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ROYDON, HARLOW, ESSEX CM19 5EJ

Modern marina and mixed holiday lodge/residential park with motel and considerable further development potential

For Sale

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Modern marina and mixed holiday lodge/residential park with motel in attractive rural location close to Lee Valley Regional Park, M25 and central London.

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n 315 berth modern marina with space for additional berths, subject to planning, together with further riverside moorings

n Planning for 72 holiday lodges - currently: 58 serviced holiday lodge pitches – 23 privately owned and 29 used as a letting fleet and 6 vacant developed pitches (5 with sales agreed) – hire fleet appeals to combination of holiday makers visiting local area and executives seeking short term accommodation with access to central London using nearby station – 31 minutes from Roydon station to Liverpool Street

n 41 residential park home pitches – all privately owned and subject to index linked annual pitch fee reviews with commission on sales

n 28 en suite motel rooms – 14 recently converted from former function room due to high demand

n 18 serviced caravans – let to itinerant workers (part of lodge consent – several caravans to be removed as further lodges are developed)

n Restaurant with approximately 60 covers let to a private operator

n Marina clubhouse / coffee outlet with 42 covers

n Dance school – let to private operator on informal licence

n 1 staff 2 bedroom flat and 2 further staff units. 1 park home let on a life tenancy

n Offices, maintenance compound with extensive workshop and storage buildings

n In all 27.743 hectares (56.2 acres) of mature landscaped grounds beside the River Stort

For sale freehold as an operational entity.

SUMMARY

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BACKGROUND AND THE OPPORTUNITYRoydon Marina Village was purchased by the vendors in 2007 and during the period of their ownership they have substantially invested in the complex (£8.8 million) altering its trading profile and modernising the offer with redevelopment and further development of the property to include a modern marina in place of a former water sports lake and the development of lodges in place of caravans. The aim has been to create a prime up-market mixed marina and leisure village and there is now an opportunity for an investor/operator to complete this development phase and further substantially increase the level of business as follows:

Development of additional marina berths and boat repair yard - A boatyard premises with workshop, yard and hoist has planning consent but is not constructed. There is potential for the development of a mix of additional narrow boat and wide beam berths to add to the capacity of the marina (subject to planning). The vendors were refused consent for a major marina expansion of 252 berths in 2016, but this refusal was against the Planning Officer’s recommendation for approval.

Development of up to 14 additional lodges - which have planning consent and readily available service connections in place – in part replacing contractor caravans - for profitable sale or to let.

Projected EBITDA for financial year ending 31st March 2017 at circa £1,431,000 - based on actual management accounts for 9 months to December 2016 and 3 months forecast to end of March 2017.

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Indicative boundary plan only. Not to scale.

RoydonStation

RoydonVillage

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Roydon Marina Village is located on the north-western outskirts of the village of Roydon in the county of Essex adjacent to the River Stort which runs through the property and provides an attractive backdrop. Roydon is a popular residential village with approximately 2,750 inhabitants and lies equidistant (2/3 miles) between the New Town of Harlow and Hoddesdon. Both towns provide a comprehensive range of retail and service outlets.

The property is located in a rural setting on the edge of the village in the north-eastern section of the Lee Valley Regional Park which is a popular

Roydon benefits from good transport links and access to Central London (26 miles via the A10) and there is easy access to both the M25 (Junction 25/26) and M11 (Junction 7) which are approximately 7 miles. There are good public transport connections with Roydon Rail Station practically adjoining the property and providing direct services to both London Liverpool Street and Stansted Airport in circa 30 minutes. Stansted Airport is about 18 miles to the north-east. The station is a particularly important link for the business with the letting of rooms and caravan/lodge accommodation to people working in Central London.

leisure location and encompasses the River Lee and Stort valleys from Limehouse on the River Thames to Hertford/Bishops Stortford, a distance of some 26 miles. It incorporates public parkland, bicycle trails and paths together with the cruising waters of the River Lee. The River Stort is a tributary to the River Lee and is navigable for 14 miles to Bishops Stortford with 15 locks and forms part of the Park. Roydon Marina Village lies approximately 2 miles from the confluence of the rivers and is one of three marinas on the northern section of the system. The River Lee joins up with the River Thames and Hertford Canal which in turn leads into the Regents Canal through London.

