11 Houses at Towan Valley, Porthtowan - Offers in the region of £2.75 million or circa £250,000 per unit - LoopNet
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11 Houses at Towan Valley,
Porthtowan
Offers in the region of £2.75 million
or circa £250,000 per unit
miller-commercial.co.uk 1
11 Houses at Towan Valley,
Porthtowan
miller-commercial.co.uk 2
Contents
The Opportunity 4
The Location 5
The Description 6
Accounting Information 7
Accommodation 8 - 16
The Proposal 17
Price 18
Business Rates 18
Legal Costs 18
Value Added Tax 18
Energy Performance Certificate 19
Contact Information 19
miller-commercial.co.uk 3
The Opportunity
A ready-made investment of 11 Holiday Houses available
in a single purchase with full inventory and trading history.
Our clients will be extending the site with a phase 2
development comprising of a further 28 four bedroomed
properties and are making an additional planning application
for leisure facilities. The improved access direct from the
coast road will be created from the development of phase 2
to commence in early 2021, and should be available to use
during the 2021 season.
Total Gross Anticipated Yield for 2020 is 9.25% based on
income of £224,490, after allowing for all running costs and
service charges), plus winter let income of typically £30,000
(Net of costs) and the asking price of £2.75M.
The 11 properties are available as a whole, in clusters, or
separately. The service charge through the Management
Company includes staffing to welcome and provide
general onsite services for guests.
The purchaser may choose to retain the contract with
Hoseasons, or to enter into a fresh contract with another
provider, or deal with occupancy personally.
miller-commercial.co.uk 4
The Location
Towan Valley is an award-winning site (Hoseasons Diamond
Award Winner 2018 and Runner Up in the Cornwall category
in 2019) and situated in a secluded and idyllic position on the
eastern cliffs of Porthtowan just 8 miles to the north of the
Cathedral City of Truro. The Resort is a short walk from the
surfing paradise of Porthtowan beach, one of only seven Blue
Flag beaches in Cornwall and a Seaside awardwinning beach.
The site itself is sheltered in the valley with fields and cliffs
providing a classic backdrop.
The coastal hotspots of St Ives, Newquay and Falmouth are
easily accessible.
miller-commercial.co.uk 5
The Description
The 11 units available are superbly designed houses sleeping
between four and eight people in style and comfort. Each
house has an airy open plan living and dining area with
comfortable sofas and contemporary furnishings.
Please refer to the purchasers pack for full information
relating to the property including a schedule of photographs
and floor plans.
The properties can let for at least 200 days per annum.
Each unit is provided with an excellent Wi-Fi system. The
cabling is CAT5 and each unit has its own Internet box, and
via the Management Company, the system control data
protection, and anti-virus software.
The houses were built in 2010 to 2013. During the 2019
season, hot tubs from Scarborough Spas (with filtration
systems and auto chemical distribution with Bromine frog
system cartridges) have been introduced into the majority of
units which has boosted overall turnover. There is sufficient
space on the decking to potentially install a further four hot
tubs to the units currently without sufficient rear space.
We are advised that the units have mains water sewage and
electric connected.
miller-commercial.co.uk 6
2018 2019 2020
Actual Actual Projected
£ £ £
Accounting Information Income
Hoseasons Rentals (gross) 386,834 374,610 332,000
The table (right) highlights: Hoseasons Commission (gross) (77,367) (74,922) (63,080)
Winter rentals 11,282 30,400 30,400
1. Gross rentals total £235,614 to August 2020 excluding rental
income until December 2020 Inherent income 42,908 42,339 -
2. The average per booking is currently actually £1,208 not the 363,657 372,427 299,320
projected £1,006 to date. This may change with unprecedented
tariff pricing up approx. 20%. Costs
3. The average number of nights per booking is just over 6 days, Laundry (gross) 19,760 7,808 6,106
which is in line with previous years. Cleaners (wages and agency) 20,760 20,611 16,118
4. The reducing income and property nights available reflect the Repairs 4,112 3,047 1,889
reduced number of units available following sales within this Water 6,705 8,670 6,202
Phase 1 and we refer you to the much increased figures achieved
year by year for the average ‘per booking, and per night’. Electric (gross) 31,737 36,013 17,015
83,074 76,150 47,330
5. The income derived in 2018 and 2019 reflects a period when
more Lodges were included in the statistics than the remaining NET POSITION 280,583 296,277 251,990
11 now available.
The communal areas are managed by Towan Valley Management STATS (Hoseasons);
Company. Accounts for most recent years are available for inspection
and show that the average service charge per unit is circa £2500 per Property nights available 7225 6471 4015
annum. This amount includes staff costs and buildings insurance, Number of bookings 479 422 330
together with public liability insurance for communal areas.
Number of nights 2779 2515 1980
The Service Charge Budget for 2019/20 is available for Average per booking £808 £888 £1,006
further inspection.
Average per night £139 £149 £168
A Contract for the introduction of Holiday Lettings is currently
Laundry per booking £41 £19 £19
in place with Hoseasons. A copy of the contract is available for
closer inspection. There is no obligation to take over this contract. Cleaning per booking £43 £49 £49
miller-commercial.co.uk 7
The Accommodation
UNIT HOT TUB PICS PLANS UNIT HOT TUB PICS PLANS
Unit one. Four bedrooms. Unit 14. Three bedrooms.
PAGE 9 PAGE 16
Anticipated yield for 2020 is £38,000 Anticipated yield for 2020 is £34,000
Unit two. Four bedrooms. Unit 15. Three bedrooms.
