0 bed Detached house (for sale) Towan Valley, Porthtowan, Truro TR4

£2,750,000
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Miller Commercial
Mansion House, Princes Street, Truro
01872 395926
First Published

9th Sep 2020

Last Published

9th Sep 2020

 

Features

  • Type: Detached house
  • Bedrooms: 0
  • Listing status: sale
  • Country: England

Description

The Opportunity

A ready-made investment of up to 11 Holiday Houses available in a single purchase with full inventory and trading history.

The 11 properties are available as a whole, in clusters, or separately.

The service charge through the Management Company includes staffing to welcome and provide general onsite services for guests.

The purchaser may choose to retain the contract with Hoseasons, or to enter into a fresh contract with another provider, or deal with occupancy personally.

The Opportunity

A ready-made investment of 11 Holiday Houses available in a single purchase with full inventory and trading history.
Our clients will be extending the site with a phase 2 development comprising of a further 28 four bedroomed properties and are making an additional planning application for leisure facilities.
The improved access direct from the coast road will be created from the development of phase 2 to commence in early 2021, and should be available to use during the 2021 season.
Total Gross Anticipated Yield for 2020 is 8.16% (after allowing for all running costs and service charges but excluding income from winter lets typically £30,000 pa.). Based on income of £224,490 and an asking price of £2.75 million.
The 11 properties are available as a whole, in clusters, or separately. The service charge through the Management Company includes staffing to welcome and provide general on-site services for guests.
The purchaser may choose to retain the contract with Hoseasons, or to enter into a fresh contract with another provider, or deal with occupancy personally.

Location

Towan Valley is an award-winning site (Hoseasons Diamond Award Winner 2018 and Runner Up in the Cornwall category in 2019) and situated in a secluded and idyllic position on the eastern cliffs of Porthtowan just 8 miles to the north of the Cathedral City of Truro.
The Resort is a short walk from the surfing paradise of Porthtowan beach, one of only seven Blue Flag beaches in Cornwall and a Seaside award winning beach. The site itself is sheltered in the valley with fields and cliffs providing a classic backdrop.
The coastal hotspots of St Ives, Newquay and Falmouth are easily accessible.

Description

The 11 units available are superbly designed houses sleeping between four and eight people in style and comfort. Each house has an airy open plan living and dining area with comfortable sofas and contemporary furnishings. Please refer to the purchasers pack for full information relating to the property including a schedule of photographs and floor plans.
The properties can let for at least 200 days per annum.
Each unit is provided with an excellent Wi-Fi system. The cabling is CAT5 and each unit has its own Internet box, and via the Management Company, the system control data protection, and anti-virus software.
The houses were built in 2010 to 2013. During the 2019 season, hot tubs from Scarborough Spas (with filtration systems and auto chemical distribution with Bromine frog system cartridges) have been introduced into the majority of units which has boosted overall turnover. There is sufficient space on the decking to potentially install a further four hot tubs to the units currently without sufficient rear space.
We are advised that the units have mains water sewage and electric connected.

Property Tour

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Accounting Information

The communal areas are managed by Towan Valley Management Company. Accounts for most recent years are available for inspection and show that the average service charge per unit is circa £2500 per annum. This amount includes staff costs and buildings insurance, together with public liability insurance for communal areas. The Service Charge Budget for 2019/20 is available for further inspection. A Contract for the introduction of Holiday Lettings is currently in place with Hoseasons. A copy of the contract is available for closer inspection. There is no obligation to take over this contract. Accounting information for the last three years is available upon request.

Accommodation

Unit one. Four bedrooms. Hot tub. Anticipated yield for 2020 is £38,000
Unit two. Four bedrooms. Hot tub. Anticipated yield for 2020 is £38,000
Unit three. Three bedrooms. Hot tub. Anticipated yield for 2020 is £34,000
Unit four. Three bedrooms. Hot tub. Anticipated yield for 2020 is £34,000
Unit five. Two bedrooms. Hot tub. Anticipated yield for 2020 is £32,000
Unit six. Two bedrooms. Anticipated yield for 2020 is £22,000
Unit seven. Two bedrooms. Anticipated yield for 2020 is £22,000
Unit eight. Two bedrooms. Anticipated yield for 2020 is £22,000
Unit nine. Two bedrooms. Hot tub. Anticipated yield for 2020 is £22,000
Unit 14. Three bedrooms. Hot tub. Anticipated yield for 2020 is £34,000
Unit 15. Three bedrooms. Hot tub. Anticipated yield for 2020 is £22,000

Total Anticipated Income (post covid as at August 2020) for 2020 is £299,500 with over £100,000 of lost bookings due to Covid and this compares to prior projections for the 2020 full year set at £332,000.

