Freehold Leisure Park With Log Cabins
Price:
Freehold - £4,600,000
Business Type:
Commercial Property, Entertainment & Leisure businesses
NORFOLK
LEISURE PARK WITH 5 FISHING LAKES, 20 LOG CABINS, SHOP AND FULL PLANNING PERMISSION FOR AN ADDITIONAL 120 LARGE CABINS
• Established over 15 years
• Full permission for 120 cabins with an individual projected sale price in the range £120,000 to £200,000 (125 year lease)
• Turnover £199,268 (2010)
• EBITDA £9K average over last 2 years
• EBITDA 2010 £42,000 (Forecast)
• Freehold £4.6M + SAV
• Reference: 1082 SE
This successful company has developed an excellent reputation running a leisure park facility in rural Norfolk. The business has been owned by the vendors for 16 years and during this time considerable investment has been undertaken in building cabins and creating a scaleable infrastructure for future development.
Currently, the business generates revenue from cabin rentals through Hoseasons, fishing income and shop sales. There are 20 cabins in total, of which 16 are regularly let, 2 are privately owned, 2 used to house staff. 7 are sold on a buy to let scheme, now part way through a 125 year lease.
Full planning permission was granted in April 2011 for the erection of up to 120 additional single storey log cabins positioned around the 5 lakes. The anticipated sale price of individual log cabins varies from £120,000 to £200,000 depending upon size and location. Projected build out cost is in excess of £10m. Rental rates vary according to the type of cabin and the season, but are typically in the range £219 - £375 per week low season rising to £645 - £805 per week high season.
The company would be an ideal purchase for a similarly sized or larger corporate, possibly within the industry, or an allied sector, and with an acquisitive growth strategy. Such a purchase would give access to mature, repeat customer base, a company with a solid financial performance, and with an excellent opportunity to exploit the full planning permission held, either immediately or on a phased building program.
SCOPE AND POTENTIAL
Given the high occupancy rates achieved for the existing rentable cabins, the main potential within the park is the building of further log cabins. These can either be sold on a long lease or rented through Hoseasons, or another agent, as required. Either way, the potential return is considerable and could be self financing after an initial build of cabins have been sold. Build out cost is potentially in excess of £10m. Rental income, per cabin, on the basis of 80% occupancy would range from £9,600 per annum to £20,000 per annum. Sales income alone would be £20m-£30m.
Further development on site would also create opportunities for further retail sales. It would also be possible to reintroduce additional fishing and leisure related activities on the lakes, such as competitions or boating.
FOR FULL DETAILS PLEASE SIGN AND RETURN THE CONFIDENTIALITY AGREEMENT
DISCLAIMER: Viewing is essential to fully appreciate this business and strictly by appointment only through the agents. N/B: All Negotiations must be conducted through Advent Business Sales. These details do not constitute part of an offer or contract and properties are offered subject to being sold, let or withdrawn without notice at any time and without liability for any expenses incurred by applicants. All statements and descriptions are made without responsibility or warranty by us, vendors or lessors. Intending purchasers must check for themselves (Misrepresentation Act 1967).
An Energy Performance Certificate will be made available upon request of further details where one is required for the business premises.
North Yorkshire
£ 750,000
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