Holiday Cottage Complex Oaksey, Nr Malmesbury, Wiltshire A managed holiday cottage complex for sale as an investment opportunity with a guaranteed minimum yield of 6% net revenue (years 1 to 3) on 14 high quality cottages and planning consent for further development Excellent location within the Cotswolds and on the edge of the Cotswold Water Park

For sale as a whole or in 3 lots on a 999 year lease

■ Summary ■

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An attractive managed investment of 14 holiday cottages with a guaranteed minimum 6% net revenue return per annum for years 1 – 3. Alternatively the cottages may be sold or managed separately Planning consent for the development of 12 further holiday cottages

■ Background and the Opportunity The developer, a family business, purchased the property approximately 26 years ago and some 18 years ago received the initial consent to create the 9 hole golf course, known as Oaksey Country Park. Over the ensuing years, the developer has successfully applied for and gained planning consent for additional development, and in particular a unique, award-winning, eco-holiday cottage development for which the first three phases have recently been completed with a further phase now ready for development. At the current time, the developer is negotiating the purchase of a further block of land in order to increase the size of the golf course to a full 18 holes, add further to the leisure facility around the newly developed clubhouse and bistro restaurant, and to construct a new driving range. The developer expects to complete the purchase of this land in the Autumn with construction of the additional 9 holes taking place over the following 18 months or thereabouts. Once this land is acquired,

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Cottages with Eco-credentials and discounted golf rates Accessible rural location on the edge of the Cotswold Water Park Excellent occupancy rates – circa 40 weeks per annum Possible further future phase(s) of development, subject to negotiation

the cottages will then sit centrally within the golf course offering a protected environment in a manicured setting. Phase I comprises 11 holiday cottages of which 5 have been sold to private purchasers at prices ranging from £225,000 for a two bedroom bungalow to £345,000 for a 3/4 bedroom superior cottage, all unfurnished. The other 6 cottages are being retained by the developer as an investment within a family trust. The developer has the experience and team in place to undertake the management and letting of the holiday cottages on behalf of a purchaser and has proposed a management contract to include a guaranteed return of at least 6% net revenue return for each of the first three years and based on the asking price for the units. In addition, the developer, having overseen the build of the first three phases, is willing to assist with the project management for the construction of Phase IV.

■ Location Oaksey Country Park and Golf Club is well located on the Gloucestershire/Wiltshire borders on the western edge of the Cotswold Water Park. The property is set within attractive rolling countryside in a tranquil location on the outskirts of the pretty, rural village of Oaksey. Oaksey, a traditional Cotswold village, has a village cricket green, shop/post office, primary school, village hall, All Saints Church and The Wheatsheaf ‘Gastro’ Inn offering good quality food. The property lies close to the Cotswold Water Park which, over the last 20 years, has become a major area of tourist and leisure development following substantial gravel extraction and is the largest area of man-made recreational lakes in Britain. The attractive and historic market towns of Cirencester and Malmesbury lie about 5 miles to the north and west respectively and the larger regional commercial centre of Swindon is about 11 miles to the south-east. The market towns offer a wide range of day-to-day facilities and Swindon a comprehensive range of retail, commercial and other services. The architecurally important and magnificent City of Bath with its Roman Spa and the Regency Town of Cheltenham are within easy reach. The Cotswold Water Park offers a wide range of watersports and associated recreational facilities including waterskiing, jet skiing, sailing, windsurfing, cycle routes, footpaths and bridleways. Horse riding and polo are available at local stables and flying lessons at Kemble Aerodrome. Within easy driving distance are a number of day visitor attractions including many historic houses such as Kelmscott Manor, Buscot House and Chavenage House; the Aboretum at Westonbirt; the Roman Ampitheatre at Cirencester; and the Stone Circle at Avebury. The beautiful Cotswolds and its attractive villages and towns offer interesting walks and places to explore and the North Wessex Downs Area of Outstanding Natural Beauty offer impressive downland walks, views and historic sites to visit. With a diverse range of sports and interests for all ages, Oaksey’s location ensures a broad appeal to a wide market and therefore an excellent letting opportunity.

Oaksey Cricket Ground

The golf course at Oaksey offers a 9 hole (2,901 yard), par 35 course which has matured over the past 17 years in its beautiful rural setting. This Parkland course has a mix of mature and recently planted trees creating a relaxing environment and offering a fair and enjoyable test for all levels of golfer. In 2005 a new club house was built and provides a bar and bistro restaurant as well as the usual changing and associated facilities. Communications to the area are excellent with easy access to the A419 trunk route which links the M4 (J.15) at Swindon to the M5 (J.11A) at Gloucester and is virtually all now dual carriageway. The A429 is also within a couple of miles and links the M4 (J.17) to Cirencester. Central London is approximately 85 miles to the east via the M4. The area is a popular tourist destination with access to the Cotswolds and a popular location for premium short break and holiday homes due to the close vicinity to London. London (Paddington) is about 65 minutes from Kemble Station which is itself just a few minutes drive from Oaksey Country Park.