The Proposal

Our clients are seeking to sell their freehold interest.
They currently manage the site and promote the availability of units through Hoseasons, the contract for which is available
to potential purchasers to review.
Full details of the service charge are available in the Purchasers Pack.
Nb. Our client is in the process of developing the adjoining site to the North which will provide additional leisure and spa
facilities available to these properties. Full information available upon enquiry.

Price

The asset is offered on the basis that each unit is freehold.
A Management Company is in place with regard to all communal areas around the freehold assets.
Guide price. £2.75 million or circa £250,000 per unit
Total Gross Anticipated Yield for 2020 is 8.16% based on income of £224,490 and an asking price of £2.75 million (after allowing for all running costs and service charges but excluding income from winter lets typically £30,000 pa).
Abridged Accounts are available on request.
Individual or a cluster of units may be available by separate negotiation.
Individually or collectively, the units are mortgageable as Commercial Loans.

Business Rates

We refer you to the government website which shows the current rateable value.
The purchaser should make their own enquiries however, we are advised that no business rates or council tax applies to this asset class.

Legal Costs

Each party to bear their own.

Value Added Tax

We are advised that all properties are zero rated for VAT, and that no VAT is to attributable to the sale.

Energy Performance Certificate

The Energy Performance Rating for these properties are as follows:
Unit 1: Category D with a specific score of 64
Unit 2: Category D with a specific score of 68
Unit 3: Category D, with a specific score of 68
Unit 4: Category D with a specific score of 64
Unit 5: Category D with a specific score of 65
Unit 6: Category C with a specific score of 70
Unit 7: Category D with a specific score of 65
Unit 8: Category D with a specific score of 65
Unit 9: Category D with a specific score of 67
Unit 14: Category D with a specific score of 67
Unit 15: Category D, with a specific score of 68

Contact Information

For further information or an appointment to view please contact either:
Peter Heather on or via email or
Thomas Hewitt on or via email

Plans: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.

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] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] 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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Local info for TR4

 

Property Value Data/Graphs for TR4

Property Type % Avg. current value Avg. # beds Avg. # bathrooms
Detached house 23.7% £493,550 4.1 1.6
Land 11.8% £213,500 2.4 1.3
Terraced house 11.8% £188,550 2.7 0.8
Bungalow 11.8% £151,100 2.3 1.2
Other 9.2% £274,143 3.4 1.6
Semi-detached house 7.9% £257,375 3 0.8
End terrace house 6.6% £252,490 2.8 0.8
Mobile/park home 5.3% £29,750 2.3 0.8
Detached bungalow 2.6% £425,000 4 0
Cottage 2.6% £177,500 2.5 0.5
Flat 1.3% £450,000 2 1
Barn conversion 1.3% £265,000 2 1
Parking/garage 1.3% £122,000 2 2
Terraced bungalow 1.3% £180,000 2 1
Farmhouse 1.3% £625,000 3 2

Area Information

Average Price Paid

£255,956

Sales

1369

Current Average Value

£283,605

Value Change

£27,649 10.8%

 

Current Asking Prices in TR4 Average: £283,605

Property Type 1 Bed 2 Beds 3 Beds 4 Beds 5 Beds
Houses - £168,558 (24) £219,597 (17) £342,913 (12) £513,658 (6)
Flats - £450,000 (1) - - -
All - £179,816 (25) £242,119 (18) £314,330 (15) £517,619 (8)

Nearby Properties

8 bed Detached house () Truthan, Truro, Cornwall TR4 £2,950,000
0 bed () Towan Valley, Porthtowan, Truro TR4 £2,750,000
0 bed Detached house () Towan Valley, Porthtowan, Truro TR4 £2,750,000
4 bed Detached house () Restronguet, Mylor, Falmouth, Cornwall TR11 £2,500,000
5 bed Detached house () Holywell Bay, Newquay TR8 £2,000,000
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