The company licenses 400 holiday homes on an annual basis, and in recent years, has started the process of freeholding. By making an application for sub-division of the land, they hope the licensees will take up the offer so they can improve facilities in the town, including installing a new sewerage system, storm water drainage, flood levy and road and footpath works.

Chairman of the company Peter Barrie said 75 percent of the residents had taken up the offer, by paying a deposit on their properties.

He considers freeholding to be a big positive for the area, and would result in a better Fisherman’s Bay.

“Freeholds will give the residents control of their property, like any other home-owner,” he said. “Banks would see it as collateral. At the moment, licensed sites are considered unattractive by banks.”

The cost of the improvements to the area total almost $8 million, and Mr Barrie said there was no other alternative but offer the residents the chance to buy their properties to help fund the projects.

For those who can’t afford to buy their properties, he said they had made provision for permanent residents.

“We offer the ability to appear before a professional company, who can carry out an independent assessment of their assets,” he said.

“We pay the costs of these assessments.”

So far there have been seven applications. Mr Barrie said residents who chose not to pay could reside in their properties for 12 months.

“A vast majority of people have taken up the offer. It’s a reasonably attractive proposition,” he said. “The improvements that are planned are needed if there is to be progress at Fisherman’s Bay.”