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Country Club, Golf & Holiday Development Opportunity

12.21am 2nd October 2009 - Property

Lakeview Country Club occupies a unique position just a few hundred yards from the dual A30, the main artery to west Cornwall. Lakeview is close to Newquay Airport (8 miles), a main line station to London (Paddington 4 hours), the Eden Project, and both north and south coast beaches.

Lakeview has 69 lodges. 24 are timeshare with an unsold inventory of some 300 weeks. Lakeview is affiliated to Resorts Condominium International (RCI). It has RCI 10 Year Gold Crown recognition.

Discussions are taking place to reverse timeshare at Lakeview. At an estimated cost of £750,000/£1 million reversal will release 24 properties for sale with a sales value of some £4.8 million.

In all the Lakeview property comprises some 230 acres and includes a superb residence for the owners.

Facilities comprise an indoor swimming pool, fitness centre, spa, restaurant, function suite, bar, golf driving range, 9 hole golf course (still being constructed but operating with some temporary greens), 9 hole pitch and putt course, tennis courts, 3 fishing lakes.

There is sufficient land for at least a further 9 holes of golf.

9 lodges are included in the sale with a sales value of £2.025 million. Other lodges can be repurchased, refitted and resold at £50,000/£100,000 added value.

Planning Consent
The most exciting aspect of Lakeview Country Club is the new planning consent for a 104 bedroom destination spa and wellbeing hotel and 36 four bedroom lodges.

The architects are Eldred Evans OBE and David Shalev OBE. Eldred and David designed Tate St Ives and Truro Law Courts and also the Carlyon Bay development (now The Beach). The room sizes are extremely generous and designed to operate also as junior suites either for rental, sale or timeshare.

The new lodges in the planning consent are targeted at the £400,000/£450,000 each market and the sell out of 36 lodges is projected to produce £9 million added value.

Subject to a variation to the planning consent the 104 bedroom hotel can be changed to 60 apartments with a projected sell out added value of some further £6 million.

Beyond this Lakeview has the possibility of further planning gains via individual lodges (£1 million each) around the lakes (and further lakes) along the lines of Watermark Club and Waters Edge in the Cotswolds.

The reason for the sale is that the owners are looking to retire. Lakeview in its current form makes a small trading profit.

On offer to the market as a development opportunity the price asked is £6.5 million. The detailed prospectus is currently being produced. Further details are available from Mike Vernon Tel: 07710 933253 and email: clubdomaine@btinternet.com

Lakeview Country Club www.lakeviewcountryclub.co.uk

       

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