For Sale AYSGARTH, NR LEYBURN, NORTH YORKSHIRE DL8 3SP

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1 For Sale AYSGARTH, NR LEYBURN, NORTH YORKSHIRE DL8 3SP A well established and profitable holiday letting lodge estate of a high quality, in the heart of the Yorkshire Dales 1

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3 Unparalleled location in Bishopdale, on the edge of Wensleydale, within the Yorkshire Dales National Park 3

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5 SUMMARY n 55 modern fully-furnished holiday letting units (50 lodges) plus 4 owner-occupied lodges and 2 holiday static caravans n Planning consent for an additional 20 holiday lodges n Hendersons Bar and Restaurant (recently extended to provide 50 covers) offering high quality dining for local clientele and lodge guests n Lodge letting income of 1.1m for Year Ended 31st March 2016 n Lodge letting income forecast to March 2017 of 1.133m and Hendersons turnover 168,508 for the same period n Full letting agency through market-leaders, Hoseasons n Detached four bedroom traditional Yorkshire farmhouse (requiring further renovation) and adjoining one bedroom furnished cottage n Extending to around 7.97 hectares (19.75 acres) of mature landscaped grounds with views of the surrounding Yorkshire Dales countryside For sale freehold as an operational entity. 5

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7 THE OPPORTUNITY The Westholme Estate offers investors and operators a variety of opportunities to further develop the business: Development of up to 20 additional lodges which already have planning consent, with service connections in place and adequate capacity to service these additional units. Completion of the farmhouse refurbishment subject to the completion of various outstanding works (including, for example, windows, kitchen and bathroom refurbishments) this attractive and substantial property would be ideal for owner occupation, as a substantial holiday letting unit or for separate sale. Individual sale of buy-to-let lodges following the example of other successful lodge sales schemes, the opportunity exists to sell lodges to private investors and provide them with an attractive return on investment from holiday letting (combined with a holiday home for their occasional use) Individual sale of lodges for owner-occupation as with many other lodge developments, the sale of lodges on long lease or licence with the requirement for a pitch fee (or service charge and ground rent) is a strong option for the remaining development on the park, or potentially for sale of some of the existing letting lodges. 7

8 A66 A1(M) Hartlepool YORKSHIRE DALES NATIONAL PARK Bellerby A591 A66 A688 A66 Darlington Middlesborough Hawes A684 Bainbridge Askrigg Redmire A684 Wensley Leyburn Kendal A6 M6 A684 Richmond Leyburn Thoralby West Burton West Witton Middleham Barrow-in-Furness Morecambe Lancaster A65 Ripon A1(M) A19 Skipton A59 Harrogate York Blackpool M6 A59 M65 Bradford Leeds A19 LOCATION Westholme Estate enjoys an attractive countryside Wensleydale is a highly popular destination given In addition there are a variety of family-friendly Approximate distances to the property are: setting in beautiful Wensleydale, in the heart of the Yorkshire Dales National Park. Located approximately 1 mile to the east of the village of Aysgarth, famous for the spectacular Aysgarth Falls (as featured in Robin Hood, Prince of Thieves ) with the historic market town of Leyburn 7 miles to the east. its central location within the National Park and with a host of charming and picturesque towns and villages nearby including Hawes (location for the James Herriot TV series), Leyburn, Aysgarth, Askrigg, Constable Burton, Bainbridge and Middleham. For walkers, cyclists and outdoor enthusiasts there are many suitable routes (including part of the 2014 visitor attractions and places of interest in the local area including Bolton Castle, the Forbidden Corner, the Wensleydale railway and the famous Wensleydale Creamery at Hawes. Over the fells to the north is Swaledale and the historic market town of Richmond; to the south is Wharfedale and towns such as Grassington, Skipton and Ilkley all Leyburn Richmond Kendal Harrogate Middlesborough Leeds 7 miles 16 miles 36 miles 40 miles 45 miles 55 miles Close to the A684 main road, which runs the length of Wensleydale, there is good access via the A1(M) near Bedale, some 19 miles to the east. To the west, over the Pennines, is the M6 (Junction 37) being around 31 miles away. Tour de France which ran through the Aysgarth area) and paths to enjoy indeed, the Yorkshire Three Peaks (Whernside, Ingleborough and Pen Y Ghent) are within easy reach and all the features of a classic limestone landscape, including limestone pavements, caves and potholes, scars and fells. within easy reach. The recent improvement of the A1 Motorway and Bedale bypass has made this spectacular location more accessible than ever before. 8

