11 July 2017
Bliss Acquires Prestigious Landmark ‘Waterfront’ Development in Southport
Following the successful takeover in December 2016, of the renowned Ramada Plaza Hotel at the Waterfront in Southport, Bliss Hotels has substantially increased its stake in Southport by acquiring the 250yr head lease for the entire Waterfront Development from Promenade Estates.
Sited on the water’s edge with a commanding view over the Marine Lake and endless sandy beaches beyond, the Waterfront is connected to the year-round busy Southport Theatre & Convention Centre (STCC) and is home to a vibrant standalone Genting Casino and a popular bar and restaurant operated by Greene King. The 133 room, 4* Hotel, anchors the scheme and has just been awarded ‘Hotel of the Year 2017’ at a regional awards competition by Liverpool City Enterprise Partnership. It’s is one of the key hotels in the region and the premier large hotel in the historic coastal town.
In addition to Bliss Investment Partners (BIP) equity stake, (the owners of Bliss Hotels), the deal was supported by senior debt providers, Santander with Mezzanine funding arranged by Kenfin.
Robert Agsteribbe, BIP & Bliss Hotels Partner said:
Our belief in Southport has only firmed up since our 2016 acquisition of the Hotel. The support and enthusiasm from Sefton council has been a key part of that combined with our increased understanding of the aspiration Sefton have for the location and, indeed, the energy and ambitions of the wider region – after all we’re a frontline coastal location well within an hour drive of Manchester & Liverpool
BIP Partner, Daniel Broch said:
Our team are already working up plans for the launch of the new Waterfront which will be a vibrant multi-faceted leisure based destination in what is surely one of the finest coastal locations in the country. We’ve got a lot of additional space to work with so expect to see some really exciting ideas and additions which will connect with a wide customer base across the region. This is going to be a ‘must see’ for Merseyside
Richard Hennity, Relationship Director, Santander Corporate & Commercial, said:
We are delighted to be able to support the management team at Bliss as they embark on this new project. They have a strong track record of successfully developing high-quality leisure and commercial sites and this fantastic proposal for Southport waterfront supports the group’s long-term growth programme and investment ethos
Robert Sherman of Kenfin commented:
When Bliss approached Kenfin for Mezz financing we knew that, based on our experience of dealing with Robert and Daniel over the last few years, that the deal would be rock solid. Within a fairly short time it was obvious that they knew the asset from top to bottom and had a plan in place for the short, medium and long term. Meticulous in their attention to detail coupled with an energy and enthusiasm that is totally infectious, we quickly decided to give them the backing that they needed and are supremely confident in their ability to deliver an outstanding scheme.
About Bliss Investment Partners (BIP)
BIP is a private office investment partnership launched by Principal Partners Daniel Broch and Robert Agsteribbe. Investment interests lie across a wide range of sectors to include Property, Leisure and Media. Daniel Broch is the Founder of Everyman Cinemas which has gone from start up in 2000 to AIM listed National Chain in 2017 with a Market cap of £90m. Robert has extensive experience in the hotel and leisure sector and was an original partner in the 2007 development of the Ramada Plaza Southport. BIP key partners also include FD Kevin Potter and Robert Sherman
About the Waterfront
The Waterfront scheme in the classic resort of Southport, Merseyside was completed in October 2008 and was built on the site of the Floral Gardens adjacent to the Floral Hall and Southport Theatre.
The scheme delivers circa 53,684sq ft of mixed use leisure space, a 14,854 sq ft casino, a 133-bedroom 4* hotel and a 10,000-sq. ft. conference/ exhibition extension and connects with The Floral Hall and Theatre.
The overall Waterfront scheme includes a major new public square featuring the opportunity for café bars, mixed use spaces and restaurants with views across the Marine Lake.
The development now provides for a new generation contemporary leisure destination building upon the wise Victorian layout of Southport and the town’s attractive reputation with a significant potential market within a 90-minute drive time www.waterfrontsouthport.co.uk
Southport, (population c.100,000) is situated within the Metropolitan Borough of Sefton (population c.277,400), 16.5 miles to the north of Liverpool and 14.8 miles southwest of Preston and has been the subject of significant inward investment over the last decade which has resulted in a 23% growth in employment in the area – (virtually double the national average), with around 55% of its population designated as falling within socio -economic groups ABC1.
The town welcomes around 11m visitors each year with a summer average of 1.4m per month and November – January average of 533,000 per month, injecting some £220m per annum into the local economy – 70% of which comes from day visitor spend.
T: +44 20 7486 1717