212 Atlantic Bays Holiday Park, St Merryn, Padstow, Cornwall, PL28 8PY

Description

A two bedroom detached holiday chalet situated on the Atlantic Bays holiday park. The property comprises of an open plan lounge/kitchen/diner, two bedrooms and a shower room and an outside seating area, with use of the communal grounds and on-site facilities.

Accommodation

Open plan lounge/kitchen/diner, inner hallway, two bedrooms and a shower room.

Location

Atlantic Bays holiday park is situated circa 1 mile from St Merryn village with a range of shops, restaurants and cafes, situated in the 'Seven bays for seven days' area of North Cornwall. On-site facilities include a reception/shop, bar with entertainment during peak seasons, launderette and play park, with planning permission in place for a new leisure complex with indoor pool and spa. The site is open for 10 months of the year.

Tenure / Property Information

Investment Analysis

The strongest evidence is a same-park detached leasehold sale at £39,950 dated 25 April 2017. This is materially older than the current auction and no recent comparable or formal valuation is supplied, so £39,950 is an indicative base GDV only, not a current market valuation. The other supplied sales are from 1996 and range from £3,000 to £5,250, making them weak current evidence. No condition report, refurbishment scope, holiday-letting income or achieved rental evidence is provided.

Investment Snapshot

Strategy Recommendation

Do not bid on investment metrics alone. Proceed only after reviewing the lease and park rules, confirming holiday-letting economics, inspecting condition and establishing all service, admin and resale costs.

Works Required

No specific works are evidenced. Obtain the lease and park documentation, inspect the chalet and confirm fixtures, services and condition before allowing for any repairs, redecoration or replacement items.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance against the indicative £39,950 base GDV would be approximately £29,962.50. Total project cost cannot be calculated because refurbishment costs, purchase price selected for analysis and all applicable acquisition costs are not fully established. Lease terms, holiday-use restrictions and lender acceptability also require confirmation.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The property is on a holiday park open for 10 months a year, so conventional assured-tenancy assumptions should not be made. Confirm permitted holiday letting, operator restrictions, occupancy terms and actual net income.

Flip Analysis

The indicative base GDV of £39,950 is supported only by a dated 2017 same-park sale. A flip surplus cannot be calculated because works, total acquisition cost, selling costs and current market value are not sufficiently evidenced.

Investor Risks & Due Diligence

• The park is stated to be open for only 10 months of the year, limiting potential occupancy.

• Service charge is variable at 5% of expenditure and is not quantified.

• The property is leasehold and the full lease term, restrictions and resale provisions are not supplied.

• No sufficiently specific rental comparable or passing rent is provided.

• The principal same-park comparable is dated 25 April 2017, so its relevance to current value is uncertain.

• The buyer admin charge is 1.35% plus VAT subject to a minimum of £1,800 plus VAT, which may be material at the guide range.

• Planning permission is mentioned for a new leisure complex, but completion and benefit to the property are not evidenced.

Recommendation

Do not bid on investment metrics alone. Proceed only after reviewing the lease and park rules, confirming holiday-letting economics, inspecting condition and establishing all service, admin and resale costs.

Strategy Rating

Analysis Confidence

A same-park historic sale and the guide range are available, but there is no current valuation, rental evidence, condition information, refurbishment budget, complete lease detail or fully quantified project cost.