Approximate distances to the property are:

Roydon Station 0 miles Harlow 3 milesHertford 7 miles M25 Junction 25/26 7 milesNearest Tube Station (Epping) 9 milesBishops Stortford 13 milesStanstead Airport 18 milesCentral London 26 miles

LOCATION

ROYDON MARINAVILLAGE

ROYDON MARINAVILLAGE

Chemlsford

BasildonRomford

Maidenhead

Guildford

Maidstone

Cheshunt

HemelHempstead

WelwynGarden City

High Wycombe

LONDON

HarlowRoydon

CheshuntPotters Bar

HatfieldHoddesdon

Sawbridgeworth

WalthamAbbey

Ware

M4

M3M2

M1

M25

M25

A1(M)

M20

M40

M25

M11

2524

26

WelwynGarden City

123

627

L E E VA L L E Y R E G I O N A L

PA R K

A414

A602

A414

A1184

A414

A10

M25

A1(M)

M11

ROYDON MARINAVILLAGE

ROYDON MARINAVILLAGE

Chemlsford

BasildonRomford

Maidenhead

Guildford

Maidstone

Cheshunt

HemelHempstead

WelwynGarden City

High Wycombe

LONDON

HarlowRoydon

CheshuntPotters Bar

HatfieldHoddesdon

Sawbridgeworth

WalthamAbbey

Ware

M4

M3M2

M1

M25

M25

A1(M)

M20

M40

M25

M11

2524

26

WelwynGarden City

123

627

L E E VA L L E Y R E G I O N A L

PA R K

A414

A602

A414

A1184

A414

A10

M25

A1(M)

M11

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Access to the site is from the B181, beside Roydon station and a private tarmacadam single track road with passing places follows and crosses the navigable River Stort leading beside a maintenance area and Mill Corner (small caravan area) to a reception and administrative office at the entrance to the Marina Village with a management flat over. From here, a tarmacadam

Fronting onto the main car park, there are 28 en suite (double / twin) bedrooms to budget hotel standard each with television and tea/coffee making facilities as follows:

Rooms Description

8 Purpose built in single storey brick and tiled block each with bath with shower over

6Converted from former 2 storey house - 5 with showers and one with bath and separate shower unit

14Newly converted in 2016 from part of former function suite with bath with shower over

DESCRIPTION MOTEL

The outlet is located fronting onto the main car park and adjoins the main park reception and the newly converted motel bedrooms. It is let on a 5 year term to a specialist independent operator and serves a mix of steak and Italian food including pizzas and pasta. The restaurant has 60 covers and a bar servery, with WCs and commercial kitchen and a rear balcony overlooks the former mill stream.

MARCO’S ITALIAN RESTAURANT

road leads over a further bridge to a central parking area with about 90 spaces fronting the motel and restaurant with the park homes to one side. Further driveways radiate from here to the lodges and marina, both of which have their own private parking beside the lodges and close to the berthing.

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Marina Reception/Waterside Café

Recreation Area

Entrance DriveHotel Rooms

Hotel Rooms

Marco’s Italian Restaurant

Laundry

Garages

Reception

Offices/Staff Flat

Housekeeping

Maintenance Buildings

River Stort (Navigation)

Marina Extension

To Lock

Bridge

Bridge

Mill Corner

KEY Privately Owned Residential Park Homes

Privately Owned Holiday Lodges

Lodge Pitches with On-going Sales

Indicative only. Not to scale.

