For Sale Riverview Holiday Park, Restaurant and Residential Estate Station Road Cogenhoe Northampton NN7 1NH gva.co.uk/8879
Summary A well established leisure investment opportunity with holiday home park, restaurant (let) and portfolio of let residential / quasi-residential units in an accessible and popular tourist location Licensed for 59 holiday static pitches 53 privately occupied, 2 rental units (let on seasonal basis) and space for the new development of 1 further twin holiday pitch. 5 residential / quasi-residential units all on AST s and yielding 35,580 per annum Restaurant let on a lease with about 3.5 years remaining at current rent of 26,000 pa exclusive. Park office In all about 1.693 ha / 4.184 acres of mature landscaped grounds overlooking the River Nene For sale freehold as a going concern Offers invited in the region of 1.95m Riverview Holiday Park Restaurant and Residential Estate, Station Road Cogenhoe Northampton NN7 1NH
Background and the Opportunity Riverview was purchased by the vendors in 1996 and during their ownership, they have developed / redeveloped most of the property to include the restaurant which they originally operated themselves and a number of the residential/quasi-residential units. Two of the residential units have been refurbished and 3 are new build. The electrical services on the holiday park were recentluy renewed and it has become a very popular park in the area and feeds off a number of larger parks including Billing Aquadrome which is located to the opposite side of the River Nene in the flood plain. The vendors have operated the property with retirement in mind, taking a less active roll and letting the accommodation. They now wish to retire from the business which presents an opportunity to buy an easily operated business unit with good caravan sales and a secure rental income from a combination of residential and leisure properties. Location Riverview lies on the south side of the River Nene in a rural setting, yet within three miles of the centre of Northampton and approximately one mile south of the A45 trunk route which bypasses Northampton and links into the M1 (Junction 15) to the west and A14 at Thrapston to the north-east. Northampton is a thriving town which has expanded considerably in recent years. The area is a popular base for second home developments; having excellent transport links and being within two hours driving distance of both the London and Midland conurbations. Furthermore, the close vicinity of the park to the centre of Northampton is ideal for the restaurant business. The property benefits from the good frontage to Station Road which links the A45 and the A428 and is within approximately 300 yards of the attractive Billing Lock on the River Nene and a thriving garden centre beyond. Also close by is the Billing Aquadrome site, one of the larger holiday parks in the UK, which has extensive facilities mainly targeted at the younger holiday maker and day tripper. Considerable spin-off benefits are available to Riverview in terms of providing a more peaceful setting for the older generation and the vendor limits caravan sales to people over 50. gva.co.uk/8879
Description The property occupies a mature landscaped site of approximately 1.693 ha / 4.184 acres which lies above the flood plain of the River Nene. A tarmacadam access driveway leads into the property off Station Road to a central car parking area for about 10 cars, fronting onto a site office. Off the driveway, spur roads lead to the individual commercial areas, to include the residential units, restaurant and the caravan park which may be briefly described as follows. The Residential Letting Units There are five residential / quasi residential letting units which are all permanently built and have been refurbished and modernised to a high standard in recent years to create an excellent group of letting units. Three of the units have full residential use, and two of the units are permitted to be let for up to 6 months to the same person but are not limited to a holiday use. All the units are held on assured shorthold tenancies. The accommodation for each unit comprises as follows: The Bungalow It comprises as semi-detached unit with the Studio and has full residential use. The accommodation includes a kitchen / dining room, utility room, lounge with French windows onto a deck and paved patio, two double bedrooms; one with en-suite bathroom, with additional shower unit, and access to the deck and a separate shower room. The Studio adjoining and semi-detached to the Bungalow with electric heating and full residential use. The accommodation comprises a kitchen / dining room with a door through to an inner hall which leads to the lounge with French windows onto a patio garden and a double bedroom with ensuite shower room. The Courtyard a two storey unit which lies close to the Bungalow and comprises an open plan living room / dining room / kitchen, with stairs to a first floor open plan bedroom area within the eaves with an en-suite bathroom at one end. The unit has a motel use which may not be occupied for more than 6 months by any one person. The Cottage a detached bungalow unit for management which measures approximately 1,000 sq.ft. and comprises a hallway / kitchen / dining room, L-shaped lounge with dining area and sitting area and two double bedrooms, one with ensuite shower room and a second separate family bathroom. The Lodge this is separately located at the top of the main car park beside the site office. It comprises a single storey detached bungalow unit of brick and tile construction with front timber deck area from where a door leads to a living room / dining room / kitchen with doorway through to a separate shower room and a double bedroom with en-suite bathroom. It has a motel use which may not be occupied for more than 6 months by any one person. The Restaurant The restaurant is a stand-alone unit which has been let to the same tenant for the last two years who are trading at a high level. The property has its own approach and lies within landscaped grounds with a tarmacadam parking area for approximately 28 cars with garden area to the outside together with a marquee and outside bar area with approximately 20 covers. The marquee has approximately 60-70 covers and is utilised for functions, weddings, etc. The main restaurant was purpose built by the vendors in the late 1990 s and is a single storey unit of brick construction under a pitched tiled roof and comprises a main restaurant area with bar and approximately 60 covers, ladies and gentleman s WCs and a commercial kitchen area with wet and dry stores to the rear. Riverview Holiday Park Restaurant and Residential Estate, Station Road Cogenhoe Northampton NN7 1NH
