An opportunity to acquire the balance of a purpose built holiday village referred to as blocks 4 and 6 (52 apartments) together with a proposed leisure block (block 7 or “Centre Core”) forming part of a larger development which, when fully complete, will comprise 164 apartments in total.
Presently, blocks 1 and 2 have been completed (48 apartments) and blocks 3 and 5 (64 apartments) are in the advanced stages of completion but still require internal and external works. Please note these accommodation blocks are not under our client’s control with most apartments understood to have been sold, primarily to investor purchasers.
The opportunity requires a purchaser with the necessary expertise and track record for large scale development projects of this nature and our client is particularly focussed on understanding the credentials of interested parties at an early stage in the marketing process.
The project will require a purchaser to undertake the necessary due diligence around the likely costs to complete the build and this will of course involve close liaison with Torridge District Council (TDC) and most likely other third parties. Furthermore, the opportunity exists for a purchaser to potentially work alongside investors in completing the overall development.
The development is situated in the heart of Westward Ho! within close proximity to the village’s promenade (South West Coast Path) and adjacent to the Horizon View development.
Westward Ho! is a seaside village near Bideford with a population of just over 2,000 (2011 Census) – it lies at the southern end of Northam Burrows and faces westward into Bideford Bay, near Saunton Sands and Braunton Burrows.
Planning consent was obtained in 2008 for the following:
‘the erection of 160 holiday apartments, indoor swimming pool and café/bar and enhancement to part of the promenade’ (planning reference 1/0648/2008/FUL).
The permission is subject to a S106 planning agreement dated 20 April 2011 which stipulates that, prior to the occupation of more than 50% of the apartments:
1) The developer is to complete works to the nearby promenade (in accordance with an approved ‘Promenade Scheme’ - which should have been submitted within three months of the agreement) provided that the value / cost of such work shall not exceed £250,000 and,
2) The developer shall complete the swimming pool and make it available in accordance with an approved Public Access Scheme (which should have also been submitted within three months of the agreement).
We have been in discussions with TDC and understand the company (pre Administration) has, in principle, agreed a Deed of Variation relating to 1) above given the majority of promenade works initially intended have now been carried out, funded via alternative means.