Two hundred acres on the Jurassic Coast have been put up for sale.
One of Exmouth’s largest private landlords has instructed Cushman & Wakefield to sell a circa 200-acre ground rent investment at Sandy Bay in Devon.
The land is let to Haven Leisure on a lease expiring in November 2060 at a rent of just £18,452 pa, with uncapped 17-yearly upward-only rent reviews.
C&W said that while the investment was not an income deal, it offered a large future uplift in value as the lease term diminishes or once it expires.
PJ Thibault, a partner in C&W’s capital markets team, said: “This is a unique investment in terms of both the property itself and its tenure. While the freehold today, with 200 acres and two private beaches, would be worth upwards of £60m, you would have to wait a while to receive that benefit.
“We expect a lot of family offices and high-net-worth individuals to be interested, as well as specialist ground rent investors.”
The Devon Cliffs holiday park is one of Haven’s most successful locations so offers a “significant chance of negotiation of a premium payment nearer lease expiry,” said C&W.
