For Sale - Humberts Leisure

GVA Humberts Leisure
For Sale
Wooda Lakes
Holiday
Lodges
Pancrasweek
Holsworthy
Devon
EX22 7JN
Lakeside Holiday
Lodge Complex
with significant
development
potential
August 2011
• Planning permission for 25 holiday lodges
• 12 lodges developed (4 in private ownership)
• 1 further lodge partly developed
• 5 fishing lakes
• 22 acres
• Planning permission for owner’s manager’s house
For further information or an
appointment to view please
contact:
Charlie Mason BA (Hons) MSc MRICS
020 7911 2488
charlie.mason@gva.co.uk
John Mitchell BSc MRICS
020 7911 2489
john.mitchell@gva.co.uk
• S et in rolling Devon countryside, 7 miles from the
coast
• Letting income 2010 - £96,000
• For sale freehold
08449 02 03 04
gva.co.uk/humbertsleisure
Background and opportunity
Location
Wooda Lakes Holiday Lodges have been developed over the
last 10 years and are set within an attractive 22 acres of gently
undulating Devon countryside with 5 well stocked fishing lakes.
Wooda Lakes Holiday Lodges is set in a delightful rural location
in the North Devon countryside. This area of North Devon is
renowned for its rolling countryside, rugged coasts and many
beaches. The property is about 7 miles to the north-east of the
Cornish coastal resort of Bude and about 6 miles to the northwest of the pretty market town of Holsworthy. Nearby is the picture
postcard village of Bradworthy (about 5 miles) which provides a
good range of local amenities and services.
The property benefits from planning permission for 25 holiday
lodges, of which 12 units have been developed (4 units sold
privately) and benefits from planning permission for an owner’s
home. There is the opportunity to continue to operate this
profitable holiday letting business and grow the lodge hire fleet
further or sell the individual lodges for a profit and collect a
ground rent income.
The lodges have been developed to a high standard and are
marketed for letting purposes through the agents, Hoseasons.
The area is a popular tourist destination with a large number of
visitor attractions to include The Big Sheep and the Milky Way
Adventure Park with, further afield, popular centres like Padstow,
Port Isaac, Tintagel and the Eden Project. There are good surfing
beaches within a short distance as well as the park offering
excellent on site fishing, with golf, horse riding, cycling and
rambling all to be enjoyed nearby.
Communications to the property are good with access to the A30
dual carriageway at Okehampton, which is about 25 miles to the
south-east. There is also access to the A39 North Atlantic Highway,
about 4 miles to the west of the property which extends down the
north Devon / Cornwall coast from Barnstaple to Newquay.
Description
The property is approached via a pretty country lane and there
is a single entrance with a tarmacadam driveway leading to a
reception / maintenance building. The lodges are set beyond,
overlooking the lakes. The overall property stands in about
22 acres of beautiful landscaped grounds. Overall, there is
planning permission for 25 holiday lodges which have 12 months
occupancy for holiday purposes. To date 12 units have been
developed, of which 4 have been sold on 99 year leases, 8 are
held in hand and form the hire fleet. A further lodge is under
construction and is nearing completion. The lodges have been
spaciously laid out and are of timber framed construction with
timber cladding under a pitched felted roof. Each lodge benefits
from double glazing and LPG central heating.
The lodges sleep between 4 to 6 people and comprise a
covered balcony area with fine views over the lakes. Internally
there is a living room / dining room / kitchen area, 2 bedrooms, a
bathroom and hallway and storage area. The gross internal area
of each lodge is about 58.8 m² / 633 sq ft.
There are 5 fishing lakes in total, all of which have swims. 3 of the
lakes on the site are serviced with hard core / shell paths. All the
lakes are well stocked with a variety of coarse fish to include carp,
bream, rudd and trench.
Close to the entrance, there is a separate workshop / storage
building, with an area to one side which would make an ideal
reception office for the complex. Beyond this area is the site
for an owner’s / manager’s unit. The current permission is for a
3-bedroom lodge style unit.
