O’Shea and Galliard JV secures £22.8m funding for new Saltmoore lodges

A joint venture (JV) between O’Shea and Galliard has secured a £22.8m loan from OakNorth to fund Saltmoore holiday lodges, a coastal luxury wellness retreat on the North Yorkshire Coast.

Founded in 1966, O’Shea Group is a privately-owned construction and property development company in London and the South East. Meanwhile, Galliard Homes, which was founded in 1992 and led by executive chairman and CEO, Stephen Conway, is known for construction and the development of large-scale mixed-use, residential, hotel and commercial projects.

Together, their JV projects have delivered over 13,500 houses across the South East, including 475 apartments at Wickside, Hackney Wick and a further 450 apartments within Baltimore Tower, Canary Wharf.

The £22.8m loan from OakNorth will be used to fund the next stage in converting the historic 19th Century Raithwaite Sandsend Estate.

Located between the heather-clad North York Moors National Park, and Sandsend beach on the outskirts of the historic seaside town of Whitby, Yorkshire, the 85-acre site will see the development of 179 luxury villas, lodges and cottages (the Saltmoore Collection).

This next phase follows the reopening of the estate’s two hotels, Saltmoore House and The Beach House, in November 2024, totalling 78 rooms and suites.

Saltmoore House features extensive wellness offerings including a gym and spa, treatment journeys by Wildsmith, a cryotherapy chamber, Himalayan salt sauna, and a wellness café.

Saltmoore House is also home to several eateries including the hotel’s three restaurant offerings led by head chef Adam Maddock and Michelin Star executive chef, Tommy Banks.

Meanwhile, The Beach House features a “more relaxed” coastal themed offering closer to Sandsend Beach which boasts outdoor tubs overlooking the woodlands. The first phase of the holiday lodges known as the Saltmoore Collection have recently been released by local estate agent, Henderson’s.

Stephen Conway, executive chairman and co-founder of Galliard, said: “We look forward to welcoming guests to our new wellness-led sanctuary, located along the picturesque North East coastline. The Raithwaite Sandsend estate has a unique and extensive history, so it is our privilege to be breathing new life into the site, whilst preserving its historical significance to the region. OakNorth once again proved themselves to be a fantastic funding partner – we have worked with the team for years and keep going back as their flexibility, transparency, and entrepreneurial approach is second to none.”

Mark O’Connor, investment director at O’Shea, added: “Over the past six decades, we’ve become a respected name in the property industry, with our long-standing relationships with developers, housing associations, and local authorities leading to many successful joint venture partnerships. We were delighted to once again work closely with Stephen and the team at Galliard, with OakNorth being the clear funder of choice given their expertise in the sector and reputation for backing independent property developers such as ourselves.”