Owning a visitor attraction can be a lucrative venture for an investor. According to Visit England, 36.1 million overseas visitors came to the UK in 2015 and Britain’s tourism industry is expected to be worth over £257 billion by 2025. These statistics make visitor attractions popular when brought to the market, so how can you ensure you get maximum impact when selling?
Why visitor attractions?
Staycations have been gradually rising in popularity in the UK, boosted by the country’s decision to leave the EU and the subsequent weak pound which has made travelling abroad more expensive. We expect to see this continue into next year and, as more people look to holiday at home, the profitability of most attractions could therefore increase. Investors from outside the UK are also looking to take advantage of the ‘value’ aspect of the weaker pound by investing in UK assets, so there could well be a wider pool of buyers competing from next spring in comparison to previous years.
Many visitor attractions offer a buyer the chance to turn a hobby into a business, and this added passion can often make them more successful. Once established, there are also likely to be opportunities to diversify the existing offering and generate extra income streams through the addition of new features including anything from a café to a farm shop or a children’s playground to a petting zoo.
How can you give your visitor attraction the best chance of selling?
When marketing the property, highlights such as an excellent location (that is not affected by traffic queues) and new amenities including cafés and restrooms will be crucial to attract buyer interest. First impressions count, making high-resolution photography and impressive specifications very important, particularly in highlighting what sets your attraction apart from other opportunities.
Bringing your property to market requires careful planning and it’s best to begin the process now for a spring sale. Autumn offers plenty of opportunity to boost the impact to the market. Summer visitor and turnover figures will also be available, providing insights into the busiest time of the year for prospective purchasers.
With this in mind, it would be wise to use the winter months to start preparing to ensure you can hit the ground running and take advantage of the market next year.