1. How can we be sure our lodge will generate a rental income?
The demand for UK-based staycation resorts has been growing rapidly since 2007, with many of these holiday resorts at full capacity months in advance. This trend is really taking off: 7.3 million people have already chosen to not leave the country on their breaks this year. Additionally, research predicts an extra 2.5 million will opt for a ‘staycation’ again next year too. In short, we are confident about the stunning quality of the lodges, the pricing model and the wide catchment area to be happy that the lodges will have extremely good occupancy rates.
3. How do we know the building work will be of high quality?
All Staycation Lodges are built to above and beyond building regulations standards. Every phase of the build for each lodge is inspected by the local council’s building control inspectors. In essence, the lodges are proper “homes” that are just built to look likes lodges. They are highly insulated with full central heating, which will ensure year-round occupancy.
4. When will the lodge park be open?
We are currently arranging a soft opening. Before we open to the general public, we would like to invite our Limited Partners to stay in the lodges to review the accommodation. This will be a one week period of testing, so that we can assess what might need to be improved/changed before we open to the public.
5. When will I receive my first rental income and how will it be paid to me?
Your first rental payment will be made to you by bank transfer within 28 days of receipt of your capital contribution.
6. When do I receive subsequent rental payments?
A three year agreement between ourselves and Hoseasons was signed in July 2018. This means that Hoseasons will exclusively market the resort for rental to the public. We chose Hoseasons for their clear expertise in the UK holiday park arena – they have over 300 holiday lodge sites throughout the UK, so we feel that we are in safe hands. Each limited partner will receive his/her share of the rental yield for their lodge annually.
7. Does Staycation Lodges Ltd own the land and who is the builder?
Brigg Lodges LP is procuring the plots and lodges on a 999 year lease. Each lodge is signed off on completion and transferred to Brigg Lodges LP (completion on 8 so far). The builder is Brigg Marina Limited, company number 08956768. Registered office is at 64-66 Outram Street, Sutton in Ashfield, Nottinghamshire, NG17 4FS.
8. When will the site be valued?
A valuation of the site will be commissioned annually by the general partner on or around the accounting date, based on an average of at least two valuations from independent agent’s surveyors with experience in the holiday lodge sector. The first such valuation will be undertaken in April 2019.
9. If I die, is the limited partnership passed down to my heirs?
Yes, your limited partnership would form part of your estate. Your next of kin could then decide to sell the investment, or to retain it and continue collecting rental income.
10. Does it say in the agreement that I can sell my share in the future?
The Limited Partnership Agreement states that “The General Partner may offer to any limited partner to purchase its partnership interests at the discounted price (Fair value/100 x Units held x 80%), where upon if such offer is accepted by the limited partner, the general partner shall have an obligation to complete such purchase within 3 months”. The limited Partnership Agreement also states “The Partners are entering into this Agreement to acquire, hold, develop, let, manage and ultimately dispose of the Site with a view to maximising the return from the Site for the financial benefit of the Partnership”.