Home Estate, near Ipswich, Suffolk was completed through HLL Humberts Leisure and achieved a price in excess of the guide price of £1.5m following a competitive private tender. A number of further parks are currently being brought to the market by us and we expect the market to continue to pay premium prices for parks, particularly where there is the perceived opportunity to redevelop homes in the short to medium term. Once new homes have been developed on parks, the value is mainly a function of yield and the recent rises in interest rates may dampen prices longer term. Furthermore, the life expectancy of the modern park home unit has increased immeasurably with improved designs incorporating tiled roofs and well insulated homes which will lead to a longer redevelopment cycle.

caravan market commentary THE HOLIDAY CARAVAN SECTOR There is a keen demand for holiday static and touring parks throughout the country with prices continuing to rise over the last year, due in part to unsatisfied demand from existing operators and also the addition of new entrants to the industry seeking their first purchase. Holiday home pitches vary between £8,000 and £18,000 in general, although if an outstanding park in, say, the Lake District were brought to the market, it might well exceed the top figure. Touring parks have not experienced the same growth profile, but the better parks are achieving in excess of £6,000 per pitch. GB Holiday Parks recently confirmed the successful acquisition of Greenlake Leisure, near Hartlepool for an undisclosed sum. This substantial coastal site extends to 57 acres and has 450 caravan holiday homes sited, with further development pitches available. As acquisition agents in the sale we can confirm the price paid was on the basis of a low initial yield, but reflected strong potential for growth of occupancy and caravan sales. Langcliffe Caravan Park, near Settle, North Yorkshire, was marketed on a confidential placing basis and sold at in excess of the guide price of £975,000. Enjoying a stunning location in the Yorkshire Dales, the park has a Site Licence for 55 static, 64 touring pitches and 11 tents, with good potential for further holiday home sales and increases in pitch fee income. Despite the proximity of the park to working mill premises, pitch values for the holiday home and touring pitches equated to approximately £14,000 and £5,000 respectively. A prime holiday park in Central Scotland has been sold by private placement to an existing park operator in the area. Comprising over 100 holiday static pitches and with recent planning permission for additional lodges, the sale achieved values of over £9,000 and £14,000 for serviced holiday static and unserviced lodge pitches respectively. Late in 2003, Bagwell Farm Touring Park, stunningly located on the Dorset coast near Weymouth was completed at a premium price to a local operator.

THE HOLIDAY LODGE SECTOR The holiday lodge market has been expanding in a spectacular fashion with a number of developers looking to move into the sector with the increasing demand for high quality, high value ‘lodges’ (mainly timber-clad units that conform to the definition of a ‘caravan’). HLL Humberts Leisure have recently sold two sites suitable for new lodge development in Lincolnshire and Staffordshire, and further sites ripe for lodge development are in the pipeline. Woodlands Chalet Park, near New Quay in Ceredigion, Mid Wales, has recently been sold to an investor in the leisure sector on the basis of a guide price of £2m. The chalet park comprises 144 holiday chalets with a licensed club, and outdoor pool within a wooded setting of over 14 acres. A good ground rent income combined with premiums for lease renewals and assignment commissions has resulted in a strong income stream for the business, and a yield of around 10% was achieved upon sale.

Increasingly, there is demand from operators and lodge providers for suitable development opportunities, with particular consideration being given to existing holiday home parks and any unused planning permissions for lodge development.

FOR SALE

FORTHCOMING SALES HLL Humberts Leisure continues to receive instructions for parks across the UK of all types, with holiday park development opportunities such as Riverside Caravan Park at Rothbury, Abbey Farm near Ormskirk and Climping Camp in West Sussex all currently being offered to the market. Prospective purchasers are recommended to ensure their contact details and up-to-date requirements are placed on our database in order that suitable brochures can be sent as soon as an opportunity arises.

Riverside Holiday Park, Northumberland

SOLD

FUTURE TRENDS IN THE MARKET Generally, there continues to be high demand for holiday and residential parks across the UK, with prospective purchasers ranging from first-time entrants to the industry to leisure investors, large family-run and corporate park operators and equity funds seeking to capitalise on the considerable buoyancy in the sector in the present market. The majority of park operators have recognised the quality of their own park’s performance and attractiveness as a long term investment. Nevertheless, this is being tempered by the view that interest rates will increase in the medium term and that the current price rises being achieved in the residential housing market are unsustainable. Park owners are increasingly of the opinion that current pitch values represent the ‘top of the market’ and that should there be a downturn in the economic climate in general, and the housing market in particular, then both holiday and residential sales may be affected. However, caravan parks have proved to be extremely robust and flexible even in less favourable market conditions, with occupancy and pitch fee income in particular remaining secure. High value sales may well be affected if confidence in the property market is dented, but the flexibility of the operator to ‘cut the cloth accordingly’ is a strong benefit in uncertain times.