9 DESCRIPTION HENDERSONS BAR/ RESTAURANT AND RECEPTION Westholme Estate enjoys a south-easterly aspect with excellent Dales views across open countryside towards Dove Scar and the Height of Hazely. The property has been developed in a series of tiers down to Bishopdale Beck at the south eastern boundary. Access to the property is well signed from the village centre of Aysgarth and A684 via a minor road, Westholme Bank. There are 2 splayed entrances, the lower one leading to the main reception and Hendersons. The park has an attractive central facility accessed via the lower entrance road, with car parking area and terrace to front. The main building incorporates a reception/office and modern bar/ restaurant known as Hendersons. Constructed of stone with steel profile pitched roof, the building has recently been extended to increase the restaurant area and the number of covers has grown to 50. Fully furnished to a high standard, the award-winning restaurant is popular with lodge guests and local clientele alike. The accommodation comprises: n Reception office n Rear office/store n Kitchen n Preparation area (recently extended) and cellar n Bar/restaurant area, with central feature fireplace, providing 50 covers n Private dining/tv lounge n Separate ladies and gents toilets n Disabled WC/shower 9

10 N Bishopdale Beck Vacant plots when caravans removed Children s Play Area Laundry Block Hendersons Bar/Restaurant Manager s Cottage Westholme Farmhouse KEY Cedar/Cedar VIP Maple/Maple VIP Maple Superior Sycamore VIP Beech VIP Oak/Oak VIP Laburnum/Premier VIP Owner-occupied lodges Owner-occupied statics Vacant Plots 10 Indicative only. Not to scale.

11 THE HOLIDAY ESTATE Westholme Estate is a well-established holiday lodge park with consent for 74 holiday units, and is a broadly rectangular area of land extending to approximately acres (8 hectares). The development is in a highly attractive setting at various levels running down to the stream which forms the western boundary. The current development consists of 50 lodges, including 5 pairs of semi-detached units, providing a total of 55 letting units (1 currently utilised as staff accommodation), together with 6 owner-occupied holiday static caravans/lodges. All the letting lodges are exceptionally well appointed and furnished for holiday letting, with modern kitchens featuring integrated appliances including hob, microwave, fridge freezer and dishwasher. Open-plan living areas equipped with LCD TVs and DVD players, including FreeView to all lodges. Excellent ensuite shower/ bathroom facilities. Each lodge has a private terrace or veranda and there are 44 lodges with private hot tubs. All lodges are let through Hoseasons letting agents. LAUNDRY BLOCK Situated close to the main reception there is a single storey, stone-built detached building with a multi-pitched profile metal and Yorkshire stone roof which comprises a recently-enlarged laundry area and cleaning store, with 2 toilets, 2 showers and external wash-up area. Name Cedar and Cedar VIP Maple and Maple VIP Maple Superior Sycamore VIP Beech VIP Oak and Oak VIP Laburnum VIP and Premier VIP Unit description Semi-detached real log lodge (sleeps 2): open plan kitchen/living area, 1 double bedroom with en suite shower, outside terrace; VIPs with hot tub. Detached timber-clad lodge (sleeps 4): open plan living area, 1 double and 1 twin bedroom, shower/bathroom; VIPs with hot tub. 17 with hot tub. Detached timber-clad lodge (sleeps 4): open plan living area, 1 double with en suite and 1 twin bedroom, shower/bathroom. Detached timber-clad lodge (sleeps 4); open plan kitchen/living area, 1 double and 1 twin bedroom, shower/bathroom; outside decking with hot tub. 7 with en suite. Detached real-log luxury lodge (sleeps 4): Large open plan living area, double bedroom with en suite shower, twin bedroom with bathroom; terrace with hot tub. Detached real-log deluxe lodge (sleeps 4) open plan living area, double bedroom with en suite, twin bedroom, bathroom, with terrace; VIPs with hot tub. Detached real-log luxury lodge (sleeps 6) open plan living area, 2 double bedrooms (1 with en suite shower), twin bedroom, bathroom; terrace with hot tub (Premier with 3 double bedrooms). Number of letting units Number of lodges/pitches Owner occupied lodges 4 Owner occupied statics Seasonal licenses 2 Vacant plots 20 marked on plan (but note planning restricts site to 74 pitches) 20 CHILDREN S PLAY AREA A spacious children s play area with a mix of wooden play equipment and picnic tables, all laid on a well maintained area of lawn. PETS CORNER / ADDITIONAL LAND The park has its own pet s corner with stables and 2 further paddocks accommodating sheep, horses, chickens and other farm animals. There is further land to both the south eastern section (subject to flood risk) and to the north east of the property, the latter area having consent for the further lodge development. 11

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13 WESTHOLME FARMHOUSE THE FARMHOUSE COTTAGE ANNEXE SERVICES With its own access from Westholme Bank, and enjoying privacy as well as some fine long-distance Dales views, this former traditional stone-built farmhouse with Yorkshire slate roof, whilst in need of some refurbishment, would make an excellent owner s dwelling or family holiday letting unit. Currently divided in two with a fully renovated annex forming a separate manager s unit, the accommodation comprises: Ground floor - Hallway/main entrance, kitchen with utility and rear entrance and living room First floor - 3 double bedrooms, 1 with en suite shower room and family bathroom Outside - There is a substantial lean-to workshop, enclosed private garden area to front and side with an adjoining orchard/small paddock. Tastefully modernised to provide comfortable manager s accommodation: Ground floor - Rear entrance/utility and cloakroom, kitchen and living room First floor - Front bedroom, rear bedroom/box room and bathroom/wc The property has the benefit of the following services: Water metered mains supply Electricity - metered 3 phase mains supply with the lodges individually metered. Drainage - gravity-fed to a series of holding tanks, then pumped to mains. Gas/heating - underground LPG gas tanks, supplying the individual central heating systems in all lodges and Henderson s. Westholme Farmhouse and the Cottage have separate mains electricity and water supplies, but feed into the park s drainage connections. Agent s note: the services have not been tested or investigated, as prospective buyers should satisfy themselves of their capacity and condition prior to commitment to purchase. 13

