ROSERROW

GOLF & COUNTRY CLUB

POL ZEATH, CORNWALL

A golf and leisure club on the North Cornwall coast with permission for development of holiday homes

ROSERROW
GOLF & COUNTRY CLUB
Polzeath 1 mile, Rock 2.5 miles Wadebridge 6.5 miles, Bodmin 13 miles (All distances are approximate)

SUMMARY OF FACILITIES
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Roserrow Golf & Country club occupies a 93.08 hectare (230 acre) site accommodating the following facilities:6,551 yard, par 72, 18 hole golf course 851.38 sq m (9,164.25 sq ft) GEA golf clubhouse 741.45 sq m (7,980.97 sq ft) GEA health & fitness club 12 bay covered golf driving range with adjoining teaching room and exercise studio 240.75 sq m (2,591 sq ft) GIA greenkeepers building 249.33 sq m (2,683.8 sq ft) GIA pump house and water storage building Planning permission for development of 7 holiday homes extending to 839.74 sq m (9,038.96 sq ft) GEA overall Planning permission to extend the health and fitness club by 386.63 sq m (4,161.68 sq ft) GEA

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HISTORY
Roserrow Golf & Country Club originally comprised a 153.8 hectare (380 acre) estate which gained planning permission in 1991 for development of golf and leisure facilities, as well as a small holiday village. The holiday village comprises approximately 60 holiday homes located on the east side of the golf course, all of which were built during the late 1990s/ early 2000s and have been sold. Surplus agricultural land has also been sold, apart from a field adjoining Pityme village at the southern end of the site, which may offer long term development potential. The majority of the remaining 93.08 hectare (230 acre) site is occupied by the 18 hole golf course and clubhouse, which opened in August 1997. The adjoining leisure club and driving range buildings were constructed in 1997 and opened in the spring/early summer of 1998. In 2004, four new cottages were constructed to the west of the clubhouse, all of which have been sold. In March 2004 planning permission was granted for development of six holiday apartments on the north side of the golf clubhouse and leisure club, linking the two buildings. These apartments were built and sold from 2005.

In 2008 planning permission was granted for development of seven additional holiday apartments on the southern side of the golf clubhouse, as well as extension of the leisure club facilities. This permission has been implemented by minor construction work and remains extant.

LOCATION
The property is located between the villages of Rock and Polzeath on the North Cornwall coast. Recognised as one of the most popular and attractive parts of the coastline, the immediate surroundings offer access to numerous tourist attractions as well as several sandy beaches. Polzeath is within easy walking distance by public footpath, and other notable towns and villages, such as Port Isaac and Rock, are a short drive away. Padstow is readily accessible by passenger ferry from Rock, or 14 miles by car around the estuary. Access to the A30 dual carriageway is gained at Bodmin, and this links to the M5 motorway at Exeter. Domestic flights are available from Newquay Airport, located 19 miles to the south west, and mainline railway services are available at Bodmin. Roserrow Golf & Country Club is therefore located in one of the most accessible and attractive parts of North Cornwall.

THE GOLF COURSE

The 18 hole golf course was constructed in 1996, and opened in August 1997. Extending to 6,551 yards, par 72 and standard scratch score 72 from the white tees, the course occupies an attractive and undulating site which is elevated in places, offering extensive countryside views as well as a view of Polzeath and the coast to the north. The course is designed for players of varying abilities and has been awarded the Golf Monthly silver award in the past. Its layout provides two 9 hole loops, starting and finishing close to the clubhouse. Apart from the natural undulations of the site, areas of woodland and vegetation provide further sub-division of the fairways over the course. Tees and greens on the golf course are served by an automated irrigation system.

PRACTICE FACILITIES
To the west of the clubhouse is a covered driving range building of steel framed construction, clad with stone and profile steel sheeting. It provides 12 covered bays, which look north and have a coastal view beyond the 250 metre long landing area. In addition to the 12 range bays, there is a 45 sq m (484 sq ft) GEA enclosed teaching room which also opens on to the range area. At the opposite end of the range is a further enclosed area extending to 90 sq m (969 sq ft) GEA which accommodates the ball dispensing machine, an office and a small aerobics studio. Adjoining the golf clubhouse is a putting green, as well as two hard surfaced tennis courts enclosed by netting.

