Funding fuels next phase of joint venture’s luxury coastal retreat
Digital bank OakNorth has provided a £22.8m loan to support a North Yorkshire joint venture between two of its existing customers, O’Shea and Galliard.
The money will fund holiday lodges at Saltmoore, a new coastal wellbeing retreat on the North Yorkshire coast.
OakNorth’s loan will be used to fund the next stage in converting the historic 19th century, Raithwaite Sandsend Estate, near Whitby.
It will involve developing 179 luxury villas, lodges and cottages – called the Saltmoore Collection – on an 85-acre site.
This next phase follows the reimagining and reopening of the estate’s two hotels, Saltmoore House and The Beach House, in November 2024, totalling 78 rooms and suites.
Saltmoore House features a gym and spa, a cryotherapy chamber, Himalayan salt sauna, and wellness café. It is also home to Saltmoore House is also home to three restaurants led by head chef Adam Maddock and Michelin Star executive chef, Tommy Banks.
The Beach House is a more relaxed coastal themed offering closer to Sandsend Beach, which features outdoor tubs overlooking the woodlands.
The first phase of the holiday lodges has recently been released by local estate agent, Henderson’s.
Stephen Conway, executive chairman & co-founder of Galliard, said: “We look forward to welcoming guests to our new wellness-led sanctuary, located along the picturesque North East coastline.
“The Raithwaite Sandsend estate has a unique and extensive history, so it is our privilege to be breathing new life into the site, whilst preserving its historical significance to the region.
“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, said: “Over the past six decades, we’ve become a respected name in the property industry, with our long-standing relationships with developers, housing associations, and local authorities leading to many successful joint venture partnerships.
“We were happy 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.”
Damien Hughes, senior director of property finance at OakNorth, added: “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.”
