Michael Vaughan invests in buy-to-let hotel development
England cricket captain Michael Vaughan has bought a room at the Flaxby Country Club, a £100m buy-to-let hotel development between York and Harrogate.
Vaughan, who plays for Yorkshire, is one of the 120-plus investors who have already bought rooms at the proposed five-star property, which will comprise 300 rooms, four helipads, three restaurants, a luxury spa complex, bar and conference facilities.
Work on the hotel, owned by property developer Skelwith Group, will start later in the year and is set for completion in 2011.
Skelwith, which revealed it is in advanced discussions with a number of "big name" hotel operators over running the property, is promising "guaranteed returns" of 7.5% for eight years.
Vaughan said: "This is a one off opportunity to invest in one of Yorkshire's best developments. I'm delighted to be involved and think it will be a showcase for the best the county has to offer.
"I have a diverse property portfolio but this offers a different investment that is not linked to the property market, which is very appealing in the current climate."
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By Daniel Thomas
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