The purchase of the Pleasure Island theme park site in Cleethorpes has been completed, allowing for the £57 million redevelopment plans to move forward. YPG Fab 2, owned by Adrian Smith and Ming Yeung, is now set to submit a planning application for the project within weeks.

“The vision is for a spectacular development with all-weather facilities which will offer year-round appeal to attract thousands of visitors and bring hundreds of jobs. We estimate it will attract £13.2m of new visitor expenditure per annum,” commented Adrian Smith.

“As people who have spent all our lives in Grimsby we are dedicated to improving the area. We have a strong track record of regenerating key local sites and we have already committed millions of pounds to this project even before submitting the planning application.”

The proposed Pleasure Island development would comprise 250 holiday lodges in lakeside and beachfront locations, a 146-bed hotel, restaurants and leisure facilities including a family gaming centre.

Smith led the conversion of a former brewery into apartments at The Cooperage and the renovation of The Imperial Hotel. Yeung was behind the redevelopment of the former Birds Eye Wall’s site in Ladysmith Road to provide 250 new homes as well as multimillion-pound regeneration projects in Liverpool, including the Hilton Garden Hotel, Russell Hotel and Magistrates Boutique Hotel as well as a series of stylish dockside residential developments. The investors are partners in a specialist leisure sector business Seaside Getaways Ltd, which is based in Liverpool.

National planning and development consultancy Lichfields has previously been appointed to progress the plans.