The Caravan Park The caravan park has been gradually developed over the years and has consent for a total of 59 holiday static pitches with an 11-month season. The park is laid out to one side of the entrance drive and within a courtyard style layout to the rear of the property. The static caravans comprise a mix of units and there are four twin units amongst them. There are currently 53 private owners, 2 rental unit on a long term seasonal agreement for 11 months at 400 per month exclusive of water, electricity and gas), and a vacant undeveloped twin pitch which provides an opportunity for profitable development / sale. Two pitches which have recently been vacated have been left vacant as the spacing is below minimum standards. Services The following services are connected to the property: Mains Water metered Mains Electricity there is a 16-amp supply to the caravans. The caravan area was re-wired approximately 6 years ago. Mains Drainage the bottom half of the caravan park drains to a private pumping station from where it is pumped up to the mains. The remainder of the site is gravity fed to the mains. The majority of the buildings are heated by way of independent LPG fired central heating boilers with shared or individual bulk LPG tanks. The majority of the caravans utilise LPG bottles and The Studio has an electric heating system. gva.co.uk/8879
The Business The income from Riverview provides a secure income, mainly based on rental income form leases and pitch fees together with profitable caravan sales. Riverview Restaurant is let to an individual operator at a rent of 26,000 per annum and the five residential / quasi residential units are let for a total of 35,880 per annum. The existing pitch fees in respect of the privately owned caravans have been set for 2015 at 2,685, inclusive of rates and waste management but exclusive of VAT. There is currently an early payment discount of 323 inclusive of VAT to which most residents subscribe and the total amount payable is 2,900 on this basis. Furthermore, water, gas and electricity are paid for separately. Caravan sales are a particular feature of the park attracting good quality new units in the range of 30,000-65,000 for single units and from which a good level of gross profit is made, normally in the range of approximately 35% 40%. Over recent years, the vendors have expended large amounts of money on maintenance and repairs and these costs should not be recurring in the future and therefore, overall, it is expected that a substantially increased margin and net operating profit may be made from the business in the future. Planning and Licences The overall property has planning consent for its existing use and the restaurant has the benefit of a premises licence. There is a site licence in respect of the static caravans for a total of 59 units, with an 11-month season from the 1st March to the end of January in the following year. The planning in respect of the residential units is a slightly more grey area in that the Bungalow and Studio have full residential use. The Cottage has a residential use for a manager / employee at the property and the Courtyard and Lodge are restricted to a motel use, in which no one person should reside for more than 6 months in every 12 months. Riverview Holiday Park Restaurant and Residential Estate, Station Road Cogenhoe Northampton NN7 1NH
Tenure The overall property is held freehold, subject to assured shorthold tenancies in respect of the residential units which are currently let and there is a 5-year lease over the restaurant, which expires in 2018. The majority of the caravan owners have a written Licence Agreement, and the caravans have all been sold on the basis that caravans over 15 years could not be resold. Furthermore, the twin units have extended agreements of up to 50 years and a modern caravan, which has recently been sold, has a 25-year agreement and lies within a large private plot area. A total of 53 caravans are currently privately owned, with two units on the main park let on a seasonal basis at 400 per month and one vacant undeveloped twin pitch with services adjoining the site for which a profitable sale may be made. Two pitches which have been recently vacated have not been resold due to spacing criteria set out in the model conditions for holiday parks and these represent an opportunity in any reorganisation of the pitches in the future. Outgoings The rateable value of the caravan park is 15,750 and the Restaurant is 16,500. The rates payable for the park in 2015/16 are therefore 7,764.75 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. The vendors are prepared to consider a sale of their Company which owns the assets and business if required by a purchaser. Viewings and Directions Viewing of the property is strictly by appointment through GVA 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 the A45 Northampton s southern bypass which links the M1 (J15) to the A14 at Thrapston, follow signs to Billing Aquadrome. Go past the entrance to Billing Aquadrome and cross the River Nene at the traffic lights. Riverview is the first property on the right going up the hill out of the valley. The postcode for the property is NN7 1NH. Riverview Cottage is Band A ( 985.16), The Bungalow is Band D ( 1,477.74) and The Studio is Band C ( 1,313.55) for Council Tax purposes. The amounts payable for 2015/16 are shown in brackets. EPCs The EPC rating for each of the permanent buildings is as follows:- Riverview Restaurant : C The Bungalow : C Riverview Cottage : C Courtyard Cottage : C Riverview Lodge : E The Studio : E A copy of the EPC for each building is included in pour information pack. gva.co.uk/8879
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