Anticipated yield for 2020 is £38,000 PAGE 10 PAGE 16
Anticipated yield for 2020 is £22,000
Unit three. Three bedrooms.
Anticipated yield for 2020 is £34,000 PAGE 11
Additional future facilities are expected to increase rental yields.
Total Anticipated Income (POST COVID as at August 2020)
Unit four. Three bedrooms. for 2020 is £299,500 with over £100,000 of lost bookings
Anticipated yield for 2020 is £34,000 PAGE 12
due to Covid and this compares to prior projections for the
2020 full year set at £332,000.
Unit five. Two bedrooms.
Anticipated yield for 2020 is £32,000 PAGE 12
Unit six. Two bedrooms.
Anticipated yield for 2020 is £22,000 PAGE 13
Unit seven. Two bedrooms.
Anticipated yield for 2020 is £22,000 PAGE 14
Unit eight. Two bedrooms.
Anticipated yield for 2020 is £22,000 PAGE 15
Unit nine. Two bedrooms.
PAGE 13
Anticipated yield for 2020 is £22,000
miller-commercial.co.uk 8 8
Cher Varya Unit 1
Four One
Anticipated yield for 2020
£38,000
miller-commercial.co.uk 9
Cher Varya Unit 2
Four One
Anticipated yield for 2020
£38,000
miller-commercial.co.uk 10Cher Varya Unit 3
Three One
Anticipated yield for 2020
£34,000
miller-commercial.co.uk 11Cher Varya Unit 4 Cher Varya Unit 5
Three One Two One
Anticipated yield for 2020 Anticipated yield for 2020
£34,000 £32,000
miller-commercial.co.uk 12Cher Varya Unit 6 Cher Varya Unit 9
Two Two
Anticipated yield for 2020 Anticipated yield for 2020
£22,000 £22,000
miller-commercial.co.uk 13Cher Varya Unit 7
Two
Anticipated yield for 2020
£22,000
miller-commercial.co.uk 14Cher Varya Unit 8
Two
Anticipated yield for 2020
£22,000
miller-commercial.co.uk 15Cher Varya Unit 14 Cher Varya Unit 15
Three One Three One
Anticipated yield for 2020 Anticipated yield for 2020
£34,000 £22,000
Images show Unit 15
miller-commercial.co.uk 16The Proposal
Our clients are seeking to sell their freehold interest.
They currently manage the site and promote the availability
of units through Hoseasons, the contract for which is available
to potential purchasers to review.
Full details of the service charge are available in the
Purchasers Pack.
NB. Our client is in the process of developing the adjoining
site to the North which will provide additional leisure and spa
facilities available to these properties. Full information available
upon enquiry.
miller-commercial.co.uk 17The Price Business Rates
The asset is offered on the basis that each unit is freehold. We refer you to the government website
https://www.tax.service.gov.uk/view-my-valuation/search
A Management Company is in place with regard to which shows the current rateable value.
all communal areas around the freehold assets.
The purchaser should make their own enquiries however,
Guide price. £2.75 million we are advised that no business rates or council tax applies
or circa £250,000 per unit to this asset class.
Total Gross Anticipated Yield for 2020 is 9.25% based on
income of £224,490, after allowing for all running costs and Legal Costs
service charges), plus winter let income of typically £30,000
Each party to bear their own.
(Net of costs) and the asking price of £2.75M.
Abridged Accounts are available on request. Value Added Tax
Individual or a cluster of units may be available We are advised that all properties are zero rated for VAT,
by separate negotiation. and that no VAT is to attributable to the sale.
Individually or collectively, the units are mortgageable
as Commercial Loans.
miller-commercial.co.uk 18Contact
For further information or an appointment
Energy Performance Certificate to view please contact either:-
Peter Heather
The Energy Performance Rating for these properties 01872 247007
are as follows: pgh@miller-commercial.co.uk or
Unit one: category D with a specific score of 64 Thomas Hewitt
01872 247025 or via
Unit two: category D with a specific score of 68 email th@miller-commercial.co.uk
Unit three: category D, with a specific score of 68
Unit four: category D with a specific score of 64
PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179.
Unit five: category D with a specific score of 65 Not to scale and for identification of the property only. They are not intended to
show actual site boundaries and not guaranteed to be accurate.
Unit six: category C with a specific score of 70 AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or
lessor/s of this property give notice: [a] These particulars are for an intending
Unit seven: category D with a specific score of 65 purchaser or tenant and although they are believed to be correct their accuracy
is not guaranteed and any error or misdescriptions shall not annul the sale
Unit eight: category D with a specific score of 65 or be grounds on which compensation may be claimed and neither do they
constitute any part of a Contract: [b] Any intending purchaser or tenant must
satisfy him/herself by inspection or other wise as to the correctness of each
Unit nine: category D with a specific score of 67 of the statements contained in these particulars; [c] No responsibility is taken
for expenses incurred should the property be sold, let or withdrawn before
Unit 14: category D with a specific score of 67 inspection: [d] None of the services or appliances, plumbing, heating or
electrical installations have been tested by the selling agent.
Unit 15: category D, with a specific score of 68
Miller Commercial is the trading name of Miller Commercial LLP registered
in England and Wales under Registration No.OC373087. The Registered Office
of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF.
We use the term Partner to refer to a member of Miller Commercial LLP.
VAT Registration No.643 4519 39.
VIEWING: Strictly by prior appointment through Miller Commercial.
miller-commercial.co.uk 19Truro Office
Mansion House
Princes Street
Truro
Cornwall
TR1 2RF
Tel: 01872 247000
E: all@miller-commercial.co.uk
Miller Commercial is the trading name of Miller Commercial LLP Registered No. OC 373087
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