Development Plan for 114-Acre Farm to Build 69 Keys in Rock, Cornwall

Location: Rock, North Cornwall, England, UK. 30 minutes drive from Newquay Airport

Name: Trefresa Farm

Initial Investment: £4m plus build costs

No. of Keys: 69 – 30 rooms, 20 lodges (some 2 bed), including 3 luxury tree-houses

The Opportunity: The property with 114 acres of land, was acquired by our client in 2018 and now has planning consent to convert farm buildings into eleven residential dwellings. The primary strategy is to restore and enhance the farmstead by creating a boutique destination
69 key hotel, spa, two restaurants, outdoor wedding space, outdoor cinema and micro gin distillery in this beautiful Cornish setting.

The traditional stone barns and grade II listed farmhouse will be preserved, whilst large
utilitarian structures will be removed to make way for new high quality hotel rooms and amenity that is sympathetic to the setting, whilst optimizing the footprint of the properties.

Key to the offering will be a mixture of high spec cabins and treehouses. Investment has been made by the current owners to enable good and modern farming practices on the surrounding land and there is a tenancy agreement in place with the neighbouring farmer.

The intention is to ensure the future of the farm business, which will be a key attraction of the
hotel experience for guests, whilst also supporting farming diversification and additional job
creation. Work has already commenced on the concept design, planning process and local engagement, following a positive community open day in July 2020 and pre-app meeting in September.

The owners intend to submit a planning application imminently for the hotel scheme, are quite confident that planning for the hotel with be approved in a speedy time-frame and commence works on site by Q2 2021.

Investment required is £4m on a debt/equity basis. EBITDA is conservatively forecasted to start returning in the first full year at £1.49M (25%) with the second year achieving £2.6M (33%).

A highly experienced General Manager has been identified and with full direction from an expert board to ensure ROI within agreed timescales.

There are approximately 25 hotels in the vicinity mainly bed & breakfast or smaller hotels. Only 3 are Four-Star or above, with nowhere near the offering at Trefresa. No unique venue in the immediate area and none offering winter weddings.

Ideally the owner is looking for finance, either as debt or investment equity, JV, or would consider an outright sale

Main Photo: The view of Trefresa

Tenure: Freehold. Company held in a SPV

Brand/Management: Free to new owner

Current Owner: Local private company

Guide Price: £4m initial investment

Financials: Full business plan available on LOI/EOI – Expression of Interest

Agent: The Hotel Property Team

Date Posted: October 2020

THPT Comment: A fab opportunity to invest in this project, in this great location, to have a unique operation.

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