OakNorth has provided a £22.8 million loan to support a joint venture between O’Shea and Galliard
The £22.8m loan from OakNorth will be used to fund the next stage in converting the 19th century Raithwaite Sandsend Estate on the outskirts of Whitby into a wellness retreat.
Located between the North York Moors National Park and Sandsend beach, the 85-acre site will see the development of 179 luxury villas, lodges and cottages. Saltmoore’s wellness offering will comprise a gym and spa, treatment journeys by Wildsmith, acryotherapy chamber, Himalayan salt sauna and a wellness café. Saltmoore House will also house several eateries including the hotel’s three restaurant offerings led by head chef Adam Maddock and Michelin Star Executive Chef, Tommy Banks.
What they said
Damien Hughes, senior director of property finance at OakNorth said: “This deal presented an exciting opportunity for OakNorth to support two of our long-standing customers with their latest JV project. The combination of the development expertise from both O’Shea and Galliard, alongside the well-renowned hotel management team that have been brought in, will no doubt be core reasons behind the project’s success. The location of the site and abundance of luxury offerings will also be a draw for not just UK staycationers but international tourists too.”
Stephen Conway, executive chairman & co-founder of Galliard added: “We look forward to welcoming guests to our new wellness-led sanctuary, located along the picturesque North East coastline. OakNorth once again proved themselves to be a fantastic funding partner – we have worked with the team for years and keep going back as their flexibility, transparency, and entrepreneurial approach is second to none.”
Mark O'Connor, investment director at O'Shea added: “We were delighted to once again work closely with Stephen and the team at Galliard, with OakNorth being the clear funder of choice given their expertise in the sector and reputation for backing independent property developers such as ourselves.”