News: Progress for YES! Project with £1.5m placing and first tenant signed
Oak Holdings, the operators of Rother Valley Country Park and developers behind the YES! Project in Rotherham has announced that the company has successfully completed a placing of approximately £1.5m through the issue of new ordinary shares at 5p per share.
Heads of terms have been agreed with Sheffield Steelers, the UK ice hockey team and defending Elite League champions, to build a new multi-purpose sports facility to become the first letting.
As part of the heads of terms, Oak has agreed to seek to create a temporary ice rink which will be managed by the Steelers through a new joint venture between the Company and the Steelers to be known as Rother Valley Ice Limited ("RVIL"). The temporary facility is likely to have a valuable use after the new stadium is built, for example as a rink for public skating.
Oak also announced that it is in discussions with hotel groups in respect of further pre-lettings.
The YES! Project will comprise 1.2million sq ft covered, fully integrated, mixed-use, leisure and entertainment based resort, activity and conference destination.
An updated application was submitted last month for the renewal of the previous outline plans approved by Rotherham Council in 2007. The opportunity was taken to submit the findings of extensive design works that have been undertaken in recent months.
After taking over operations in May last year, Oak also announced that improved year on year trading at Rother Valley Country Park continues, generating cash.
Steve Lewis, Chief Executive of Oak, said: "These transactions complete the repositioning of Oak as an asset-based leisure business with tremendous property potential. We are very pleased to have agreed terms with the Sheffield Steelers on the development of their new home. This agreement adds new value to our Rother Valley Country Park operation and kick starts the first phase of Oak's exciting YES! Project."
Oak Holdings website
Steelers website
Rotherham
Heads of terms have been agreed with Sheffield Steelers, the UK ice hockey team and defending Elite League champions, to build a new multi-purpose sports facility to become the first letting.
As part of the heads of terms, Oak has agreed to seek to create a temporary ice rink which will be managed by the Steelers through a new joint venture between the Company and the Steelers to be known as Rother Valley Ice Limited ("RVIL"). The temporary facility is likely to have a valuable use after the new stadium is built, for example as a rink for public skating.
Oak also announced that it is in discussions with hotel groups in respect of further pre-lettings.
The YES! Project will comprise 1.2million sq ft covered, fully integrated, mixed-use, leisure and entertainment based resort, activity and conference destination.
An updated application was submitted last month for the renewal of the previous outline plans approved by Rotherham Council in 2007. The opportunity was taken to submit the findings of extensive design works that have been undertaken in recent months.
After taking over operations in May last year, Oak also announced that improved year on year trading at Rother Valley Country Park continues, generating cash.
Steve Lewis, Chief Executive of Oak, said: "These transactions complete the repositioning of Oak as an asset-based leisure business with tremendous property potential. We are very pleased to have agreed terms with the Sheffield Steelers on the development of their new home. This agreement adds new value to our Rother Valley Country Park operation and kick starts the first phase of Oak's exciting YES! Project."
Oak Holdings website
Steelers website
RotherhamImages: Oak Holdings
0 comments:
Post a Comment