Wed, 12 Feb 2020 | COMMERCIAL PROPERTY
The Highbullen Hotel Golf and Country Club, which is set on a 116.5-acre Victorian estate in rural Devon is up for sale with a guide price of £5 million. The sale of the hotel, which is currently owned by the Chapman family, is being jointly handled by Christie & Co. and Savills.
The hotel has 39 en-suite bedrooms, four holiday cottages and events and leisure facilities including an 18-hole USGA golf course, indoor and outdoor swimming pool, spa, sauna and steam room.
There are also two restaurants, Laura Ashley Team Room, a fully-equipped gym and club bar. Moreover, planning consent is in place for the building of 58 holiday home lodges in the grounds and a 16-bedroom extension to the hotel.
Reserved matters applications have also been submitted for four treehouses and 15 holiday lodges.
The hotel’s most recent accounts, for the year ending 31st December 2018, show it making gross profit of £516,144, down from £728,192 the year previously.
Highbullen also has £6,295,809 in fixed assets, of which £6,245,806 are tangible and £50,003 intangible. Its net assets amount to just over £6 million.
David Tearle, the Resort Director of Highbullen Hotel, says that “the sale offers a fantastic opportunity for the full development of this exceptional resort.”
Christie & Co. director Stephen Champion, who is handling the sale, adds: “Highbullen presents extensive upside to any prospective purchasers whether it be through the numerous planning permissions in place to further develop the hotel and grounds or the opportunity to expand the current business with the facilities already in place.”
“Hotels with this scope and potential rarely come to the market and we expect to see high levels of interest from a range of buyers including hotel groups, high net worth individuals, foreign buyers or developers looking at the planning permission in place.”
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