THE GOLF CLUBHOUSE

The golf clubhouse is located at the southern end of the golf course and offers good views over the course to the north and west. It is a two-storey structure of stone, brick and rendered elevations beneath a pitched slate roof. It was constructed in 1997 and extends to 851.38 sq m (9,164.25 sq ft) GEA, providing the following accommodation:Ground Floor n Entrance hall with passenger lift and stairs to first floor. n Bar area with 30 covers, bar, golf reception desk and adjoining office. n Male and female changing rooms with showers and WCs. n Beer store and further store room. n Linen store and golf equipment store, accessed externally.

First Floor n Open plan restaurant area, refurbished in 2011, to provide 80 to 100 covers. n External first floor terrace area overlooking the golf course. n Main kitchen (refitted in 2011) with adjoining stores, office and staff WC. n Male and female WCs, refitted in 2011.

GREENKEEPERS BUILDINGS
The greenkeepers buildings are located 250 metres to the east of the clubhouse and close to the main access road. The main building comprises a steel framed structure, clad partly with block walls above with profile steel sheeting to the roof and sides. It was constructed in 1997 and extends to 240.75 sq m (2,591 sq ft) GIA. Internally it has a concrete floor, and at one end an area has been partitioned to provide an enclosed store room and workshop above which is a mezzanine floor providing a staff room. There is an area of hard standing for car parking adjoining the building. To the north of the main greenkeepers building is a further steel framed building clad with profile steel sheeting to the roof and sides. This extends to 249.33 sq m (2,683.8 sq ft) GIA. It accommodates a water storage tank and pumping equipment serving the golf course irrigation system.

An area of grassland running along the southern boundary of the golf course, currently used as a grass aircraft landing strip, extending to approximately 4.60 hectares (11.36 acres). An agricultural field extending to approximately 2.73 hectares (6.75 acres), located on the edge of the village of Pityme, to the south of the golf course, accessed via a track running from the greenkeepers buildings. At the southern end of this field is a former yard area upon which the concrete framed shell of two former agricultural buildings is located.

HEALTH & FITNESS CLUB

The health & fitness club is located immediately to the east of the golf clubhouse. It is a single-storey steel framed structure of rendered and brick elevations beneath a partly pitched slate and partly flat roof. Whilst it is linked to the golf clubhouse by the apartments, it is a separate building as the apartments are not owned by Roserrow Golf & Country Club and are excluded from the sale. The health & fitness club extends to 741.45 sq m (7,980.97 sq ft) GEA and provides the following facilities:n n

ACCESS ROAD AND CAR PARK

The tarmac surfaced access road runs from the public highway to the north east of the golf course, for approximately 1,250 metres to the golf clubhouse and health & fitness buildings. It passes the original holiday home development to the east of the golf course and leads to the car park to the south of the golf clubhouse. The car park is surfaced with tarmac roadways which adjoin approximately 60 parking spaces surfaced with block paving and 75 parking spaces surfaced with crushed stone. There is an area of hard surfaced overflow parking to the west of the clubhouse buildings, close to the golf driving range.

LAUNDRY STORAGE BUILDING

To the north of the water storage building is a small single-storey building of blockwork walls, rendered externally, beneath a profile steel sheet roof. It extends to 23.98 sq m (258 sq ft) GIA and provides laundry storage space.

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Reception area. Swimming pool 20.75 metres (max) x 8.0 metres with adjoining whirlpool bath, sauna and steam room. Male and female changing rooms with WCs and showers. Family changing room. Disabled WC. Beauty treatment room with shower and basin. Gym currently accommodating 15 fitness stations and 11 spinning bikes. Second gym currently accommodating 11 weights and resistance stations. Office and plant room.

