For Sale Waveney Valley Lakes Wortwell Norfolk IP20 0EJ March 2016
A prime holiday lodge and static park with excellent further profitable sales potential, spaciously set out around one of the finest coarse fishing centres in the country Site licence and planning consent for 100 holiday caravans/lodges with 12 months use, all set around 11 well stocked fishing lakes. The majority of pitches have lake frontage 75 lodges and caravans privately owned, 6 hire fleet units, 19 vacant pitches 18 recently developed and serviced ready for profitable sales Central complex with office/retail tackle shop and separate sales office, and WC/shower facilities 4 bedroom owners farmhouse (available separately as Lot 2) set in its own private garden with lake frontage Workshop/maintenance compound including a very large storage barn (circa 10,000 sq ft), housekeeping area and storage container Profitable business, currently operated under management could equally be operated in hand Well located in the River Waveney Valley In all about 21.9 ha (54.132 acres) of mature grounds including cricket bat willow plantations For sale freehold as a going concern Offers invited in the region of 3,700,000 as a whole or in two lots. Lot 1 - the Park 3,250,000; Lot 2 - Lakeland House 450,000 Background and the Opportunity Waveney Valley Lakes were established in the Second World War when aggregate for local aerodromes was excavated to form the lakes. In the 1960s, a large stock of coarse fish to include carp, tench and bream were introduced to the lakes which, with careful management, have gradually grown and multiplied and make Waveney Valley Lakes very special and one of the best known fisheries in the country. The lakes now hold carp of 30 lbs plus and two lakes are licensed to hold catfish of over 50lbs and there are bream of up to 13 lbs. The vendors purchased Waveney Valley Lakes in 1997 and, during the period of their ownership, they have gradually improved and extended the property to form one of the finest coarse fishing centres in the UK which combines the fishery business and a profitable mixed holiday lodge and static caravan park, all set in about 21.9 ha / 54.132 acres of mature grounds. The main profit centre is the caravan and lodge business and customers are not all fishermen but people who simply enjoy the experience of owning a holiday home in a well laid out and tended complex overlooking water. The property has considerable further development potential and profit centres which may be exploited by a new owner to include: 18 vacant developed pitches (12 caravans and 6 twin lodges) with show caravans and lodges sited on 4 pitches and one undeveloped pitch there is space on the site for additional pitches, subject to planning. The vendors have recently entered into a joint venture on a 50/50 basis with a specialist contractor for the planting of cricket bat willows on land which is marsh and undevelopable. The willows will be grown over a 15 20 year cycle and are expected to yield in excess of 50,000 to the park owners based on current prices. Under the contract, the contractor will do all the work and manages/harvests the trees. There is space for additional caravan/lodge development, subject to planning. The vendors inform us that the property has never flooded during the time of their ownership since 1997/8 and they are looking to retire from the business.
Location Waveney Valley Lakes is well located in the River Waveney Valley on the south-eastern outskirts of the village of Wortwell which lies just off the A143 Great Yarmouth Road, between the market towns of Diss (approximately 11 miles to the south-west) and Bungay (approximately 6 miles to the north-east) on the Norfolk/ Suffolk borders. There is a local pub in Wortell and the local town of Harleston provides a wide range of independent good quality local retail and service outlets. There is easy access from the park to the coast which includes centres such as Southwold and Aldeburgh and also to the Norfolk Broads National Park with the River Waveney forming one of the main navigable rivers on the system up-stream. Communications to the property are good and include improvements to the A143 which now bypasses many villages including Wortwell and there is access to the A11, A12 and A14 trunk routes within 30 miles which in turn connect into the national motorway network. There is a train station at Diss on the main Norwich line with regular InterCity services to London Liverpool Street Station.