14 N PLANNING AND LICENSES Planning permission was originally granted for the property as a holiday static and touring park. Planning permission was subsequently granted in 2007 on the basis of a lodge master-plan for a scheme of 74 holiday lodges in place of the static and touring pitches (although 2 static privately owned caravans still remain). The property has the substantial benefit of all-year-round holiday use, which was granted in July Hendersons Bar and Restaurant has a Premises Licence for the sale of alcohol on or off the premises from am to 1.00 am for 7 days of the week. There is a separate PRS licence. The park has its own website at along with prominent holiday lodge listings at TRADING The park is currently operated by a park manager and 6 permanent staff together with approx 9 part time / seasonal cleaning and restaurant staff as required. The holiday lodge letting business has been well capitalised and has now been established for over 6 years, with a mixture of revenue streams including: n Lodges for holiday hire (54 letting units on 49 pitches) let through Hoseasons, generated 1,110,825 in the year to March 2016, or 20,570 per unit. n Henderson s (wet and dry sales) achieving a turnover of 165,204 to March 2016, budgeted to increase to approximately 168,500 in n Pitch fee income for the 2 holiday static caravans and 4 owner-occupied lodges in 2016 is approximately 12,600 (Exclusive of VAT and electricity). CURRENT AND PROJECTED PROFITABILITY Trading for 12 months to 31st March 2016 and 2017 (9 month actual / 3 month forecast), together with budget figures for 2018 are summarised below: Revenue Actual 2016 ( ) Forecast month actual / 3 Budget 2018 ( ) month forecast ( ) Lodge letting income 1,110,825 1,133,041 1,155,702 Static / lodge pitch fees 12,603 12,855 13,112 Hendersons restaurant 165, , ,878 Lodge sales Sundries 11,125 2,391 2,463 Total Revenue 1,299,757 1,316,795 1,343,155 Cost of Sales -518, , ,864 Lodge purchases Gross Profit 780, , ,309 Overheads -354, , ,023 EBITDA 426, , ,286 The forecast is for hire income to grow at 4% per annum from increased occupancy and tariff growth, with an assumption of the development of the remaining plots for holiday letting units within 2 years and the sale of 1 lodge each year, to provide a projected Internal Rate of Return of circa 14% ungeared. 14 Indicative only. Not to scale.

15 EPCs The energy performance ratings for the buildings at Westholme Estate are as follows: Westholme Farmhouse D Toilet/Laundry Block Reception and Bar C CAPITAL ALLOWANCES B Designed by Substantial capital allowances may be available on the property assets subject to valid entitlement and agreement with the vendors. TERMS OF SALE AND GUIDE PRICE The property is offered for sale freehold by private treaty as an operational entity at an asking price of offers in the region of 4.5m. Wet and dry stock, is available by agreement at valuation upon Completion. Access to the property dataroom is available upon request to seriously interested parties upon registration. Please note that viewing is strictly by appointment only through the joint sole selling agents, GVA and Colliers International. No unscheduled visits to the property will be permitted. Prospective parties are requested to contact the joint sole selling agents to determine the status of the sale prior to travelling to inspect the property in order to avoid a wasted journey. Many (if not all) of the lodges may be unavailable for internal inspection as they are likely to be occupied by holiday visitors. CONTACT /8658 Peter Smith t: +44 (0) m: +44 (0) peter.smith@gva.co.uk John Anderson m: +44 (0) john.anderson@gva.co.uk Richard Moss t: +44 (0) m: +44 (0) richard.moss@colliers.com Robert Smithson t: +44 (0) m: +44 (0) robert.smithson@colliers.com 15

16 /8658 Peter Smith t: +44 (0) m: +44 (0) John Anderson m: +44 (0) Richard Moss t: +44 (0) m: +44 (0) Robert Smithson t: +44 (0) m: +44 (0) IMPORTANT NOTICE GVA, and its joint agents, Colliers International, give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person employed or engaged by GVA, or its joint agents, Colliers International, has any authority to make any representation or warranty whatsoever in relation to this property. GVA is the trading name of GVA Grimley Limited, Colliers International is the licensed trading name of Colliers International Property Advisers UK LLP which is a limited liability partnership registered in England and Wales with registered number OC Colliers registered office is at 50 George Street, London W1U 7GA. Conditions under which particulars are issued by GVA Grimley Limited for themselves, for any joint agents Colliers International 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 Colliers International have 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. Reproduced by courtesy of the Controller of HMSO Crown Copyright reserved. Licence No 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. These particulars were produced in February 2017 with a mixture of current and archive photography. 16