Work suspended at former Pontins following collapse of lender
- Credit: Liz Coates
The transformation of a former Pontins holiday site into residential homes has stalled after a commercial lender collapsed into administration, the site's owner has said.
Graham Avery, the owner and director of Pine Developments which has reportedly borrowed around £10m to redevelop the site in Hemsby, near Great Yarmouth, said he was "incredibly frustrated" at the turn of events and working hard to find a solution.
Mr Avery said the issue revolved around the collapse of a lender it had borrowed money from.
"I am just trying to sort out all the ramifications," he said.
"It would appear that the lender borrowed money to lend to me.
"We found out from the Land Registry that they made an application for a charge on The Pines.
"Lawyers are looking into it because they should not be doing that.
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"And now they have gone into administration that could cascade down to The Pines
"I am really frustrated so I am suspending it for a bit until I know what is going on.
"I sincerely hope it will be temporary.
"It is a fantastic development and it is going really, really well and I do not want any interruptions on it."
People noticed a lack of activity at the site at the end of last week, reporting a security van with dogs stationed outside.
An investigation by this newspaper in August last year revealed Pine Developments purchased the former Pontins site on February 19, 2019, for £4,000,000.
Under the plans the 22-acre site will host 276 homes, including 88 holiday units.
There will also be a convenience store, three small shop units, a public pool, and leisure centre.
A month ago Mr Avery said work was progressing well and that they were looking forward to welcoming the first homeowners on site.
The park closed in 2008 and is being remodelled in a way that re-uses the chalets and cuts the carbon footprint.
Three-bed homes already completed on the site are being advertised for sale for £255,000 the property particulars hailing The Pines redevelopment as bringing "beautifully designed residential and holiday homes to this already stunning coastal setting".