Description Lot 1 Waveney Valley Lakes The property stands in mature landscaped grounds which are accessed via either a shared entrance drive from Wortwell Village or a separate entrance to the north-east of the village which is currently not used and would provide a new exclusive access to the property. From the existing park entrance, driveways radiate out around the park and fishery leading to 11 lakes overall, the majority with caravan / lodge pitches surrounding and predominantly spaciously laid out to provide each lodge with their own lakeside garden with private swim. Overall, the property has consent for up to 100 holiday caravan pitches with 12 month use of which 99 pitches have been developed with 18 currently vacant and space for a final pitch and potential for more, subject to planning. The existing pitches may be divided as follows: 16 Lodge pitches occupied by privately owned lodges 1 Hire fleet lodge 5 Hire fleet caravans - 1 basic and 4 luxury 6 Developed vacant lodge pitches 2 with show lodges sited 1 Undeveloped lodge/caravan pitch 56 Caravan pitches occupied by private caravans 12 Developed vacant static pitches two with show homes sited 3 Original lodge units held on long lease 100 Total In addition to the caravans, there are 13 unallocated swims on the lakes which are available for day ticket, weekly or longer term sales. A former toilet block which is no longer used is located beside one of the lakes and may be converted to a bicycle store. In addition, there is a separate pedestrian access to the village and in particular to the Wortwell Bell, Suffolk Cider Pub of the Year 2015. The park is set out in a high quality landscape incorporating the lakes with carefully tended banks and grassland. There is a separate maintenance compound which comprises an open storage area with steel container and a gas cage. There is also a former large chicken shed with a concrete floor and an overall area of approximately 1,016 sq.m./10,800 sq.ft. (83m x 12.25m 272 x 40 ), which is currently used for storage and has in the past been used in part for breeding fish. There are two areas of marshland to the east of the site on which 326 Cricket Bat Willows have recently been planted which are expected to mature in the next 20 years to produce a profit of over 100,000 at current prices which will be shared with the contractor who looks after the willows and manages the project generally. There is considerable space on the park for additional pitch development, subject to planning. In the centre of the property, close to the entrance, there are four main buildings to include: Reception office and retail unit Selling fishing tackle and baits in a brick built and tiled single storey building with log burning stove, servery with open plan work stations to the rear. The building incorporates approximately 63.75 sq.m./ 686 sq.ft. (11.663m x 5.464m 38 3 x 17 11). Sales office with housekeeping centre/stores for hirefleet a brick built building under a tiled roof which has been converted from a former licensed members bar, shop and laundry to a spacious sales office for caravans/lodges and also houses at one end a housekeeping store with separate entrance, used in connection with the hire fleet caravans. The sales office has recently been redecorated and includes a log-burning stove. The office measures 8.322m x 5.871m (27 x 19 3). Fishermen s WC / shower block, fitted to a good standard.
Lot 2 Lakeland House Lakeland House is a detached four bedroom owners / managers house set within its own grounds and garden with lake frontage. The house is a former two storey farmhouse of brick construction under a tiled roof. It has been well modernised and has its own parking area to the front with a central fish pond feature. Front and side doors lead into the house which comprises the following accommodation: Ground floor Entrance porch - fully enclosed with cupboard off and door to: Hallway - with stairs to first floor, cloakroom and two cupboards. Lounge 4.983m x 3.474m (16 4 x 11 5) with door to: Conservatory 1 4.367m x 2.429m (14 4 x 8 ) with door to garden. Kitchen/dining room 6.715m x 4.056m (22 x 13 4) with timber wall and base units with worktops and an island. The kitchen incorporates a 5 ring gas hob, double electric oven unit and sink unit. From the kitchen there is access to a utility room and to: Conservatory 2 7.271m x 3.91m (23 10 x 12 10) with doors to private garden area fronting lake. Utility room adjoining the kitchen with space for 4 machines and a sink unit. Office/games room 9.717m x 3.409m (31 10 x 11 2) max. L shaped forming the former site office and currently used as an office but could equally be converted to alternative use. The office has its own access to the parking area beside the house. First floor The staircase from the hallway leads up to a landing with doors to the following rooms: Bedroom 1 3.451m x 1.957m (11 4 x 6 5). Shower room fully fitted with shower unit, bidet, wash hand basin and WC. Separate door to master bedroom to create en-suite facility. Master bedroom 2 4.414m x 2.907m (14 6 x 9 6) with full wall of built in wardrobes with sliding mirror doors. Separate door to shower room. Bedroom 3 3.933m x 2.948m (12 11 x 9 8) with double wardrobe built into wall and incorporating en suite WC and shower room. Bedroom 4 4.374m x 1.987 (14 4 x 6 6) with wash hand basin. The garden area to the front of the house is mainly laid to lawn with a summer house and lake frontage which is private from the rest of the site. To one side of the house, there is a concrete yard with a large single storey storage building of block construction with double doors. Services The property is connected to the following services: Mains Water metered to the property caravan owners pay a contribution to the cost of water services. Drainage private systems in the grounds of the property to include 4 Klargesters and 3 septic tanks all with discharge licences as required. Mains electricity metered to the site with metered 32 amps supply to the lodges and 16 amps to the caravans. LPG 3 underground bulk tanks supply the newer pitches with each pitch metered. The remaining pitches utilise bottled gas. Heating and hot water Lakeland house has the benefit of an oil fired central heating and hot water system. The offices and retail unit each have log-burning stoves and electric hot water systems. The toilet / shower block has an electric hot water system. Central services WiFi is available on the property to all pitches for which a charge is made on an annual or shorter term basis. Approximately 19 newer pitches are connected to a central TV point. The requisite Environment Agency discharge licences are held by the vendor and will be transferred on completion of the sale.
