Leisure/hospitality for sale in Waterside Cornwall, Old Coach Road, Bodmin, Cornwall PL30

Guide price £6,500,000
Leisure/hospitality for sale
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Property features

  • On the instrution of the joint administrators at smith & williamson llp & cmb partners
  • 96 acres/ 38.85 hectares
  • 60 trading lodges
  • Holiday lodge park with planning for 118 more
  • Parkland and lakes extending to A total of (approx) 96 acres
  • Rising turnover under management
  • Huge potential
  • Adjacent to A30
  • Access to all of cornwall

Property description

On behalf of the joint administrators at Smith & Williamson llp and cmb Partners, we are pleased to offer this site.
This is a rare opportunity to develop and create a holiday destination on the 'backbone' of Cornwall, with immediate access to the A30, and providing access to every part of the County. The site extends to a total of approximately 38.85 hectares (96 acres) and is only partially developed and incorporating large areas of woodland and lakes used for recreation and fishing. It has a rich and natural ecological habitat on the doorstep. The site has various current and extant planning consents for further development. The site fell into administration more recently and the legal title has been recreated by the Administrator so that it is complete and provides an opportunity for substantial investment to add to the existing facilities. The site is less than 1 mile from the A30 and nearby attractions are as follows: Eden Project 10 miles, Lost Gardens of Heligan 6 miles Padstow 17 miles, Bodmin Moor and the famous Jamaica Inn 25 miles, Newquay and Fowey, both 14 miles, and the city of Truro 19 miles.

Summary And Situation

This is a rare opportunity to develop and create a holiday destination on the 'backbone' of Cornwall, with immediate access to the A 30, and providing access to every part of the County. The site extends to a total of approximately 38.85 hectares (96 acres) and is only partially developed and incorporating large areas of woodland and lakes used for recreation and fishing. It has a rich and natural ecological habitat on the doorstep. The site has various current and extant planning consents for further development. The site fell into administration more recently and the legal title has been recreated by the Administrator so that it is complete and provides an opportunity for substantial investment to add to the existing facilities. The site is less than 1 mile from the A30 and nearby attractions are as follows: Eden Project 10 miles, Lost Gardens of Heligan 6 miles Padstow 17 miles, Bodmin Moor and the famous Jamaica Inn 25 miles, Newquay and Fowey, both 14 miles, and the city of Truro 19 miles.

Existing Site

The Holiday Park resort offers self-catering accommodation alongside various leisure facilities. The Park was developed in the late 1980s and opened in 1991.
There are 69 self-catering holiday lodges of which nine are privately owned leaving a total of 60 units (4 x 1 bed, 38 x 2 bed, and 18 x 3 bed), which will form part of the sale. Of these 39 are timber clad "a-Frame" style (4 of them being 1 bedroomed and 35 being 2 bedroomed), and the remainder single storey timber and stone clad "bungalow" style lodges.
The substantial former owners residence is separated from the main operational site and is now a large holiday house with 7 bedrooms-sleeping up to 18 people with hot tub, two reception rooms, games room. This measures 4,900 sq ft (455.2 sq m)
Central facilities comprise the clubhouse with 17,616 sq ft (1,636 sq m) of usable accommodation including a reception, bar, lounge, restaurant, shop, swimming pool, gym, changing rooms, games room, substantial function room, and ancillary service areas.
Outdoor leisure facilities include footgolf, a segway cross-country track, two tennis courts, children's play areas, three fishing lakes and an escape room.
The site extends to approximately 200 acres, with 117 acres comprising farmland, occupied by neighbouring farmers on an informal basis.
In 2019, the park was well regarded when reviewing the websites of the online holiday letting agents. Trip advisor guests rated Waterside at 4.5 out of 5, at 9.2 out of 10, and at 9.4 out of 10.

Development Potential

The key features of the site relates to its planning history which can be briefly summarised as follows:
Planning permission was initially granted in 2008 under Application number: C2_07_01979 and later resubmitted under Planning permission PA10/05936 which was later approved with Extant consent under PA13/09946 allowing the development of a 105 room hotel and 36 Golf Lodges with a Certificate of Lawfulness.
More recently, and with three years to implement from 18th September 2018, planning was granted for an additional 118 units of holiday accommodation plus extensions and alterations to the existing main facilities building plus conversion to an hotel of ten rooms and staffing service and storage accommodation.

Business Overview

The Park is operated currently without the benefit of any of its clubhouse or leisure facilities throughout 2020 and 2021, and this is in contrast to the trading in 2019.
Figures
For the year ending 2019. Park traded under the Administrators management with all facilities open. Turnover was £1,384,597
For the year ending 2020. Park traded under the Administrators management with no facilities open. Turnover was £971,205
For the year ending 2021. Park traded under the Administrators management with no facilities open. Turnover was £1,555,638 - to date, and notably up on 2019 by over £170,000 with minimum staffing.
Bookings for 2022 are encouraging in the circumstances of the Park.
Full details of income is available from the Data Room. For an invitation to access this information in the first instance please contact Peter Heather on providing your email address.

Fixtures And Fittings

A full inventory of fixtures and fittings will be available at the time of sale and is essentially as seen. We consider that the letting accommodation and leisure facilities are all presented in reasonable condition.

Tenure And Basis Of Sale

The property is being offered for sale on a freehold basis, subject to the leasehold agreement enjoyed by each of the privately owned lodges and three on site leisure "Franchise" operators for the escape room, footgolf and segway, together with fishing and farmland tenancies.

Energy Performance Certificate

The Energy Performance Ratings for this property are all shown within the data room noting that all lodges are compliant (with units 61,62 and 63, exempt).

Tupe

Please refer to the data room for further information.

Legal Costs

Each party to bear their own.

Value Added Tax

Should the sale of the property or any right attached to it be deemed a chargeable supply for the purposes of VAT, such tax shall be payable by the purchaser in addition to the sale price.

Capital Allowances

We are unaware if Capital Allowances have been claimed but any unused Capital Allowances will be available to the purchaser.

Business Rates

We refer you to the government website

Services

Prospective owners should make their own enquiries of the appropriate statutory undertakers:
Western Power: South West Water: Transco: We are advised that the central facilities and all but three of the lodges are fuelled with lpg gas.
The park incorporates its own foul water treatment plant and benefits from a discharge licence. Details are in the data room. We are advised that connection to the main sewer at Lanivet is possible and reports are available in the data room.
Water is supplied from a private borehole within the site.

Local Authority

Cornwall Council
General Enquiries Planning .

Contact Information

For further information or an appointment to view please contact:

Peter Heather on or or via email:

Viewing: Strictly by prior appointment through Miller Commercial.

Agents note: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [c] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.

Miller Commercial is the trading name of Miller Commercial llp registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial llp is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial llp. VAT Registration No.

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