Eastbourne Holiday Cottages adds to portfolio
A holiday home rental company in Eastbourne has purchased a new property in the town after securing a six-figure finance package from Lloyds TSB Commercial.
Eastbourne Holiday Cottages obtained a loan worth £140,000 from the bank to acquire Fisherman’s Cottage on Desmond Road, off the Royal Parade.
Founded by David Irvine in 2007, the company has 16 self-catering properties available for lettings. Of these, five are owned by Eastbourne Holiday Cottages and the remaining 11 are managed on behalf of private clients.
As well as the traditional British holidaymaker, the cottages are also rented by international visitors with about 30 per cent of income last year derived from Germany.
To finance the purchase of the new property, Irvine secured a loan from Lloyds TSB Commercial, which also helped the company purchase its previous three properties.
"The popularity and growth of the business has been phenomenal, especially with the number of people we’ve had approaching us to let out their homes while they are abroad in the summer months," said Irvine.
"Like our other properties, Fisherman’s Cottage is perfectly located close to the popular tourist areas of the town and within walking distance of the beach.
"In January 2011 we had just seven properties on our books, and now we have sixteen, and we'd like to add another eight to ten properties in 2012."