Holiday Letting Lodges Lodge Sales Unit (Show Lodge) Contractor Units (temporary use on main site)

Dance School (temporary use)

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TIMBER LODGES AND CONTRACTORS’ CARAVANSLying adjacent and overlooking the marina in part, there is the main area of lodges which is consented for 66 holiday lodges out of the 72 consented overall on the site with the remainder forming Mill Corner which comprises a further 6 units. The lodges comprise as follows:

Number Type of unit / occupancy. Main Lodge Area.15 40’ x 20’ quality 2009 full timber lodges occupied as a hire fleet7 40’ x 14’ Homeseeker 2011 timber clad lodges occupied as a hire fleet7 Atlas hire fleet21 Privately owned twin lodges 6 40’ x 20’ vacant twin bases 10 Undeveloped vacant pitches – part used for ‘Contractor units’ (see below)66 Sub-total Main Lodge Area

Mill Corner2 Privately owned lodges4 Vacant lodge pitches - currently occupied by ‘Contractor units’ (see below)72 Total

There is parking beside each unit and the lodges are surrounded by well kept mown grass with maturing trees and shrubs. 25 of the letting lodges have the benefit of hot tubs.

There are also 14 ‘Contractor Units’ in this main area which comprise a mix of traditional static caravans and basic park home units which are let on a weekly basis to a group or individual contractors. These units have traditionally formed a part of the site and benefit from the good railway link into Central London. They will be removed to make way for the lodge development. A further 4 contractor units are located in Mill Corner, a separate area beside the entrance to the park which also includes 2 privately owned units. There is also a former licensed clubhouse overlooking the marina which is occupied by a Dance School under an informal licence. It is planned to demolish this unit, potentially moving the occupier to one of the maintenance buildings at the entrance to the property and to replace the unit which is a prime lodge pitch overlooking the marina.

RESIDENTIAL PARK HOME ESTATELying between the holiday park area and the mill stream with frontage over the marina, there is a residential park home estate with 41 privately owned park homes (about 26 twins and 15 singles). The homes mainly utilise the central parking area, whilst several home owners benefit from their own dedicated parking spaces, and all have their own garden areas which are predominantly well kept.

THE MARINA, LOCK AND LAKEThe marina was developed in 2010/2011 from a part (about half) of a former water sports lake with two islands at the far end. The marina comprises 315 berths, 295 designed for narrow boats of variable lengths and 20 are for wide beam vessels although at the moment there are more berths occupied by wide beams due to high demand. There is one berth reserved for residential use by a member of staff. The berthing is set out on a modern floating pontoon system (Solent Marine) with timber decking supported by steel piles with six bridgeheads conveniently located close to parking areas around the banks of the former lake. There are two pedestrian bridges linking different areas of the pontoon system. Each berth has a 16A electrical supply paid for by way of a pre-paid card meter and to each bollard, there is water and lighting services. There is ample hard-standing parking around the perimeter of the marina. Close to the marina clubhouse, there is an Elsan chemical disposal point, pump-out facility and diesel sales’ pump. Access to the marina from the River Stort is via a new lock to the south-west. The River Stort is about one metre higher than the water level in the lake/marina.

There is planning permission for a maintenance workshop, yard and hoist to be located near to the marina clubhouse, which has not been implemented. In 2016 a planning application for the development of 252 berths was refused by the Local Planning Authority following a successful pre-application process and the Planning Officer’s recommendation for approval. The vendors are of the opinion that there is scope to gradually increase the size of the marina, subject to planning.

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MARINA CLUBHOUSE AND OFFICESLocated on the south-eastern side of the marina is a modern single storey timber framed and clad building under a pitched slate style roof which is raised on piles. Internally, the building is of a varnished wood character and provides a café / bar area with sofa style seating and brokerage computer link (42 covers approximately), a small kitchenette and an office for the administration of the marina. At the rear of the property, there are additional facilities for the marina users including ladies, gentlemen’s and disabled WCs & showers, and a launderette with 4 machines.

FORMER TOILET BLOCK AND LEISURE MOORINGSTo one side of the Marco’s Italian Restaurant is a former shower/toilet block which is used for housekeeping and storage. There are a number of riverside berths adjacent to the main driveway into the property.

ADMINISTRATION OFFICE AND MANAGER’S FLATA two storey, part-converted residential house of rendered masonry construction under a pitched tile roof which lies adjacent to the main entrance to the property and beside the mill stream. The building is heated by way of a LPG fired gas central heating system and benefits from double glazed windows. The ground floor has been converted to provide office space and a security reception, with the former kitchen to the rear providing a staff mess area with WCs. The first floor comprises a self-contained residential flat, occupied by the site manager and comprising two large double bedrooms, bathroom, a large kitchen and separate living room.