■ Description

■ Services

The architect designed cottages have been developed to a very high standard and have an ‘Excellent’ rating in the Building Research Establishment’s (BRE) ‘EcoHomes’ Accreditation Scheme. This Scheme was created by the BRE as a means of promoting good, sustainable environmental design. EcoHomes balance environmental performances with the need for a high quality of life and a safe and healthy internal environment. The ‘Excellent’ accreditation demonstrates the balanced mix between environment and modern living for every holiday cottage on the Oaksey Park development.

The cottages have the benefit of mains electricity and water (metered to each unit) together with an LPG gas fired central heating and hot water system (with the gas metered to each unit). There is a bio-treatment private drainage system which has sufficient capacity for the existing units. A separate system is planned for Phases IV and V.

The cottages include two / three bedroom units of single / two storey stone / block rendered construction under stone tiled roofs with communal gardens and allocated, covered car parking bays. All the holiday units are fitted out to an extremely high standard within Phases II and III. Phase IV has the benefit of a planning consent although not yet developed. The phases of the development include:

The units have been designed to a high eco-standard incorporating double glazing, timber from renewable supplies, high efficiency gas condensing boiler and storage cylinder, energy efficient white goods and many other similar features. As a result, Oaksey Park has received the highest accreditation of ‘Excellent’ by the BRE’s EcoHomes accreditation scheme.

■ Planning Consents and Licences Lot 1 / Phase II

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8 holiday units (four 2 bed terraced; one 3 bed; two Superior 3 bed; one 2 bed bungalow).

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6 holiday units (four Superior 3 bed; two 2 bed bungalows).

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12 holiday units (twelve Superior 3 bed).

(completed)

Lot 2 / Phase III (completed)

Lot 3 / Phase IV (to be developed)

The completed units all include fully fitted kitchens and bathrooms, LCD televisions, Satellite settings, DVD sound and home entertainment systems, external spas and have been styled by Anita Reardon, an interior designer, with high quality furnishings from John Lewis. The furnishings and equipment packages in each unit cost circa £23,000. A DVD library has been established within the clubhouse and is available to cottage guests. The vendor is to apply for planning consent for Phase V in the second half of 2008 which will comprise a further 25 units, and this phase is available to a purchaser by separate negotiation, on a subject to planning or option basis. The overall property is approached by way of a gravel driveway from just outside the attractive village of Oaksey which leads through the golf course to a central car parking area fronting onto the licensed golf club house and bistro restaurant. The driveway continues past the clubhouse and the owners’ family’s 17th Century, stone farmhouse and leads to the various phases of the holiday cottage development. The existing 9 hole golf course has approximately 160 members and also forms a pay and play facility with a good local following.

Planning consent for the existing use of the holiday cottages is fully in place for an 11 month season from 6 February – 5 January in the following year with a 1 month close down period. Phase IV of the proposed development is not subject to this restriction but is restricted to holiday use. The developer is currently in negotiations with the Local Planning Authourity (LPA) for a possible further phase of 25 units. Verbal indications from the LPA are that they have no objections in principle.

■ The Business The existing business of letting the holiday cottages is undertaken by Hoseasons, national cottage letting operators, which achieved an exceptional level of occupancy during their first year of letting last season, as well as an excellent start to the 2008 season. In addition, the developer also undertakes direct bookings, which in this second year of operation, reflect a significant proportion of guests who stayed at Oaksey Country Park last season and are keen to return. The following table details the 2007 season income for the 6 cottages within Phase I which were let:

Unit Number (Phase I) and type

Rental Income from Hoseseasons (net of 20% commission) from 6 Feb 2007 – 5 Jan 2008 (Year 1 of the letting operation).

3

(3 bedroom)

£17,872

5

(3 bedroom)

£19,595

6

(3 bedroom)

£14,129

8

(2 bedroom)

£17,417

10 (3 bedroom)

£20,563

11 (3 bedroom)

£15,853

Note: An additional c.£16,000 of rental income across the properties was also raised through direct bookings secured by the developer.

In addition to the 6 cottages in Phase I offered for holiday lets in 2007, the cottages within Phases II and III are also available from February 2008, totalling 20 letting units and letting prices have increased by 5%. As at the end of March 2008, the cottages have achieved 35% of the target of 40 bookings (both on a weekly and short break basis) per unit in a country cottage letting market notorious for late bookings. This level of bookings equates to a return of circa £30,000 from direct bookings via the developer and circa £140,000 from Hoseasons, net of their commission (which has been reduced from 20% to 18% for the 2008 season). This level of bookings equates to £8,500 per cottage so far this season. It is anticipated that with a tightening economy, increasing air fares and a growing public awareness of environmental issues such as climate change and carbon footprints, demand for UK based holidays will probably increase in the short to medium term.