Services
There is mains water and electricity connected to the property
and each individual lodge is metered. There is a new bio disc
private sewage treatment plant which has capacity to service the
overall development, and there is bulk LPG gas stored close to the
entrance of the property with a meter supplied to each lodge.
Service connections have been installed to all the proposed
pitches and owner’s / manager’s home and each lodge has the
benefit of gas fired hot water and central heating boiler systems.
Tenure
The overall property is held freehold, subject to individual long
leasehold interests in respect of 4 of the lodges which have been
sold on 99-year leases based at ground rents of approximately
£35 per annum and a service charge which is currently
approximately £1,800, which includes the fishing rights. The
ground rent fee is subject to annual increases in line with the Retail
Price Index.
Business
The business is currently a family operation with individual lodges
being let at prices ranging from approximately £249 to £669 per
week, inclusive of VAT. The majority of the bookings are derived
from Hoseasons, who charge a commission at 22%.
The accounts for the year ending 31st March 2010 show an overall
letting income in the order of £96,000 (excluding VAT) which
equates to approximately £12,000 per lodge per annum. There is
a small amount of additional income from day ticket fishing and
service charges / ground rents. Profitability for the year ending 31st
March 2010 was in the region of £45,000 (earnings before interest,
tax depreciation and amortisation).
The 4 lodges which have been sold on long lease have achieved
prices in the range of £100,000 to £117,000. These lodges have
been sold over the last 5 years and there is the opportunity for a
purchaser to continue selling lodges on this basis.
Planning consents and licences
Planning consent is fully in place for the existing use of the
property as a holiday complex with lodges having the benefit
of planning consent for 12 months’ holiday use. The original
consent for the development was granted for 25 holiday lodges
and a clubhouse in 1996 and this consent was renewed in
February 2001. Planning consent was also granted in 2001 for
the development of an owner’s / manager’s dwelling for use in
association with the holiday park and developed only in the event
that over half of the lodges are retained as holiday letting units.
Rates
Wooda Lakes Holiday Lodges has a current rateable value of
£16,000. The small business rate multiplier is 42.6p in the pound
for 2011/12 and therefore the current rates payable are £6,816.
Viewing, directions and further
information
Viewing of the property is strictly by appointment through GVA
Humberts Leisure. To book an appointment contact, Charlie
Mason BA (Hons) MSc MRICS, John Mitchell BSc MRICS or Tina
Olson on 08449 02 03 04. Prior to making an appointment to
inspect the property, it is firmly recommended that interested
parties satisfy themselves with regard to the particulars of sale set
out above and the status of sale in order that they do not make a
wasted journey to the property.
Directions: From the A30 heading south-west, take the A386
north after Okehampton. After 1.5 miles turn left onto the A3079.
Continue for 13 miles until you reach the T junction with the A3072.
At the T junction turn left towards Holsworthy. After about 5 miles,
and as you are leaving Holsworthy, turn right opposite the filling
station; signposted Chilsworthy and Bradworthy. Carry on through
the village of Chilsworthy and at the Youldon Moor crossroads turn
left; signposted towards Bude. Continue along the country lane
for about a mile and Wooda Lakes Holiday Village can be found
on the right-hand side.
The postcode for the property is EX22 7JN.
A further information pack to include accounts, planning
consent and other information is available on application to GVA
Humberts Leisure.
Further information and viewing
Charlie Mason BA (Hons) MSc MRICS
020 7911 2488
charlie.mason@gva.co.uk
John Mitchell BSc MRICS
020 7911 2489
john.mitchell@gva.co.uk
Reproduced by courtesy of the Controller of HMSO Crown Copyright reserved. Licence No 774359. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield,
Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only.
07626
GVA Humberts Leisure is a trading name of GVA Grimley limited, conditions under which particulars are issued by GVA Grimley limited for themselves, for any joint agents and for
the vendors or lessors of this property whose agents they are, give notice that:
(i) the particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract.
(ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be
correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the
correctness of each of them.
(iii) no person in the employment of GVA Grimley limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property.
(iv) all rentals and prices are quoted exclusive of VAT