Blueleighs Park Home Estate, Ipswich, Suffolk

SOLD

Langcliffe Caravan Park, Settle, N. Yorkshire

SOLD

FORECAST Overall, the remainder of 2004 looks promising in terms of consumer demand for both holiday parks and park home estate sales. Larger corporate clients continue to have an ongoing requirement to expand their portfolios, and experienced operators with cash in the bank are increasingly keen to find a suitable park over a wide area of search, and to pay premium prices for the few opportunities that come available. The forecast is for a continuing, significant shortfall of suitable properties in the market, even with a slight increase in properties available for sale, which is likely to maintain price levels at least in the short term.

Bagwell Farm Touring Park, Weymouth, Dorset

FOR SALE

Abbey Farm Caravan Park, Ormskirk, Lancashire

Peter Smith BA MRICS | skipton: 01756 799271 | e-mail: [email protected] John Mitchell BSc MRICS | london: 020 7629 6700 | e-mail: [email protected] John Anderson BSc FRICS | skipton: 01756 799271 | e-mail: [email protected] John Ridgwell FRICS | brighton: 01273 325911 | e-mail: [email protected] Martin Reed MRICS IRRV | brighton: 01273 325911 | e-mail: [email protected]

22 | 23 HLL HUMBERTS LEISURE

pub agency

welcome

pub agency The Pub Agency team at HLL Humberts Leisure reports that the market for public houses remains extremely strong with Corporate purchasers in particular seeking to acquire new properties such as community style public houses and destination food venues, away from the over saturated high street. Peter Constantine Head of Pub Agency comments “HLL Humberts Leisure is currently acting on behalf of a number of Corporate clients such as Mill House Inns, Greene King and Celtic Inns in the disposal of public houses which no longer quite fit the client’s portfolio strategic aims. They also actively seek acquisition opportunities ranging from freehouses to greenfield development sites. The fact that we have an in-house planning department has been of great value to clients as planning advice can be provided as an integral part of our service. This is particularly useful when clients are disposing of properties for alternative uses.” HLL Humberts Leisure has national coverage for public house sales and clients wishing to discuss this service should contact Peter Constantine direct for an informal discussion in the first instance. There has also been increasing interest in freehold public houses by investors who simply wish to take a rental income with no other involvement. Thus it is possible for an owner operator of a successful public house to realise an amount of capital equivalent to its vacant possession value, whilst at the same time remaining in occupation of the pub and continuing to trade. The publican would enter into a lease for a term of say 25 years at a rent generally in the order of 9-10% of the purchase price. He would be expected to remain in the business for 2-3 years and the lease may contain a bar on assignment for that period. After that, he may have a second bite at the cherry by selling his leasehold interest. If you have a good quality freehold pub and would like to know more, please contact any member of the Pubs Team below.

Peter Constantine BSc FRICS | chepstow: 01291 627813 | e-mail: [email protected] Ian Thompson MRICS | london: 020 7629 6700 | e-mail: [email protected] Anthony Miller FRICS IRRV | london: 020 7629 6700 | e-mail: [email protected] Richard Baldwin BSc (HONS) MRICS | skipton: 01756 799271 | e-mail: [email protected] Peter Sandes FIBA | winchester: 01962 835960 | e-mail: [email protected]

24 | 25 HLL HUMBERTS LEISURE

country houses sale

sale of the decade 8 Historic Listed Mansions of National Importance Albury Park

Aynhoe Park

Danny

nr Guildford, Surrey

nr Banbury, Oxfordshire

nr Hassocks, Sussex

Flete

After a high profile marketing and PR campaign on behalf of the Country Houses Association with Deloitte & Touche of eight of the nation’s most important and historic Grade I and Grade II* Listed mansions, HLL Humberts Leisure, together with Knight Frank, report that 6 of the 8 have now been sold with substantial offers already in place for the seventh of these fine houses.

