Winnards Perch TR9 6DE

An existing luxury leisure resort and development opportunity situated close to the stunning north Cornwall coast, well located in the / Rock / Eden Project triangle, one of the UK’s major holiday destinations.

prime tourist location in cornwall

Summary Location The resort is situated in Directions undulating countryside a few miles • Heading South on the M5 at junction A resort development opportunity, inland from the north Cornwall coast, 31, exit onto A30 toward / comprising; within close proximity of the popular Okehampton • 15 completed holiday lodges and tourist destinations of , 8 apartments (Surf Pods), currently Watergate Bay, Rock and Padstow. • After 74.7 miles take the A39 exit toward Newquay/A392/St Dennis/ used for holiday lets; It is located in Winnards Perch, a small B3279/Indian Queens • 16 studio apartments near to village off the A39, north of the town practical completion; of St Columb Major. The A39 joins the • After 0.2 miles at Highgate Hill • Leisure complex including restaurant, A30 at Indian Queens approximately Roundabout, take the 3rd exit swimming pool, spa and FlowRider; 5.5 miles from the resort and Newquay onto A39 heading to / Airport is located just 6 miles to the Newquay/A392 • Planning permission for a further south west. 176 units and additional leisure • After 5.3 miles at Winnards Perch complex including restaurants, retail, Roundabout, take the 3rd exit onto conference facilities and surf wave B3274 • Holiday letting business • After 0.3 miles turn left and follow the • Development potential for further signs into Retallack Resort and Spa holiday accommodation, subject to planning permission Viewing by appointment only. • Management of existing estate with approximately 100 private holiday units.

Bude

Tintagel Launceston

Newquay Bodmin

Truro St Ives

Land’s End Falmouth

Lizard Peninsula luxury lodges with room to expand

Description Retallack Resort and Spa The site has outline planning (Retallack) comprises a collection permission for an additional 176 of luxury holiday lodges set around holiday units and further leisure green open space and lakes. A total facilities proposed in the resort village, of 148 units have been built, the comprising approximately 1,170 sq.m majority of which have been sold to (12,600 sq.ft) of retail, restaurants, private individuals. 23 units have been conference facilities, as well as a Surf retained and made available for Wave machine. There is also scope for holiday lets through Retallack Lettings approximately 75 further holiday units Ltd, which also lets units on behalf of on the property, subject to obtaining private owners. planning approval, with positive pre-application discussions to date. Retallack Resort offers many facilities including Decelor Spa treatment The resort is currently owned by a rooms, Health Club with Indoor pool, number of companies. There are also baby splash pool, sauna, eucalyptus letting and management companies steam room and Matrix gym. There associated with the operation of the are also tennis courts and pitch and resort. The detail of these interests and putt golf. The Resorts’ Loop FlowRider, companies are summarised overleaf. the first in the UK which hosted the European Championships, is situated A summary of letting values and sale alongside the restaurant and prices achieved for a sample of unit indoor pool. types is identified in the table below. The leisure facilities are open to both residents and non-residents. There is also a surf store selling ranges of branded clothing. Further details can be found on the resorts website, www.retallackresort.co.uk

Unit Type 2011 Peak Quoted Sale Price Achieved Weekly Rental Surf Pod £733 N/A 1 bed Lodge (semi) £1,589 £180,000 2 bed (2009) Lodge (detached) £2,614 £260,000 4 bed (2009) Fistral (detached) £2,614 £265,000 4 bed (2010) Glades (detached) £3,998 £379,000 6 bed (2010)

Boundaries shown for indicative purposes only. Please note: Freehold holiday units within the blue and pink shaded areas have been sold off and therefore are not included within the sale. Property & Company Summary

Retallack Developments Ltd Approximately 37 acres (including plot areas of sold units) (in administration) 91 holiday lodges complete with the majority sold and in private ownership, Outlined blue on the plan 15 lodges have been retained within the company and operated as holiday lets - gross income of approx £410,000 for the 12 months ending 31.7.11. Leisure building, which includes indoor pool, spa, gym, bar and restaurant - gross income of approx. £750,000 net of VAT for the 12 months ending 31.7.11. Externally there is a children’s play area, pitch and putt course and children’s activity room. (Portacabins in the car park are not included in the sale). Potential exists for the development of an additional 75 units on an area of land known as North Field, subject to planning.