The Business The existing business is well established and largely managed by the vendors from abroad with the assistance of a full time manager. In addition, there an administrator / sales person who works four days per week (30 hours), two full time handymen / groundsmen, a part time caravan salesman who works 2 days per week, a site warden who has his own touring caravan on the park, and a part time cleaner. The current pitch fees, exclusive of VAT, rates, water rates, refuse collection, electricity (including standing charge) and gas are at a high level of 2,801.81 for a static caravan and 3,907.97 for a lodge. The three long leasehold park homes command a ground rent of 5,320 overall subject to annual review in line with the Retail Prices Index. The vendors currently operate a good quality modern hire fleet of 5 caravans and 1 lodge which are available for letting throughout the season at prices for caravans in the range of 455 to 675 per week and for the lodge at 795 to 995. The letting tariff is exclusive of fishing which is paid for in addition at a day / weekly ticket rate ( 130 per week, per unit on average). Caravan and lodge sales are an important part of the business and new lodges have been achieving in the range of approximately 150,000-190,000. On caravan sales a 30% margin at least to exclude decking, insurance, site fees etc. and recent caravan sales have been achieved in the range of 64,000 to 70,000 which generates 20,000 to 25,000 profit per sale. There is a 15% commission on any second-hand caravan or lodge sales and the caravans owners have a licence of up to 15 years and the lodges 35 years and thence the agreements are by negotiation. Historically, 3 lodges are held on long lease. The vendors estimate fish stocks in the lakes at 250,000 to 500,000 in value and they generate substantial additional income from the sale of fishing tackle, bait and day tickets. The vendors have also previously operated a fish farm within a part of the former chicken shed. In addition, there are two stock ponds on site for the further rearing of fish to maintain stock levels in the lakes. Turnover for the business has increased considerably in the last 2 years with sales of new units and was in the order of 1m in the financial year ending 31 March 2015 which provided an adjusted EBITDA (earnings before interest, tax, depreciation and amortisation, and to exclude owners private expenses) in the order of 242,500. This profit is likely to increase to 350,000 in the current year following good sales in 2015 which are likely to continue in 2016 on the basis of current interest. Additional profit from new pitch fees is being and should be achieved as additional lodges and caravans are sold and there are currently a number of commission sales which are likely to be realised in 2016/17. Planning, site licence and licences Planning consent is fully in place for the existing development to include 100 lodges/caravans with the lodges and caravans having 12 month holiday occupancy. Lakeland House has full residential consent. The property has a caravan site licence for up to 100 static pitches (which may include lodges) and for all year round holiday use. The vendor has a licence to stock catfish in two of the lakes. Outgoings The property has a rateable value of 38,850 and the rates payable for 2014/15 are 19,153.05 at 49.3p in the. Lakeland House is in Council Tax Band D and the amount payable for 2015/16 is 1,548.22 and there is one caravan which is in Band A which is occupied by a staff member. EPC An EPC for the central office, house and sales office has been commissioned.
Tenure The property is held freehold subject standard caravan licences in respect of the majority of the privately owned lodges and caravans. There are 3 caravans which are old twin park home units which were sold in the mid/late 1990 s on 99 year leases subject to an annual RPI linked ground rent and service charge per annum. The existing main driveway from the village is shared with adjoining land owners who all pay a fair proportion of the upkeep. The warden occupies their own touring caravan on site. Two areas of marshland which are unusable for any holiday use are held on a joint venture basis with a third party contractor for up to 25 years for the growing of 326 cricket bat willows which have recently been planted. There is no rent payable but the sale proceeds of the willows will be shared between the owner of the property and the contractor on harvest in circa 17 20 years. The trees are maintained by the contractor throughout the period of the agreement and at current prices the harvest would yield the park owner circa 50,000. Terms of Sale The property is offered for sale freehold as a going concern with the benefit of the fish stock and a right of access along the existing entrance driveway. Other stock is specifically excluded from the sale and will be paid for at valuation, in addition. Viewings and Directions Viewing of the property is strictly by appointment through Bilfinger GVA Retail, Hotels and Leisure. To book an appointment, please contact John Mitchell BSc MRICS. 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 status of the sale in order that they do not make a wasted journey to the property. Directions: The property is approached off the A143 between the centres of Diss and Bungay. Proceed to the village of Wortwell which is located off the main road (A143) about 10 miles north of Diss and via the second (north-eastern) Harleston roundabout. After about 1 mile from the roundabout, pass the Bell public house and garage on the right at the entrance into Wortwell. At the caravan sign on the left in the middle of the village, turn right into the driveway and pass through the pillars at the top of this driveway into Waveney Valley Lakes. The postcode is IP20 0EJ. Further Information For further information or an appointment to view, please contact: John C Mitchell BSc MRICS 020 7911 2489 john.mitchell@gva.co.uk
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