Investors are continuing to circle the South West as demand for hotels, pubs and other holiday businesses remains sky high with one having just been bought for about £2m, a leading property expert says.
Mike Easton, head of hotels and hospitality for Vickery Holman, said the hunger from buyers looking to relocate to the West Country is still “strong”.
He said Vickery Holman is seeing growth right across the hospitality sector in the South West just two months after the firm said demand for hospitality opportunities was outstripping supply.
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Mr Easton said Vickery Holman - which has offices in Truro, Plymouth, Exeter and Bristol - continues to see “higher than average” levels of interest in property and businesses in the South West as buyers “continue to relocate to Devon and Cornwall”.
He said he is handling the sales and lettings of pubs, hotels and holiday complexes across the region and added: “Demand is still very high, especially for property in good locations and for businesses with a good reputation or potential for further growth.”
He gave the example of the sale Vickery Holman just completed of Treworgie Barton, a farmhouse and 10 letting cottages in more than 36 acres of Cornish countryside. The freehold was advertised for offers in the region of £2m.
“With the spotlight on ‘staycations’ for the foreseeable future, Treworgie Barton reflects the type of property that is highly sought after right now with well-maintained accommodation, a strong pipeline of bookings, land along with plenty of existing and potential opportunities for growth,” Mr Easton said.
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Treworgie Barton comprises a Grade II listed six-bedroom farmhouse and 10 holiday letting cottages which have been developed from a range of single- and two-storey former agricultural barns.
“The 36.5-acre site is at the end of a no-through road and includes farmland, fields, woodland and a stream; all of which will provide additional interest for visitors to Treworgie Barton,” Mr Easton said.
“There is significant scope for further business growth for the new owners of Treworgie Barton since the property benefits from having planning permission for 10 high-quality glamping pods to be constructed in an area of the site that will take full advantage of the views over countryside and sea.
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“Given the levels of interest in both staycations and in glamping, this is likely to significantly enhance the revenue streams at the complex.”
Acting on behalf of Motoring and Leisure Services Ltd, Vickery Holman acted jointly with Flude Property Consultants to conclude the sale of Treworgie Barton.
Mr Easton said: “We wish the new owners the very best with their new venture and look forward to working with Flude Property Consultants again as part of our PAI National network of professional commercial agents and surveyors’.
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During the summer of 2020, when restrictions were eased, areas of Cornwall such as Newquay and Polzeath, were identified as hotspots with 100% occupancy rates in hotels. Savills, in Exeter, reported that investors were showing “unprecedented” interest in quality assets in coastal and rural areas.