Round Tower Apartments Investment , 41 The Esplanade, Burnham-on-sea, South West, TA8

Location

Located near the pier and the vibrant attractions of Somerset, the apartments provide the perfect base for a self-catering holiday experience. Visitors can immerse themselves in the rich history of Burnham on Sea, as some of the apartments are crafted from the original 'Round Tower,' which once stood as the oldest lighthouse in the area. The property is located to the east of the seaside town of Burnham-on-Sea, some 1.6 miles north west of the Market town of Highbridge. Burnham-on-Sea offers a wide range of amenities all within walking distance of the property. Burnham-on-Sea benefits from very good transport links with Highbridge railway station and Junction 22 of the M5 both being within 3 miles of the property.

Description

The Round Tower occupies a seafront location, east of the seaside town of Burnham-on-Sea. Historically, Burnham-on-Sea was known as a small fishing village, but today the town is a popular seaside resort offering shops, cafes and restaurants. With seven miles of golden sand beach stretching between the resorts of Burnham-on-Sea and Brean, the Round Tower Holiday Apartments provide the perfect location for tourists visiting the seaside town. The newly converted and renovated building offers 13 luxurious and contemporary 1 and 2 bedroom self-contained apartments, ideal for couples, families, and groups throughout the year. Conversion works were completed in June 2024 following which the vendors have operated the property as a serviced accommodation business which is now offered For Sale as a going concern.

The property is arranged over ground, first and part second floors, the top floor of the rear forming the original lighthouse tower. The property benefits from unique architecture to include the original lighthouse tower and a castellated section to the front elevation. The buildings façades are finished in render, with a parapet roof and top hung casement windows at both ground and first floor level. The property is accessed off the Esplanade and fronting the property is a car park with parking for 11 vehicles (including 1 disabled space).

Internally the property has undergone extensive renovation and extension works and comprises 13 no. self contained residential apartments, which since completion in June 2024 have been used as short term holiday lets. Accommodation is finished to a high standard and are all self contained apartments which could continue to be let on a short term basis or longer term under ASTs. Accessed via a communal entrance to the front of the property, each apartment benefits from key safe access with Ring doorbells. A communal stairway provides access to the first floor with external fire escapes and grounds provided.

Please see the income statements for a breakdown of revenue and costs. Income statements do not take into account vendors utilities costs.

Long Term Letting - The vendors have leased 9 of the 13 apartments on 1 year contracts (not ASTs) providing workers accommodation for an infrastructure project. The remaining 4 apartments (all 2 beds) are available to be booked in the conventional serviced accommodation manor. This is currently generating a combined gross rental income of £24,406 pcm. There are minimal laundry and cleaning services provided as these are not included in the lease of the 9 apartments. The landlord would still need to incur the cost of services (Gas - £910pcm, Electricity - £800pcm, Waste Removal - £59pcm).

Video Tours and photographs are provided in the information pack. Viewings are strictly by prior arrangement. Set viewing slots will be offered to interested parties.

Planning

The property is located in the jurisdiction of Somerset Council. Full planning permission was granted on the 20th October 2023 for 'Change of use of existing guest house to 13no. self-contained residential units, with the erection of two storey rear (East) extension on site existing store (to be demolished) and associated works.' under reference 11/23/00025.

EPC

EPC Band - D (84) Assessed as a whole prior to conversion. A new assessment of flats has been commissioned.