Western Spirit Ltd Approximately 95 acres (including plot areas of sold units) Outlined red on the plan Outline planning permission for 224 units, of which 12 units, known as Fistrals, are complete and sold, a further 35 units have been built, described below as ‘Glades’ and ‘Surf Pods’. Planning permission also exists for c.1,170 sq.m (12,600 sq.ft) conference centre, restaurants, café, retail and surf wave

Western Spirit Glades Ltd 11 lodges completed. shaded green on the plan

Retallack Surf Pods Ltd 24 studio apartments, of which 8 have been completed, the remaining Shaded black on the plan 16 units are built to shell - Gross income for 8 units of approx £42,000 for 6 months ending 31.7.11

Retallack Lettings Ltd Management and control of holiday lettings, including a number of those (in administration) in third party ownership, under the Retallack Resort and spa website and brand. Currently managing 88 properties with a letting fee of 20% of rental income. Gross income net of VAT of approx £950,000 for 12 months ending 31.7.11 (including commissions, I.T. and maintenance etc).

Retallack Management Ltd Controls the collection and management of service charge, which is (in administration) currently split into a two tier structure. Tier 1 – management of the site’s common areas Tier 2 – management of leisure facilities Planning A number of planning granting of permission. The option Further Information A CD of applications have been submitted provides for the transfer of 5 plots to supporting technical information and approved across the site. A copy the beneficiaries for the sum of £1. In associated with the property is of decision notices, relevant section addition, there is also a sitting tenant available to prospective purchasers, 106 agreements and some planning located in a residential unit located on upon request, containing details such drawings are contained within the the Western Spirit land. as title, planning, proposed plans supporting technical pack. It should and trading information. A summary Sale Process The property is offered for be noted that there are a number of of issues associated with planning sale as a going concern, by informal planning conditions associated with conditions to be discharged, sewage tender with offers invited on the the permissions which have not been plant and title, is also included. whole or part, based upon subject to discharged, these are highlighted contract offers only. Please note that the information in correspondence with the local contained in the technical pack has planning authority and provided Offers for all or part of the property mostly been supplied by third parties in the supporting technical pack. should be made directly to sole and neither GVA nor the vendors are Prospective purchasers are advised agents, GVA, submitted in writing by able to ensure its accuracy. to make their own enquiries with the 12 noon Wed 23rd November 2011, local planning authority in respect of if not sold before, F.A.O Gordon Viewings Prospective purchasers are the planning history and status of the Isgrove, GVA, St Catherine’s Court, requested to book appointments with various permissions. Further details Berkeley Place, Bristol, BS8 1BQ. GVA to view the property. Dedicated regarding the planning applications viewing days will be arranged for Offers will be considered for the made and approved can be viewed prospective purchasers to view the property in whole or part and should on Cornwall Councils website, resort so to keep disruption to guests include the following information: www.cornwall.gov.uk and residents to a minimum. 1. Consideration to be apportioned The residential units are holiday Contact For further information in between the various interests as restricted through the various planning relation to this opportunity or to book identified within the company permissions. a viewing, please contact sole agents structure as set out on page 4, (i.e. GVA; There have been positive discussions price for property within ownership with regarding the of Retallack Developments Ltd, etc). Gordon Isgrove – Development potential for additional 75 holiday units T: 0117 988 5304 2. Name of purchasing company. on an area of land known as North E: [email protected] Field. A letter from Cornwall Council 3. Source and proof of funding. John Mitchell – Hotels & Leisure is contained within the supporting 4. Timescales associated with T: 020 7911 2489 technical information pack. exchange of contracts and E: [email protected] Tenure The freehold of the property is completion. offered for sale. Legal information in 5. Confirmation offer is subject to respect of the title is available in the contract only. supporting technical pack. Prospective purchasers should be aware that part Please note that the vendors reserve of the property, (North Field and the the right not to accept the highest or pitch and putt course), is subject to any offer received, alter the tender an option agreement to a third party, process or request further details from which would be triggered upon the prospective purchasers.

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. Subject to Contract. Designed and produced by kubiakcreative.com 119231 October 2011. Revised Particulars.