LAUNDERETTE AND TWO STAFF UNITSLying to the east of the park home estate within a separate area there is a single storey brick and tiled building which forms a launderette and 2 one-bedroom staff units.

MAINTENANCE BUILDINGS AND COMPOUNDLocated adjacent to the entrance drive into the property, there are two traditional single storey timber framed barn style buildings clad with timber boarding under a pitched roof. One of the barns has an open front with the other fully enclosed. There is an additional brick storage unit under a slate roof next to the barns and the area is secured by fencing and gates.

SERVICESThe property has the benefit of the following services:

Water – metered mains supply

Electricity - metered 3 phase mains supply with the park homes (metered - 30 amps), lodges (metered - 32 amps), caravans (metered - 16 amps) and berths (prepaid card - 16 amps)

Drainage - gravity-fed to a series of holding tanks then pumped to mains on B181 Roydon Road. The marina clubhouse has a private Klargester system.

The marina has a diesel fuel pontoon with underground tank and a pump-out facility.

Bulk LPG gas is supplied to the motel block, restaurant, holiday lodges and caravans, with the residential park homes and other buildings being supplied by bottled gas.

The property has a Wi Fi system and there is CCTV.

Agent’s note: the services have not been tested or

investigated, as prospective buyers should satisfy

themselves of their capacity and condition prior to

commitment to purchase.

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PLANNING AND LICENSESThe property lies within the Lee Valley Regional Park where planning applications must demonstrate any proposed development would enhance the function and enjoyment of the park for its users on sites that are most appropriate and development is kept to the minimum necessary.

The property has a long planning history and, in recent years, planning consent has been granted for a reduced number of lodges to replace higher density holiday caravans and for the marina. A planning application was made in 2016 for a 252 berth extension to the marina which was refused against Planning Officer advice. The vendors have decided not to appeal the decision themselves but believe there is an opportunity to either re-submit or to apply for a smaller development scheme.

The property has the substantial benefit of all-year-round holiday use and both residential and holiday caravan licences.

Marco’s Italian Restaurant and the marina clubhouse each have a Premises Licence for the sale of alcohol on or off the premises.

TRADING Roydon Marina Village is overseen by a third party specialist park manager with off site accounting and financial control. The complex is currently operated on a day-to-day basis by a park manager and 15 permanent staff together with 8 additional part time staff and seasonal cleaning and other staff as required. The overall business has been well capitalised and largely redeveloped on a gradual basis over the last 8 years by the vendors with a mixture of revenue streams as set out below. Please note reference to years unless otherwise stated refers to trading years to the end of March.

n Marina – currently approximately 80% occupied and increasing. 2016/17 mooring rates including service and VAT charges are at £211 per metre for a narrow boat and £285 per metre for a wide beam. An additional annual administration charge of £65 inclusive of VAT is made per berth.

n Hire fleet (29 lodges) let through Hoseasons, generated £506,000 in 2016 at weekly rents in the range of £245 - £985 inclusive of VAT. The accommodation is also offered on a short break basis.

n Pitch fees for the 23 privately owned units are £2,850 inclusive of rates, water rates and VAT. The pitch fee is reviewed in April each year and there is scope to increase the pitch fee to a market level in the future.

n Park home estate with 2016 pitch fees of £82,040 (average £2,000.97 per annum / £166.77 per month).n 18 Contractors units generating turnover of £158,000 and let from £200 per week inclusive of VAT.n Motel forecast to generate £279,000 by end of March 2017 following addition of 10 extra en suite

rooms during the financial year. The tariff for 2 people is from £65 per night inclusive of VAT and continental breakfast’.

n Lodge sales – there were 2 new lodge sales in 2016 at an average price of almost £160,000 which generated £320,000 of sales. There are 5 new lodge sales currently agreed, each in excess of £200,000.

