Former Pontins in Hemsby sold in £7m deal to rescue site
- Credit: Denise Bradley
The former Pontins site in Hemsby has been sold to an investment firm which intends to complete remodelling work and honour deposits already secured.
The 23-acre site has been on the market since March when Pine Developments, the company working to transform the abandoned holiday park into homes, collapsed into administration.
Joint Administrators FRP have revealed the site has been sold to a private investment firm which wants to take up the reins and finish the job.
They haven’t disclosed the name of the purchaser but have said they paid £6.6m for the site and a further £400,000 for plant and machinery.
It is understood the purchaser intends to complete the transformation, and honour all outstanding reservation deposits.
A statement said: "The Joint Administrators of Pine Developments Limited have secured the sale of the business’ assets in a deal valued at £7m.
"Ben Stanyon and Nedim Ailyan of specialist business advisory firm FRP were appointed as Joint Administrators to Pine Developments on March 22, 2022.
"The company had been established to redevelop a former Pontins site in Hemsby, Norfolk.
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"The estate, which was branded as ‘The Pines’, planned to build a range of 279 properties, as well as shopping, workspace, dining, leisure, and function facilities.
"The development site has been sold for a consideration of £6.6m to a private investment firm that intends to redevelop the site.
"A deal with the purchaser has also been agreed for the company’s plant and machinery for an additional £400,000."
Mr Stanyon, director at FRP and Joint Administrator of Pine Developments, said: “We’re pleased to have secured a buyer for this prime site who will be able to push forward with the redevelopment.
"Our focus is now on fulfilling the rest of our statutory duties, working towards making a distribution to creditors and bringing the administration to an end.”
Under the plans Pine Developments was using more than 600 derelict holiday chalets to create modern new homes.
In September 2021 it showed off what had been achieved so far with buyers choosing between a mix of models with balconies, open-plan living, and en-suite bathrooms among the options, with the average sale price around £225,000.
However, worked stalled earlier this year when it emerged a commercial lender had failed and the site was put up for sale.