property


An end to the staycation trend?


ANDreW WADe is a partner at Lawrence Graham LLP and a director of the Leisure Property Forum


I


t is impossible to avoid the endless speculation about whether Greece will leave the euro – the so-called ‘Grexit’. And what about Spain and Portugal,


or even Italy? Will the Eurozone retreat to a hardcore group of countries centred round Germany? Of course, no-one knows, and the European Union does have a habit of mud- dling through. But what if it is different now – how will this affect the leisure sector? While the Treasury is said to be busy sce-


nario planning, it seems much of business is currently watching and waiting. But we can make some likely assumptions. Whether we see the re-introduction of the


drachma, peseta, lira and others, these cur- rencies are likely to suffer a rapid and drastic devaluation against the euro and the pound – the only quick way for these countries to restore international competitiveness. Tis assumes that the pound will remain strong, which should still be the case as long as the financial markets retain confidence in the government’s deficit reduction plan. It also means that many visitors from


those countries would find it prohibitively expensive to come to the UK. If there was a mass exit from the euro, this would see lower visitor numbers – leading to lower hotel occupancy rates and less business for restaurants and other attractions. However, it would be much cheaper


for UK residents to holiday in the usual Mediterranean ‘hotspots’ – and packages there may suddenly seem far better value than the UK ‘staycation’ holidays that have become so popular in recent years. So what- ever your business, like the Treasury, it is as well to do some scenario planning now.


FORtHcOMInG LPF SEMInARS


Investing in the Leisure Sector London, 28 June 2012


Health & Fitness 2012 Where now for the Health and Fitness sector? London, 12th July 2012


For more information visit www.leisurepropertyforum.org/events.cfm


14 Minoan Group ‘confident’ over Crete plans


UK-based Minoan Group has expressed confidence over the future of its proposed devel- opment on the Greek island of Crete, despite the ongoing political uncertainty. In March, the group lodged


an application to be included in the Fast Track process – a framework to accelerate projects considered to be in Greece’s long-term interest. However, May elections


failed to yield a new govern- ment in Greece and a second election is now taking place on 17 June, which the group said had delayed the process. A spokesperson said: “Greece is currently


awaiting the outcome of a second election, to be held in June, inevitably slowing almost all bureaucratic processes.


Crete’s locality of Itanos is the site for the Minoan Group’s development “However, the Minoan Group board remains


confident that the project’s full potential will be realised in due course.” Read more: http://lei.sr?a=N6S6D


Swindon ‘hub’ vision moves forward


Swindon’s Oasis Leisure Centre has been transferred to a private operator in the next phase of a £65m scheme to develop a major new “regional leisure hub” for the town. Oasis Operations Ltd has


taken control of the facility under a deal between Swindon Borough Council (SBC) and Moirai Capital Investments signed earlier this year. Leisure specialists S&P


Architects are involved with the design of the new hub, which is to include an indoor ski slope, an indoor arena and a water park at North Star. Oasis Leisure Centre will also benefit from


A multi-million pound refurbishment is planned for the leisure facility


improvements - including the replacement of its iconic dome - as part of the project, which will be undertaken over the next 12 months. Moirai has secured four long-term leases to the Oasis and former Clares site from SBC in a


bid to drive forward the development, which could attract up to 4 million visitors a year. SBC cabinet member for leisure and strate-


gic transport Keith Williams said: “Te transfer is a very important milestone in our bid to transform Swindon into a regional hub.” Details: http://lei.sr?a=V7f5P


HMV Group agrees deal to sell Hammersmith Apollo


HMV Group has agreed to sell Hammersmith Apollo Limited – the owner and operator of London’s Hammersmith Apollo – to Stage C in a deal worth a total of £32m. Te sale remains subject to shareholder and banking approvals, while Stage C will need the


Read Leisure Opportunities online: www.leisureopportunities.co.uk/digital


backing of regulatory authorities. It is hoped the sale will be completed by late August. Stage C is owned by Ansco Music Club –


a division of AEG – and getgo Consulting GmbH, part of CTS Eventim AG. Details: http://lei.sr?a=G4k6u


Twitter: @leisureopps © CYBERTREK 2012


image: marc ryckaert


image: roger cornfoot


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