For Sale. gva.co.uk/9021. Indio Lake. Newton Road Bovey Tracey Devon TQ13 9DY. October 2015

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1 For Sale Indio Lake Newton Road Bovey Tracey Devon TQ13 9DY October 2015

2 A profitable leisure lifestyle investment combining a secure income with a lakeside home in the mature grounds of a former monastery A former 3/4 bedroom lakeside house converted to 2 flats currently used for holiday letting - but would make an idyllic owner s home overlooking a lake 12 privately owned quality holiday lodges with secure and index linked plot fees of 35,760 per annum Lodge letting business managed on behalf of private lodge owners Commission on sale of lodges In all about ha / acres of mature landscaped grounds including a fine ornamental lake For sale freehold as a going concern Offers invited in the region of 895,000 Background and the Opportunity Indio Lake was developed by Charteroak Estates Ltd in 2009 as a quality second home holiday lodge development with the lodges successfully sold to individual owners on long term agreements subject to an index linked plot fee together with a commission which is paid on the sale of any of the lodges. In addition, the developers converted a former house to form 2 luxury holiday letting apartments which currently have a combined turnover of 49,500 per annum and it would be perfectly possible for a new owner to simply convert these units back to a house for their own use or continue to let them or live in one whilst using the other as a holiday unit. Indio Lake is set in part of the original curtilage of a monastery which became a nunnery in the reign of Henry II and the property formed the original pond garden which is surrounded by mature trees and rhododendrons. The original lake is full of water lilies and stocked with fish and there is a second smaller lake. It makes the perfect peaceful setting for a small scale, quality holiday lodge development and is offered for sale for the first time since its successful development by Charteroak Estates Ltd.

3 Location Indio Lake is located approximately ½ mile south of the village of Bovey Tracey which stands below the south-eastern escarpment leading up onto Dartmoor and close to the A38 Devon Expressway between Exeter, 16 miles to the east and Plymouth, 30 miles to the west. The village of Bovey Tracey is serviced by a wide variety of local retail and service outlets as well as a leisure centre within a few minutes walk of the property. The town centre of Newton Abbot lies approximately 5 miles to the south-east. The location of the property for tourism and leisure facilities is prime with access to Dartmoor National Park within 5 minutes drive and to the coast at Teignmouth and Torquay (The English Riviera) within 20 minutes or thereabouts. There are two golf courses within 5 minutes drive and horse riding is plentiful with Dartmoor providing vast opportunities for extensive out-riding. In addition there are cycle links and trails within a few miles which lead to the coast and onto Dartmoor. Leisure attractions in the area include Teign Valley Glass, Stover Park, Canonteign Falls, Devon and Exeter Racecourse, The Miniature Pony Centre and Castle Drogo. Further afield there is the South Hams area of Devon which includes such well known coastal centres as Dartmouth and Salcombe. Communications to the property are extremely good with access to the A38 dual carriageway which links Exeter and Plymouth within two miles or thereabouts. The A38 links into the M5 at Exeter. The town of Newton Abbot is on the main western region line from Penzance to London Paddington. There is a regional airport at Exeter.

4 Description The property is approached off Newton Road with a shared access over a short distance which leads through a glade area of mature trees to a secure coded entry gate into the site. A gravel entrance drive passes between a garage building with 2 garages and the original house which has been converted to two letting holiday apartments and stands in a small private garden area. The Property and Holiday Lodges From the entrance, the driveway forks, leading around the smaller pond area and to the lodges located on the south eastern side of the main lake. Indio Lake comprises two mature lakes around which three original holiday chalet buildings have been converted and refurbished to form built lodges and nine additional holiday lodge units have been further developed and sold to individual owners. All the lodges, except one, have views over one of the lakes and a footpath leads round the larger lake with access onto a couple of small islands and to a few lakeside fishing swims. There is an open area of lawn around the entrance area. This is in addition to the main house overlooking the large lake. The lodges all enjoy a good degree of privacy with wide spacing and landscape between them and some lodges have cantilevered balconies over the water. The two lakes are both well stocked with coarse fish and the larger lake has wide swathes of mature water lilies. The developed modern lodges comprise 2 or 3 bedroom units which have all been sold. A particularly attractive feature of the property is the mature landscape which includes mature trees around the boundary and within the property, all of which are subject to a blanket Tree Preservation Order, together with rhododendrons and other evergreen shrubs around the lakes. The natural habitat makes the property relatively easy to maintain. All the lodges have a car parking space. The overall property presents exceptionally. The House/Letting Holiday Apartments The house lies to one side of the entrance into the property in its own private garden area overlooking the main lake. It was refurbished and converted by the vendors to create two luxury holiday letting apartments but was designed to easily reconvert to form a single private owner s dwelling with space left for the stairwell to be re-instated, etc. The house is two storey with part rendered, part timber clad elevations under a tiled roof and incorporates approximately 1,400 sq. ft. of space The accommodation comprises:- Ground Floor Apartment and Management Area Ivy Apartment comprises a living room / dining room, kitchen, double bedroom and a bathroom. There is a wide timber decked terrace at ground floor level overlooking the lake with a covered veranda area with a hot tub. At one end of the house, there is a single storey extension which currently forms a separate office and linen store which is used to service the letting of the lodges. First Floor Apartment Oke Apartment is approached by an outdoor staircase and comprises a two bedroom unit with open plan lounge and kitchen, a double bedroom, twin bedroom, family bathroom and a private balcony overlooking the lake with a hot tub at one end. A small private garden surrounds the property with a vine covered pergola area to the rear. Services Mains electricity, water, drainage and gas (all metered as appropriate to each unit) are connected to the property and to each lodge and the house. Some of the drainage to the lodges on the eastern side of the property is pumped and there is a rainwater harvesting and recycling system. The holiday lodges and apartments each have gas fired central heating and hot water systems. There is a CCTV system monitoring the entrance and garage unit.