LAND SURPLUS TO THE GOLF AND LEISURE BUSINESS

There are three areas of land which are not currently used by the golf and leisure business, which could offer potential for alternative use, subject to planning permission being obtained:n

HOLIDAY HOME DEVELOPMENT AND EXTENSION TO THE HEALTH AND FITNESS CLUB
There is planning permission to extend the golf clubhouse and health & fitness club to the south of the existing buildings. The proposed extension will provide a further 1,226.37 sq m (13,200.64 sq ft) GEA over three floors and includes the following additional accommodation:-

An area of open land to the south and east of the holiday village, beyond the eastern boundary of the golf course, extending to approximately 6.08 hectares (15 acres).

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7 holiday apartments extending overall to 839.74 sq m (9,038.96 sq ft) GEA Ground floor shop, coffee bar and offices for the health & fitness club 118.89 sq m (1,279.73 sq ft) GEA. First floor caf, WCs and aerobics studio for the health & fitness club 267.74 sq m (2,881.95 sq ft) GEA.

THE BUSINESS
Roserrow Golf & Country Club offers both golf and health & fitness club memberships, as well as allowing green fee usage of the golf course. Further income is generated from the driving range. The principal tariffs currently charged, including VAT, are as follows:Category of Membership Full Single Full Joint Country Young Adult Intermediate Student Junior Annual Golf Fee Leisure Supplement 450.00 725.00 275.00 325.00 250.00 160.00 60.00 150.00 300.00 200.00 175.00 150.00 125.00 100.00 Total Annual Golf Monthly Fee & Leisure Fee Golf Only 600.00 1,025.00 475.00 500.00 400.00 285.00 160.00 45.00 72.50 N/A N/A N/A N/A N/A Monthly Fee Golf & Leisure 60.00 102.50 N/A N/A N/A N/A N/A Green fee tariffs for 2011 including VAT are as follows:Category of Membership Single Joint Student Junior (swim only) Country Early Bird Annual Leisure Fee 350 600 195 100 225 250 Monthly Leisure Fee 35 60 19.50 10 22.50 25 9 Holes 18 Holes All Day 3 Day Consecutive 7 Day Consecutive Full Member Guest Category Low Season 1 November 31 March 10 20 30 50 105 15 Mid Season 1 30 April 1 31 October 15 30 50 70 155 20 High Season 1 May 30 September 20 35 55 75 160 25

No joining fees are charged at present. Subscriptions are renewed annually on 1 March.

Trading History As at 1 October 2010 there were 199 golf members and a further 55 golf and leisure members. There are also 282 leisure-only members, bringing the overall membership at Roserrow to 536. In addition, there are 21 owners of holiday homes on the Roserrow Estate who let their property through Roserrow. These owners receive two complimentary golf memberships and their families and parties renting their property receive complimentary leisure membership. There are also a further 44 complimentary members, principally staff members, who do not pay an annual membership. There is one corporate member who pays 2,000 per annum and receives four corporate membership cards which are transferrable. All of the trading activities within the golf clubhouse and health & fitness club are managed in hand by the vendor, including the golf professional.

Until November 2010 the company undertook property development and this trading activity was incorporated into the companys financial records. Income generated solely from the golf & leisure business, net of VAT, can be summarised as follows:Year Ending 31.03.2010 761,000 Year Ending 31.03.2009 700,000 Year Ending 31.03.2008 679,000

TOWN AND COUNTRY PLANNING

The property lies within the jurisdiction of Cornwall Council, a unitary authority formed on 1 April 2009 incorporating North Cornwall District Council, which was previously the planning authority covering Roserrow Golf & Country Club. The site falls within the East Planning and Regeneration Department of Cornwall Council, 3 5 Barn Lane, Bodmin PL31 1LZ Tel: 0300 123 4151. The Roserrow Golf & Country Club falls outside all defined settlement boundaries. It is not subject to any landscape designation within current planning policies.

TUPE
Purchasers will be required to comply with the relevant legislation in respect of current employees of Roserrow Golf & Country Club and the health & fitness club.

VAT
Should the sale of the property or any right attached to it be deemed a chargeable supply for the purpose of VAT, such tax shall be payable by a purchaser in addition to the sale price.

