Gisborne Holdings Ltd (GHL) has announced plans to transform Tolaga Bay Holiday Park into a Top 10 Holiday Park, marking a significant investment in regional tourism infrastructure.
The multimillion-dollar upgrade is set to take place over the next three years as part of GHL’s broader strategy to strengthen its tourism and accommodation portfolio.
The development was highlighted in the company’s latest six-month financial report, which revealed a gross profit of $3 million on $4.8 million in revenue.
Chief Executive Richard Searle stated that the results were “better than budget” and that the net loss before tax of $141,000 represented an improvement over previous projections.
“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,” Searle said.
“It is promising that we continue to perform ahead of expectation in a challenging environment.”
The planned transformation of Tolaga Bay Holiday Park aims to elevate the park’s offerings and position it within the Top 10 Holiday Park network.
“We have the expertise in the tourism and accommodation sector, and this will widen the offering to visitors to the coast,” Searle noted.
GHL’s investment in the holiday park sector extends beyond Tolaga Bay. Waikanae Beach Top 10 Holiday Park, the region’s largest accommodation provider, continues to attract strong visitor numbers, recording approximately 45,000 guest nights annually.
However, post-Christmas weather conditions impacted camper bookings despite a strong start in December.
To enhance guest experience, a $750,000 upgrade to Waikanae’s communal kitchen and bathroom facilities is scheduled for completion before next summer. This follows recent improvements such as an indoor heated swimming pool and ocean-view apartments.
Beyond tourism, GHL’s commercial property portfolio, valued at $43 million, has performed well. Meanwhile, Tauwhareparae Farms reported strong financial returns, driven by higher-than-expected livestock prices.
GHL has also welcomed new leadership, with Richard Burke and Alice Pettigrew joining the board, replacing outgoing director David Mullooly. Searle emphasized the company’s commitment to its strategic investment plan, which was approved by the district council in July.
“The new board is going well, and the directors each bring individual and valuable strengths to the table,” he said in a report by the New Zealand Herald.
“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.”
As the commercial arm of Gisborne District Council, GHL is tasked with generating commercial returns that benefit the community.
Its continued investments in tourism and infrastructure underscore a long-term commitment to supporting regional economic growth and strengthening the outdoor hospitality sector.