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3 bedroom detached house for sale

Bovey Tracy, Devon

Guide Price £875,000

Property Description

Key features

  • Exciting Lifestyle Investment Opportunity
  • Multiple Income Streams
  • Owners Dwelling Currently Arranged As 2 Holiday Apartments
  • 12 Lodges Sold on 125 year leases
  • Delightful Rural Setting
  • 2 Lakes Stocked With Coarse Fish
  • Woodland
  • Edge Of National Park Location
  • Easy Access to M5/A38
  • Currently Producing A Strong Yield

Full description

An Exciting Lifestyle Investment Opportunity Combining A Secure Income With A Lakeside Home In The Mature Grounds Of A Former Monastery - 8.2 Acres

Location - Bovey Tracey 0.5 miles, Newton Abbot 5 miles, Exeter 16 miles,
Plymouth 30 miles , Taunton 45 miles, Bristol 92 miles
Mainline trains: Exeter to London/Paddington 129 mins, Exeter
to London/Waterloo 160 mins
International Airports: Exeter 19 miles and Bristol 82 miles.
Situated less than a 1/2 mile from the village of Bovey Tracey, on the
eastern edge of Dartmoor National Park, Indio Lake, is a haven of
peace and relaxation in an outstanding rural tourism location.
The property benefits from excellent communication links with the
A38 (5 minutes away) providing access to the M5 motorway network.
The Cathedral City of Exeter lies within easy reach to the east, Taunton
and Bristol are to the north east with Plymouth to the south west.

Local, Sporting & Recreational - The village of Bovey Tracey provides a good range of everyday services
with more comprehensive shopping, sporting, cultural facilities
found in Exeter. The Dartmoor National Park provides numerous
opportunities for leisure activities with excellent walking, cycling and
outriding opportunities directly from the property.
Sailing and water sports are available along the south coast (English
Riviera). Horseracing is at Exeter, Newton Abbot and Wincanton.
Fishing can be enjoyed on the River Teign or Taw nearby on licence
via private clubs and organisations. Golf can be enjoyed at Bovey
Castle, Teign Valley, Okehampton and Wrangaton.
Local visitor attractions include Castle Drogo, Canonteign Falls, Stover
Park, Teign Valley Glass and the Miniature Pony Centre. For further
tourism and leisure information see www.visitdevon.co.uk

Background & Opportunity - Indio Lake was developed by Charteroak Estates Ltd in 2009
as a luxury second home holiday lodge development with the
twelve lodges successfully sold to individual owners on long term
agreements subject to an index linked plot fee.
In addition, the developers converted a former dwelling to create 2
holiday letting apartments which currently have a gross turnover of
£50,000 per annum, with the potential for a new owner to simply
convert these units back to a house for their own use or continue to let
them or live in one whilst using the other as a holiday unit.
The property now provides prospective purchasers with an exciting
profitable investment opportunity producing a strong yield with scope
to enhance the site further (S.T.P).

The Business - The business provides four income streams:-
The two apartments which are let directly through Blue Chip
Holidays on weekly and short break basis have high occupancy
rates with recent gross turnover of £50,000 which produces a net
£15,000 per annum (2015/16).
Lodge plots fees are received annually and total £36,000 from
the 12 lodges. This covers maintenance of common parts, service
connections and overall management which currently costs
£14,000 and leaves a net surplus of £22,000 (2015/16).
The existing owners operate a letting service for the lodges through
Blue Chip Holidays and organise the cleaning/laundry of the lodges
by local contractors which are fully paid for by the lodge owners.
This produces a net surplus of £9,000 (2015/16)
Commission on the sale of any of the lodges is on an ad hoc basis.
A more detailed breakdown of income streams and costs can be
provided to qualified prospective purchasers who have viewed.

Indio Lake - Indio Lake comprises a stunning collection of quality holiday
lodges built around two lakes amongst mature trees and pristine
grounds comprising of lawn, with gravel access ways and private
parking for each lodge, interspersed with rhododendrons and
evergreen shrubs. The lodges offer privacy with wide spacing
and all but one enjoys views over one of the two lakes, which
are both well stocked with coarse fish. The larger lake amounts
to almost 2 1/2 acres in size and has several small islands and is
partially covered in a swathe of mature water lilies. All twelve of
the lodges, which comprise 2 and 3 bedroom units have been sold
to individual owners who pay an annual (index linked) plot fee.

Ivy & Oke Apartments - On entering Indio Lake one passes a garage building consisting of two
garages and the original house which now offers two luxury letting
apartments providing excellent annual returns. The property could
be continued in its current form or converted to provide owners
accommodation if desired, enjoying a small garden. The property
extends to approximately 2,100 ft2 (195 m2) and consists of:-
Ivy Apartment
Ground floor one double bedroom apartment
Living/dining room
Kitchen
Bathroom
Covered lakeview veranda and hot tub
Management office
Private garden
Oke Apartment
Two bedrooms (one double/one twin)
Open plan sitting room/kitchen
Family bathroom
Lakeview balcony with hot tub

Agents Notes - Fox Grant and their clients give notice that: 1. They have no authority to make or give any
representations or warranties in relation to the property. 2. These particulars have been
prepared in good faith to give a fair overall view of the property, do not form any part of
an offer or contract and must not be relied upon as statements or representations of fact.
3. Any areas, measurements or distances are approximate. The text, photographs and plans are for
guidance only and are not necessarily comprehensive. It should not be assumed that the property
has all necessary planning, building regulation or other consents and Fox Grant have not tested any
services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Plans, Areas and Schedules These are based on the Ordnance Survey and are for reference only.
Any error or mis-statement shall not annul the sale or entitle either party to compensation in respect
thereof. Please note Lot division may be changed.

Local Authority Teignbridge District Council, Forde House, Brunel Road, Newton Abbot, Devon
Tel: 01626 361 101
Devon County Council, County Hall, Topsham Road, Exeter, Devon Tel: 0845 155 1015

Rateable Value The rateable value on the park is £12,500 with payable rates of £6,050.50 in 2016/17.

Services Mains water, electricity and gas (all separately metered). Some lodges on the eastern side
have pumped drainage, and there is a rain water harvesting and recycling system in operation. Gas
fired central heating. CCTV monitoring system.

Terms of Sale The property is offered as a going concern with any stock to be purchased in addition.

Tenure The property is sold as Freehold, subject to leases and licenses on the lodges, which are
for 125 years and include ground rent payments which are index linked. They also ensure the sold
lodges can only be used as holiday homes and not as main residences. The property has planning
consent for its existing use and a site license for the lodges. The house (Ivy & Oke apartments) has
a restricted residential use to the owner of the property albeit that it has been used as holiday rental
accommodation for a number of years.

VAT Any guide price quoted or discussed are exclusive of VAT. In the event that a sale of the property
or any part of it, or any right attached to it, becomes chargeable for the purposes of VAT, such tax
will be payable by the purchaser.

Directions - From M5 (Exeter), head south west on the A38 towards
Plymouth. After 5 miles exit onto the A382, signed Bovey Tracey/
Moretonhampstead. At the roundabout follow signs to Bovey
Tracey (4th exit). After approx. a mile at the next roundabout take
the 3rd exit signed Bovey Tracey on the Newton Road. Indio Lake
will be found on your right after approximately 200 yards.
Post code TQ13 9DY

Viewings - Strictly by appointment through the agents on 01722 782727.
Please contact Adam Field for further details or email
enquiries@foxgrant.com




More information from this agent

Listing History

Added on Rightmove:
13 July 2016

Map & Street View

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