On 5 November 2010 the property and business was sold to the current vendor by acquisition of shares, and the figure for the year to 31 March 2010 is an estimate based upon limited financial information available. Income generated by the golf & leisure business from 5 November 2010 to 31 August 2011 amounted to 450,249 net of VAT. Further income is generated through management of some of the holiday homes owned by third parties at Roserrow. Income from this source is included within the trading summary for the three years to 31 March 2010. Between 5 November 2010 and 31 August 2011 management and maintenance charges generated from this source amounted to 107,699 net of VAT in addition to income from golf & leisure stated above.

FURTHER INFORMATION AND VIEWINGS

An online data room providing detailed information in relation to the property and business is available to seriously interested parties, subject to signature of a confidentiality agreement. Viewings are to be undertaken strictly by appointment through the selling agents in order to avoid disruption to the business. Roserrow Golf & Country Clubs website can be found at www.roserrow.co.uk. For further information or to arrange a viewing, please contact Savills (L&P) Limited, Wytham Court, 11 West Way, Oxford, OX2 0QL:Contact: Ian Simpson +44 (0)1865 269000 isimpson@savills.com Contact: Kay Griffiths +44 (0)1865 269000 kgriffiths@savills.com

BUSINESS RATES
The current rateable value for Roserrow Golf & Country Club is 105,000, giving rise to rates payable of 45,465 for the year ending 31 March 2012.

TENURE AND BASIS OF SALE

Offers are invited for the freehold interest in the property and business on the following basis:n

SERVICES
The clubhouse, health & fitness club and the laundry building are connected to mains water, mains drainage and mains electricity. Propane gas is used for cooking in the clubhouse kitchen. The gym areas within the health & fitness club are air conditioned. The green keepers building, the water storage building and the golf driving range are all connected to mains electricity. The green keepers building and the golf driving range are also connected to mains water. Water for irrigation of the golf course is drawn from a bore hole.

Vacant possession will be provided upon completion, subject only to annual rights granted to some golf and leisure club members. Membership subscriptions will be apportioned between the vendor and the purchaser upon completion. All moveable fixtures, fittings and equipment are excluded from the sale and will be removed upon completion. In addition to the purchase price, all consumable stock is to be purchased at valuation upon completion.

IMPORTANT NOTICE
Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, images and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Photographs taken between April 2005 and September 2011 Sale particulars prepared October 2011

RIGHTS OF WAY
Owners of the holiday homes have rights of access over the road to Roserrow Golf & Country Club. A number of public footpaths cross the site and these provide access to Polzeath to the north and to the west of the site.

FIXTURES, FITTINGS AND EQUIPMENT

All fixtures, fittings and equipment currently used to operate the business are owned separately to the property asset and are excluded from the sale. Purchasers will need to acquire their own inventory of equipment for the clubhouse and health & fitness club, as well as that required to maintain the golf course. A schedule of moveable fixtures, fittings and equipment which are excluded from the sale will be available to purchasers.

LICENCES
The property has a premises licence dated 21 December 2010, which permits the supply of alcohol and use of the clubhouse for various forms of indoor entertainment. The property is also a licensed venue for marriages.

ROSERROW
GOLF & COUNTRY CLUB

ROSERROW
GOLF & COUNTRY CLUB

This Plan is based upon the Ordnance Survey Map with the sanction of the Controller of H.M. Stationery Office. Crown Copyright reserved. (100024244). This Plan is published for the convenience of Purchasers only. Its accuracy is not guaranteed and it is expressly excluded from any contract. NOT TO SCALE.

This Plan is based upon the Ordnance Survey Map with the sanction of the Controller of H.M. Stationery Office. Crown Copyright reserved. (100024244). This Plan is published for the convenience of Purchasers only. Its accuracy is not guaranteed and it is expressly excluded from any contract. NOT TO SCALE.

DIRECTIONS
The postcode for the property is PL27 6QT. The preferable postcode for SatNav is PL27 6QU. From Exeter take the A30. Take the first exit into Bodmin and then take the A389 towards Wadebridge. From Wadebridge take the B3314 towards St Minver. Turn off the B3314 towards St Minver and pass the village, continuing on the road to Polzeath. Just before descending into Polzeath, Roserrow Golf & Country club is signposted to the left.