Should the developer’s application for planning permission for Phase V (25 additional units) of the development be successful, the vendor is willing to consider granting the purchaser an option to purchase the site for the further cottages.

The cottages are available to let in the range of £425 - £948 per week subject to season and size of unit. The units are also available to let on a shortbreak basis in the range of £234 - £616, subject to season and size of unit.

A private right of way from the public highway will be granted to each of the phases to be sold. Easements will also be granted in respect of the supply and maintenance of the services to the phases to be sold.

An annual service charge is payable to the developer with an initial contribution of £1,500 (+ VAT) per cottage (payable annually in advance) to include external maintenance, buildings insurance, maintenance of the access road and communal grounds and the private drainage system. Any shortfall is divided equally between the cottage owners and paid at the end of each accounting year. Any surplus is to be retained by the developer and set off against the next year’s costs. A ground rent of £500 (+ VAT) per cottage per annum is also payable which is to be reviewed annually in line with the Retail Prices Index.

Phases II, III and IV are available to purchase on a 999 year lease, subject to a ground rent with a service charge in connection with common parts. The Phases are available collectively as a whole or individually as 3 separate lots. In addition, the developer’s family, which is to retain the adjacent golf course, will provide a discounted golf membership or Green Fee to the purchaser of these phases for the benefit of the cottage guests, subject to negotiation.

Should the purchaser of the units wish to enter into a Property Management Agreement with the developer to operate the cottage lettings and to undertake property management services then the developer will provide a guaranteed minimum investment return of 6% of the purchase price net per annum for each of the first three years of their investment. The existing charges to individual owners within Phase I are at 12% for a Property Management Fee (cleaning, meet and greet, and generally looking after guests) plus 18% for Hoseasons commission, making a total of 30% overall.

For a further insight into this opportunity, including floorplans of the various cottage types, please visit: www.oakseypark.co.uk www.oakseygolfclub.co.uk

■ TENURE AND TERMS OF SALE There are no public rights of way, easements or wayleaves or other matters which affect the title to the cottage development.

Lot 1: Phase II (developed)

Lot 3: Phase IV (undeveloped)

Oaksey Park (not to scale)

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Phase I (not included) Oaksey Park

Scale 1:500

Lot 2: Phase III (developed)

OAKSEY PARK

■ VIEWING, DIRECTIONS AND FURTHER INFORMATION Viewing of the property is strictly by appointment through HLL Humberts Leisure. To book an appointment, please contact Paul Barnes BSc (Hons) MRICS, John Mitchell BSc MRICS or Carolyne Mitchell-Innes on 020 7629 6700. Prior to making an appointment to inspect the property, it is firmly recommended that interested parties satisfy themselves with regard to the particulars of sale set out and the status of the sale in order that they do not make a wasted journey to the property. Directions: From Junction 15 of the M4 head north on the A419 signed to Cirencester. After about 13 miles, take the left turn onto the B4696 ‘Spine Road’ signed to the Cotswold Water Park and Ashton Keynes. After about 3 miles, proceed straight ahead at the crossroads signed to Somerford Keynes and Oaksey. After about 3 miles and immediately before entering the village of Oaksey, the entrance to Oaksey Country Park is on the right hand side.

Further Information: A further information pack to include a copy of the draft Property Management Agreement, copies of planning consents, floorplans of the individual cottage types, a schedule of fixtures and fittings within each unit, and other information is available on application to HLL Humberts Leisure.

Holiday Cottage Complex

■ IMPORTANT NOTICE HLL Humberts Leisure for themselves and for the lessors of this property for whom they act give notice that:1.

These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair and overall description of the property and do not constitute the whole or any part of an offer or contract.

2.

Any information contained herein (whether in text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact.

3.

Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.

4.

It should not be assumed that any contents, furnishings, furniture or equipment are included in the sale, nor that the property remains as displayed in the photographs. No assumption should be made with regard to parts of the property that have not been photographed.

5.

Any areas, measurements or distances referred to herein are approximate only.

6.

It should not be assumed that the property has all necessary planning, building regulation or other consents and these matters must be verified by an intending purchaser.

7.

The information in these particulars is given without responsibility on the part of the agents or their clients and neither the agents nor their employees have any authority to make or give any representations or warranties whatever in relation to this property.

8.

HLL Humberts Leisure will not be liable, in negligence or otherwise for any injury or loss arising from the use of these particulars.

9.

The particulars where first produced in May 2008 and the photographs were taken in April 2008 and previously.

Phase I (not included)

12 Bolton Street London W1J 8BD Tel: 020 7629 6700 Fax: 020 7409 0475 www.humberts-leisure.com [email protected] [email protected]

Humberts Leisure Ltd. Registered in England & Wales No. 2567699 VAT No. 761 451 929 Registered Office: 12 Bolton Street, Mayfair, London, W1J 8BD. [email protected] www.humberts-leisure.com