5 The Business The site is currently managed by a permanent employee and there are currently four primary sources of income from the property as follows:- Plot fees for each lodge are 2,980 from 1st February 2015 and the plot fee is reviewed annually in line with the Retail Prices Index. The plot fee covers the cost of the maintenance of the common parts of the property, to include service connections, and the overall management cost of the property which has averaged approximately 15,000 per annum. The existing owner operates a letting service for the lodge owners through Blue Chip Holidays. The cleaning of the lodges is organised by the vendors who use a local contractor, but is fully paid for by the lodge owners together with laundry, breakages and other inventory repairs/renewals. Seven of the lodges are currently let through this system and the vendors use Blue Chip Holidays for marketing the lodges. A minor source of income from the lodges is derived from a commission payable on the sale of a lodge between private owners which is based on 100 plus RPI from 1 February In addition a commission arrangement has been separately agreed with a local estate agent paying around 1% of the sale price achieved. Lodges have recently changed hands in the order of 170,000. Finally, the existing holiday apartments are let directly by the vendors and achieve a high level of occupancy. The apartments are let though Blue Chip Holidays on a weekly and short break basis and achieve weekly rents of 465-1,095 throughout the year. Recent turnover from the apartments has been in the order of 49,500 per annum. The option is available for a new owner to retain this income or a part of the income from one unit depending on whether they live on site. Planning and Licences The overall property has planning consent for its existing use and there is a site licence in respect of the nine lodges, with an all year round season. The house has a residential use restricted to an owner of the overall property, albeit it has been used for a number of years for holiday letting. EPC EPC s for the two apartments have been recently carried out and are assessed as follows: Ivy Apartment (ground floor): 71 Oke Apartment (first floor): 75 Tenure The overall property is held freehold, subject to three identical leases in respect of the built lodges and nine licences in respect of the lodge. The agreements are similar in format and are for 125 years at an initial ground rent/pitch fee of 2,500 per annum which is index linked and reviewed annually by reference to the Retail Prices Index. The agreements are fully repairing and insuring with the park owner responsible for the upkeep of the grounds and services to each unit. The lodges may only be used for holiday purposes and not as a person s main residence.

6 Outgoings The rateable value of the park is 12,500 to include the two holiday apartments in the house and the rates payable in 2015/16 are therefore 6, at 49.3p in the. Terms of sale The property is offered for sale freehold as a going concern. Any stock is to be purchased in addition at valuation. 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. To make 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: From Exeter at the end of the M5 Motorway at Exeter, head south-west on the A38 towards Plymouth for approximately 5 miles until the exit signposted for Bovey Tracey and Moretonhampstead (A382). Take this exit and then take the 4th exit off the roundabout for Bovey Tracey and Moretonhampstead. Follow this long straight road through woodland until arriving at a further roundabout after about a mile. Take the third exit towards Bovey Tracey on Newton Road and the entrance to Indio Lake will be found within about 200 yards on your right. The postcode for the property is TQ13 9DY.

7 London Birmingham Bristol Cardiff Dublin Edinburgh Glasgow Leeds Liverpool Manchester Newcastle Published by Bilfinger GVA. 65 Gresham Street, London EC2V 7NQ Copyright Bilfinger GVA. Bilfinger GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide Limited, an independent partnership of property advisers operating globally. Bilfinger GVA is a Bilfinger Real Estate company. For further information or an appointment to view, please contact: John C Mitchell BSc MRICS john.mitchell@gva.co.uk Bilfinger GVA is the 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. 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 gva.co.uk/hotelsandleisure