Leading Wales-based commercial property developers have announced the completion of an ambitious £1m hotel project in Newquay.
A joint venture project between Actoris and Waterstone Estates saw the refurbishment and on-going management of the newly-opened MOR Lodge, which is situated in the centre of Newquay, in a bid to diversify their commercial property portfolio.
Law firm, Berry Smith were the sole advisors to the Joint Venture (JV) partners in every aspect of the deal, including supporting the purchasing of the formally disused building and assisting with the legalities of raising finance to complete the refurbishment. Furthermore, Berry Smith assisted in setting up new joint venture company, Tenang Hotels through which the hotel will be run.
Will Lloyd Davies, development manager at Actoris, commented: “Having been in the property development industry for a number of years, the development of MOR Lodge has been an exciting and challenging project for us. It allowed us to show our unique and innovative flare, by creating a fresh-looking surf lodge that we hope all guests will enjoy.
“Since becoming a client of Berry Smith’s in 2000 we have been extremely happy with their high quality services. Our appointed solicitor was accessible and knowledgeable in all areas of the commercial property industry, making an often stressful and frustrating process as smooth as possible.”
Chris Jones, commercial property advisor and partner at Berry Smith, added: “With the economy as it stands, it’s great to see ambitious companies like Actoris and Waterstone Estates investing and continuing to develop in Wales and across the bridge. The MOR Lodge is a fresh and unique place for people to stay and experience the offerings of Newquay. We are thrilled to have been able to support and advise Actoris and Waterstone Estates in their latest endeavours and we look forward to continuing to work with them in the future.”