DUBLIN, Ireland--(BUSINESS WIRE)--First Equity Group (the “Group”), an Irish private equity and real estate group today confirmed that, Onslow Suffolk Limited (“OSL”), a consortium in which the Group and its investors are a 70% shareholder, has received significant support from the UK Government for a mixed-use residential, leisure and commercial development outside Ipswich, UK with a gross development value of €600 million. The development, known as SnOasis, will enjoy the status of the world’s first indoor winter sports resort. SnOasis will be developed on a c. 360 acre site and comprise an iconic sports complex, 350 ski lodges, a four-star hotel and conference centre, an athlete's village and the facilities to house many other sporting activities. Following a public enquiry, a Government appointed Inspector has recommended the scheme be approved in its entirety subject to certain conditions. The Secretary of State at the Department of Communities and Local Government today announced that she agrees with these conclusions and has approved the residential and other elements of the scheme and “is minded” to approve the leisure elements of the scheme subject to OSL complying with relevant planning and legal requirements which centre mainly on sustainability and wildlife issues. The development will deliver enormous benefits for the local community generating 3,500 jobs during the construction phase and 1,800 permanent jobs on completion. Construction is expected to commence during the second half of 2008 and will complete in 2011 in advance of the London Olympics. This development represents the single largest project undertaken by First Equity Group on behalf of its investors. Bank funding for the site acquisition and planning process was provided by AIB. In a separate development, Sir Jeremy Hanley, formerly Northern Ireland Minister and former Chairman of the Conservative Party, has been appointed as Chairman of OSL. SnOasis | Development Highlights SnOasis will be the world’s first indoor winter sports resort offering a totally new concept in family activity holidays and also a dedicated facility for winter sports training – 14 different winter sports disciplines will be catered for in one venue for the first time in the UK. The development is located in Great Blakenham, 4 miles from Ipswich, and just 70 miles from London. It will be linked by a main line railway station to London’s Liverpool Street with a commuting time of just over an hour. The key elements of the SnOasis development include: Europe’s largest indoor ski slope: 415m long, 70m wide with a 100m vertical drop Nursery slope: 100m long, 30m wide with 6-degree pitch External Ice Rink: 60m by 30m with 1,500 spectator seats 400m Speed Skating track & 100m dry Bobsleigh push start track 1.5km Cross-country ski run National Winter Sports Academy with 200-bed hostel 350 room four star hotel and conference centre, capacity for 1,000 delegates 350 self-catering holiday village style 4, 6, 8, bed ski lodges 100 one and two bed apartments 17 bars and restaurants New main line railway station with link to London’s Liverpool Street Planting of 130,000 trees and development of a 40 acre ecological mitigation project In addition to the winter sports resort, the development allows for the construction of over 400 new homes on a c. 40 acre site adjacent to the SnOasis site. Alan Barry, Managing Director, First Equity Group, commented: “We are delighted to announce this positive news in the planning process for the SnOasis development. This is an important milestone for our investment in this project and represents a significant uplift in the valuation of the project for our investor group. We can now begin the process of implementing plans to construct an iconic world class facility at this unique location.” He added “First Equity Group has a proven track record of delivering attractive returns to its investor group for more than a decade. The SnOasis development represents our largest ever investment project and further consolidates the Group’s growing reputation and position as a leader in the private equity and real estate market.”
