Gisborne Holdings Ltd chief executive Richard Searle said a $750,000 upgrade of communal kitchen and bathroom facilities at the Waikanae Beach Top 10 Holiday Park will be complete by next summer.
Gisborne Holdings Ltd chief executive Richard Searle said a $750,000 upgrade of communal kitchen and bathroom facilities at the Waikanae Beach Top 10 Holiday Park will be complete by next summer.
Gisborne Holdings Ltd has multimillion-dollar plans to upgrade the Tolaga Bay campground into a Top 10 Holiday Park.
GHL announced the move in its latest six-monthly financial report to the end of 2024 in which it declared a $3 million gross profit with reporting revenue of $4.8m.
The interim report indicates both results were “better than budget”.
“The net loss before tax of $141,000 is also an improvement on the budget,” chief executive Richard Searle said.
“The result reflects GHL’s ability to deliver improving financial results while strategically rebalancing its asset base with a strong focus on enhanced returns in the future.
“It is promising that we continue to perform ahead of expectation in a challenging environment.”
Searle said the holding company had some exciting projects on the horizon, including transforming Tolaga Bay Holiday Park into a Top 10 Holiday Park through a multimillion-dollar investment over the next three years.
GHL has big plans for the Tolaga Bay Holiday Park by the iconic wharf. It plans to upgrade it into a Top 10 Holiday Park over the next three years.
“We have the expertise in the tourism and accommodation sector and this will widen the offering to visitors to the coast.”
The Waikanae Beach Top 10 Holiday Park remains the region’s largest accommodation provider, with about 45,000 guest nights a year.
“The strong start in December was dampened a little with poor weather post-Christmas impacting camper bookings, but it still rates highly with visitors,” Searle said.
“A $750,000 upgrade of the communal kitchen and bathroom facilities at the Waikanae Holiday Park is set to be completed before next summer.
“That will further improve visitor experience and complement other recent additions, which include an indoor heated swimming pool and ocean-view apartments.”
GHL’s $43m commercial property portfolio continued to perform well, he said.
“Tauwhareparae Farms produced strong financial results, driven by higher-than-anticipated livestock prices.”
Richard Burke and Alice Pettigrew joined the GHL board as new directors, with David Mullooly stepping down.
“The new board is going well, and the directors each bring individual and valuable strengths to the table,” Searle said.
“It’s good to be progressing our strategic plan, which was approved by the [district] council in July and aims to help us reach our investment goals across our property, tourist accommodation, managed funds and other investment portfolios.
“We know it will be challenging over the coming months, given margin pressure and cost inflation. But we are committed to continuing our prudent long-term investments for the betterment of our region.”
GHL is the commercial arm of Gisborne District Council and is responsible for generating commercial returns that benefit the community.