CURRENT AND PROJECTED EBITDA Trading for 12 months to March 2016, together with budget figures for 2017 (9 months actual and 3 months forecast) and projection for 2018 are summarised below:

Revenue Actual 2016 (£)Forecast 2017 - 9 month actual / 3

month forecast (£)Budget 2018 (£)

Marina 975,745 1,044,473 1,142,107

Lodge Letting Fleet 506,176 517,490 547,108

Contractors Units 157,859 159,638 147,852

Residential Pitch Fees 82,040 87,253 93,453

Lake and Moorings 20,236 22,315 22,705

Holiday Pitch Fees 37,525 46,498 59,550

Private Sales Commission 30,600 - 20,000

Motel 210,721 278,861 295,295

Sundries 33,449 34,067 34,784

Lodge Sales 319,261 965,000 1,295,520

Total Revenue 2,373,612 3,155,594 3,658,374

Cost of Sales 445,707 467,059 477,440

Lodge Purchases 112,198 414,950 580,000

Gross Profit 1,815,707 2,273,585 2,600,934

Overheads 864,780 842,487 850,007

EBITDA 950,927 1,431,098 1,750,927

The underlying EBITDA from the business to exclude lodge sales for the financial year to end of March 2017 is forecast to be £881,000 approximately, rising to over £1m in 2018 with additional berth occupancy, motel occupancy (with new rooms added in 2017), commission from the sale of park homes and further pitch fees. In addition, significant lodge sales are forecast.

The park has its own website at www.roydonmarinavillage.co.uk, along with prominent holiday lodge listings at www.hoseasons.co.uk/roydon-marina.

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John Mitchell t: +44 (0)20 7911 2489 m: +44 (0)7920 812 024 john.mitchell@gva.co.uk

John Anderson m: +44 (0)7920 812029 john.anderson@gva.co.uk

Richard Moss m: +44 (0)7801 015195richard.moss@colliers.com

Robert Smithson m: +44 (0)7825 171652robert.smithson@colliers.com

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EPCsManagement Office D

Motel D

TERMS OF SALE AND GUIDE PRICE The property is offered for sale freehold by private treaty as an operational entity at an asking price of offers in the region of £10.75m, subject to a lease of the restaurant, and licences in respect of the dance studio, privately owned park homes, lodges and craft in the marina. Wet and dry stock, plus fuel stock, is available by agreement at valuation upon Completion.

Access to the property dataroom is available upon request to seriously interested parties upon registration. Please note that viewing is strictly by appointment only through the joint sole selling agents, GVA and Colliers International. No unscheduled visits to the property will be permitted.

Prospective parties are requested to contact the joint sole selling agents to determine the status of the sale prior to travelling to inspect the property in order to avoid a wasted journey. Many (if not all) of the lodges may be unavailable for internal inspection as they are likely to be occupied by holiday visitors.

CAPITAL ALLOWANCESSubstantial capital allowances may be available on the property assets subject to valid entitlement and agreement with the vendors.

CONTACT

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Marco’s Italian Restaurant C

Marina Clubhouse D

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IMPORTANT NOTICEGVA, and its joint agents, Colliers International, give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person employed or engaged by GVA, or its joint agents, Colliers International, has any authority to make any representation or warranty whatsoever in relation to this property.

GVA is the trading name of GVA Grimley Limited, Colliers International is the licensed trading name of Colliers International Property Advisers UK LLP which is a limited liability partnership registered in England and Wales with registered number OC385143. Colliers registered office is at 50 George Street, London W1U 7GA. Conditions under which particulars are issued by GVA Grimley Limited for themselves, for any joint agents Colliers International and for the vendors or lessors of this property whose agents they are, give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. (ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) no person in the employment of GVA Grimley Limited or Colliers International have any authority to make or give any representation or warranty whatever in relation to this property. (iv) all rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO Crown Copyright reserved. Licence No 774359. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only.

These particulars were produced in February 2017 with a mixture of current and archive photography.

John Mitchell t: +44 (0)20 7911 2489 m: +44 (0)7920 812 024 john.mitchell@gva.co.uk

John Anderson m: +44 (0)7920 812029 john.anderson@gva.co.uk

Richard Moss m: +44 (0)7801 015195richard.moss@colliers.com

Robert Smithson m: +44 (0)7825 171652robert.smithson@colliers.com

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