Gosfield Hall

nr Ivybridge, Devon

The properties were all offered as going concern businesses. HLL Humberts Leisure’s particular skills in identifying alternative leisure industry and related uses were to the fore in this instruction with a full planning audit prepared for each property by HLL Humberts Leisure.

nr Halstead, Essex

Great Maytham Hall

Pythouse

Swallowfield Park

nr Cranbrook, Kent

nr Tisbury, Wiltshire

nr Reading, Berkshire

Nigel Talbot-Ponsonby FRICS | london: 020 7629 6700 | e-mail: [email protected] Jonathan Marshall MA MRICS FAAV | brighton: 01273 325911 | e-mail: [email protected]

HLL humberts leisure

comprehensive property services VALUATIONS For all types of leisure property, for balance sheet purposes, purchases, sales and for raising finance for acquisition or further development. PROFESSIONAL SERVICES Rent reviews and lease renewals for both landlord and tenant, rating, litigation, dilapidation claims and all other professional matters for all types of leisure properties. AGENCY Acquisition, sale and leasing of leisure related property in the UK and overseas. MARKETING Integration of direct mail, advertising, public relations and other publicity material to achieve the widest exposure and the optimum sale.

CONSULTANCY Feasibility studies, viability testing, and development option appraisal on a full range of leisure business and property proposals to ensure correct conceptualisation and successful implementation. FINANCE Funding for leisure industry schemes. Advice on availability of funding packages, together with introductions to sources of equity including the Leisure and Media VCT plc and debt finance. DEVELOPMENT/INVESTMENT Arrangement of an integrated service including site acquisition, valuation, planning, funding and ultimate disposal, together with advice on the selection of other professional intermediaries.

PLANNING Planning appraisal, planning history research, planning applications and appeals, expert witness, enforcement notice, licensing and technical advice in the pursuance of leisure related property development proposals. Site finding and assessment. RESEARCH Property market appraisal, leisure market research and trends monitor, competitor analysis, demographic catchment and visitor profiling, and economic impact measurement.

HLL Humberts Leisure specialises in leisure property divided into ten distinct business categories: HOTELS >> London/City Centre Hotels >> Resort Hotels >> Commercial/Business Hotels >> Country House Hotels >> Motor Lodges and Budget Hotels GOLF >> International Golf Resorts >> Golf Hotels and Country Clubs >> Proprietary Golf Clubs >> Pay and Play Golf Centres >> Driving Ranges and Golf Academies >> Golf Development Sites HOLIDAY PROPERTY >> Caravan Parks >> Holiday Villages >> Cottage Letting Complexes >> Club Membership Resorts

SPORTS COMPLEXES AND VENUES >> Racecourses >> Stadia >> Grandstand Hospitality Boxes >> Tennis Centres >> Squash Clubs >> Dry Ski Slopes >> Health and Fitness Clubs >> Playing Fields/Sports Grounds >> General Sports Complexes >> Shooting Schools URBAN LEISURE >> Cinemas and Theatres >> Night Clubs and Discotheques >> Indoor Bowling Centres >> Snooker Clubs >> Integrated Retail and Leisure Complexes WATER-BASED LEISURE >> Coastal and Inland Marinas and Related >> Development >> Multi-Use Lakes >> Fisheries

VISITOR ENTERPRISES >> Theme Parks >> Tourist Attractions >> Heritage Centres >> Historic Buildings >> Factory Shopping >> Children’s Play Centres PUBLIC HOUSES AND LICENSED PROPERTY >> Pub Restaurants >> Theme Bars >> Tenanted & Managed Public Houses >> Wine Bars >> Freehouses FUNDING >> Sale and leaseback >> Introduction to sources of equity and >> debt finance >> Specialist VCT Leisure Fund INSTITUTIONAL PROPERTY

26 | 27 HLL HUMBERTS LEISURE

www.humberts-leisure.com

SOUTH WEST & WALES BANK BUILDINGS HIGH STREET CHEPSTOW MONMOUTHSHIRE NP16 5XQ TEL: +44 (0)1291 627813 FAX: +44 (0)1291 625614

NORTH STABLE COURTYARD BROUGHTON HALL SKIPTON YORKSHIRE BD23 3AE TEL: +44 (0)1756 799271 FAX: +44 (0)1756 700811

LONDON 12 BOLTON STREET MAYFAIR LONDON W1J 8BD

TEL: +44 (0)20 7629 6700 FAX: +44 (0)20 7409 0475

SOUTH WESTGATE HOUSE 39-41 ROMSEY ROAD WINCHESTER HAMPSHIRE SO22 5BE TEL: +44 (0)1962 835960 FAX: +44 (0)1962 835961

SOUTH EAST PAVILION VIEW 19 NEW ROAD BRIGHTON EAST SUSSEX BN1 1UF TEL: +44 (0)1273 325911 FAX: +44 (0)1273 329602

lei

Gran Hotel, Benahavis, Costa del Sol, Spain For sale with HLL Humberts Leisure