Heacham Manor Investments
Purchase Option 1: Cottages purchased with a letting agreement
These cottages are being offered for sale on a freehold basis with the option of entering into a letting agreement with an agreed time limited, minimum of three years.
Letting Agreement
The purchasers will, at the time of completion, enter into a letting Agreement with our management company. The management will then:
- Advertise and Market the cottages via Brochure, Website, Direct Mailings
- Administrate the bookings
- Provide Housekeeping Services: Linen and cleaning including providing toiletries and tea/coffee/biscuits
- Maintain & repair the cottage interiors
- Provide Reception services to the customers
- Pay for utilities relating to the bookings
For this service the Management company will charge a commission of 40%+VAT of the net revenue.
The owner entering the agreement will also have 2 free memberships to the Heacham Manor Golf Club for the duration of the letting Agreement.
The owners will receive as discount for food and beverage at the hotel and at Searles Leisure Resort. The owners would also gain access to the Sports and entertainment facilities at the resort.
Letting Opportunities
Block B
Cottages B2-B5 A Three bedroom Cottage with lounge and kitchen or 3 standard rooms
Block C
Cottages C6-C11 A Three bedroom cottage with lounge & kitchen or 1 Junior suite & 2 standard rooms
Markets
As detailed above the cottages can be rented out in a number of different ways. Either as a single cottage let for a large family or families sharing or as individual rooms for golfing breaks, spa breaks or function guests. We believe that the main market will be leisure breaks for golfers, spa users, walkers, cyclist and bird watching. We are also attracting wedding business using a marquee on our lawns and small conferences using our meeting rooms. Corporate business is also likely to be a small but growing sector with the development of Kings Lynn, through the £300 million Palm Paper project, the new Kings Lynn Mariner and the Proposed New College and university.
Financial Illustration
The financial Illustration provided shows the predicted returns for a years lettings. These figures are based on the assumption that the management company has a 46 week entitlement to let the property. The owners therefore using the cottage for 6 weeks a year on a basis on 1 week High, 2 week Mid & 3 week Low Season.
The owners will be entitled to allocate their preferred weeks prior to the start of the year.
Guaranteed Return
The management company are willing to offer a % guaranteed return on the owners investment for the first two years. If the owner wishes to use the cottage for more than the specified 6 weeks then a reduction in the guaranteed percentage can be calculated subject to agreement. This figure is subject to agreement.
Guaranteed Buy Back
The Vendors are also willing to offer a guaranteed by back at the original sales price, subject to agreement
