Investment for sale - Salterns Village, Salterns Road, Seaview, Isle of Wight, PO34 5AQ

<strong>Description</strong><br>Salterns Village comprises a site area of approximately 10 acres upon which 41 houses, a café and management offices have been developed. Our client has sold 25 of the houses freehold over the last few years. These new owners pay an estate management charge to cover the maintenance and upkeep of the external parts of the houses as well as the wider grounds, car parking, etc.<br><br><strong>Holiday Homes</strong><br>The 16 retained freehold houses comprise a range of 2, 3 and 4 bed houses as follows:-<br /> <br /> Redshank 10 - 377 Sq Ft - 2 bedroom<br /> Redshank 11 - 377 Sq Ft - 2 bedroom<br /> Redshank 12 - 377 Sq Ft - 2 bedroom<br /> Daisy Cottage - 377 Sq Ft - 2 bedroom<br /> Shelduck Cottage - 377 Sq Ft - 2 bedroom<br /> Swallow Cottage - 377 Sq Ft - 2 bedroom<br /> Kittiwake Cottage - 377 Sq Ft - 2 bedroom<br /> Wagtail Cottage - 377 Sq Ft - 2 bedroom<br /> Mallard Cottage - 377 Sq Ft - 2 bedroom<br /> Pebble Cottage - 584 Sq Ft - 3 bedroom<br /> Shell Cottage - 584 Sq Ft - 3 bedroom<br /> Oyster-Catcher 1 - 1064 Sq Ft - 4 bedroom<br /> Oyster-Catcher 5 - 1064 Sq Ft - 4 bedroom<br /> Chiff-Chaff Cottage - 1064 Sq Ft - 4 bedroom<br /> Cooks Cottage - 1064 Sq Ft - 4 bedroom<br /> Hawthorn Cottage - 1064 Sq Ft - 4 bedroom<br /> <br /> Each of the 2 bedroom houses are single storey and have 1 bathroom and an open plan kitchen and living room. The 3 bedroom houses have a first floor bedroom, 2 bathrooms and open plan living room and kitchen whilst the 4 bedroom houses are 2 storey with 3 bathrooms and an open plan living room and kitchen. All of the houses have at least one decking terrace, shared use of the car parking and access to the surrounding landscaped grounds.<br><br><strong>Salterns House</strong><br>Salterns House is a two storey detached building providing the main reception and management offices at ground floor level and a large, 3 bedroom self-contained flat above. Planning permission has been granted to demolish Salterns House and replace it with a detached, four bedroom residential dwelling with no conditions or limitations on its use during the year. An opportunity exists to create a separate entrance from Pond Lane exclusively for the use of this dwelling.<br><br><strong>Cafe Blue</strong><br>Cafe Blue is a two storey detached building providing a fully licensed cafe adjacent to the main reception. It includes a fully-fitted kitchen, internal seating area on the ground floor and first floor WC facilities. There is a decking terrace to the front of the café overlooking the Nature Reserve.<br><br><strong>The Business</strong><br>Salterns Holidays operates the day-to-day holiday letting business for both ‘owned’ houses and also the weeks ‘released’ by the owners of 20 neighbouring houses. This includes the central reservation, customer interface, investor relations, maintenance and housekeeping of all of the houses. In addition, the Salterns Holiday team manage the freehold estate.<br /> <br /> The key highlights of the business are set out in the marketing brochure.<br><br><strong>The Opportunity</strong><br>In addition to the incremental growth prospects of continuing the existing business, Salterns Village offers a number of future opportunities. This might include leveraging the existing management platform to increase the number of holiday rentals offered to the market either in direct ownership or on behalf of investors. Subject to planning permission, the number of months of use could be extended beyond the current limit of 8 months. The open spaces around the Village could provide an opportunity for camping, yurts and festivals.<br /> <br /> Finally, a buyer could sell the retained houses and/or the holiday rental business seeking a capital profit on the purchase price. The most recent sale of a 2 bedroom house was in September 2024 for £190,000 (£504 psf). Earlier sales have achieved up to £199,950 (£342 psf) for a 3 bedroom house and £395,000 (£371 psf) for a 4 bedroom house.<br><br><strong>Planning</strong><br>The current planning permission allows the property to be used for holiday purposes for 8 months a year, from the 1st March until 31st October. Planning permission was granted on 5 May 2023 for the demolition of Salterns House and the erection of a detached, four bedroom residential dwelling with no conditions or limitations on its use during the year.<br><br><strong>Services</strong><br>The property is connected to mains services of water, drainage and electricity and Wi-Fi. Annual fee from owners onsite for estate management services<br><br><strong>EPC</strong><br>A copy of the individual Energy Performance Certificates shall be available upon request.<br><br><strong>Business Rates</strong><br>Current rateable value (1 April 2023 to present) - £38,750.<br><br><strong>Tenure</strong><br>Freehold with vacant possession.<br><br><strong>VAT</strong><br>We anticipate VAT will not be applicable as a TOGC.<br><br><strong>Terms</strong><br>The guide price is £2,500,000 for the benefit of the freehold interest in the property, business goodwill and all trade related fixtures and fittings. The sale will be a Transfer of a Going Concern with staff to be transferred under TUPE regulations. Stock is to be purchased in addition at valuation on completion of the sale.<br><br><strong>Finance</strong><br>Finance may be available. Further details can be provided upon request.<br><br><strong>Viewings</strong><br>The property is trading and under no circumstances should the business or staff be contacted directly. All formal viewing arrangements and enquiries should be directed to the sole selling agents, Savills.<br><br>