Many people dream of escaping to the country but wonder how they could afford it.
A decade ago, the answer for Roger Burnside, now 57, came in the form of this modern Huf Haus, in Lancashire, which sits on the shore of a 23 acre lake and has a holiday letting business that he transformed.
The house, lake, eight holiday lodges and 34 acre site is now for sale for £3.5million, and the business generated a turnover of more than £500,000 last year.
The home in Lancashire was bought by Roger a decade ago, who decided to retire there after selling his former home and interior design business.
He had always wanted to live in an ultra-modern Huf Haus, and found the property called Cleveleymere in the picturesque Wyre Valley, which came with a then unprofitable waterside lodge rental business.
This property is called Cleveleymere and is on the shore of a lake in the picturesque Wyre Valley, in Lancashire
Stunning waterside views: The property sits on land overlooking a 23 acre lake and is on a 34 acre site
Despite Roger’s eagerness to retire, he took on the business to ensure that he could live in his dream home.
Last year, the eight waterside lodges produced a turnover of £506,604, and the property also now has planning permission for seven further lodges.
Mr Burnside declined to give further details about the actual profit, but confirmed the figures are available to interested buyers who ‘pass the necessary requirements’.
Plenty of land and water: The property includes the main house and the lake along with the holiday lodges
The entire property is currently for sale for £3.5million and the sale is being handled by estate agents Jackson-Stops.
In its marketing literature, the agent explained: ‘Cleveleymere represents a unique country estate in a stunning location, supported by a good business that can be easily managed by the owner.
‘If you wish to commune with nature but live in style, supported by a useful income, look no further.’
The owner’s house is called the Lake House, which is a Huf Haus made from glass and wood.
It has four double bedrooms and three bathrooms, each with balconies overlooking the lake.
The estate agent’s details describe the house as on a ‘private 34 acre nature reserve surrounded by fields, woodland and the river Wyre, with magnificent views of the neighbouring fells.
It is 7.5 miles south of Lancaster and to the south of the Lake District, close to the upmarket town of Garstang and next to the Trough of Bowland.
The owner’s home is called the Lake House, which is a Huf Haus made from glass and wood
The current owner has renovated many of the living areas, including this bathroom
The kitchen has been updated to include high gloss white units and granite worktops
The Lake House has four double bedrooms, all with stunning views of the lake
Mr Burnside has updated many of the living areas, including a new kitchen with high gloss units.
There is also a new bathroom with a quadrant shower with hydro-massage and body jets with a built-in FM stereo and LED lighting. There is also a two person hot tub.
The Lake House, eight rental lodges and the 23 acre lake all sit in a total of 34 acres.
Mr Burnside insists that it is now time to retire and so he is selling the entire property.
A home and business: The entire property sits on an impressive 34 acres of land in Lancashire
There are currently eight lodges on the waterside site, which produced a turnover of £506,604 last year
There are other activities available on the site, including fly fishing – and there is permission for seven new lodges
The holiday let business concentrates on eight self-contained lodges.
However, some of the site’s income is also produced by fly fishing permits, and a clay shooting.
Additional facilities include a nine hole crazy golf course and a timber under-12s play area with a pirate ship.
How could you finance such a project?
If you’re considering such a dramatic lifestyle change and buying a property with a business attached, it is important to do your research to avoid potential pitfalls along the way.
Effectively, you need to fund two things, the property that you are buying and the business that is attached. To work out if this is worthwhile, you need to ascertain how much of the price represents the property and how much the business’s earning power.
The first thing you will need to know is what the business’s revenue, cashflow and profits are. You then need to do your due diligence on how sustainable those things are and consider whether you are likely to run that business at an increased or decreased level once you take it over.
Unfortunately, but understandably, the owners of such properties are often reluctant to divulge this information publicly or in property listings. However, if you are serious about buying they will tell you. If you can’t get a straight answer to your questions, plenty of documentary evidence and access to accounts, you might consider it wise to walk away.
Residential properties with a business attached will most likely require a commercial mortgage. Typically the deposit will need to be around 30 per cent of the value of the bricks and mortar, while other lenders will lend up to 65 per cent of the total purchase price – which includes the house as well as the value of the business.
The requirements of a commercial mortgage are slightly different to a residential one as you are running a business.
For example, the minimum deposit required tends to be higher with commercial borrowing than on residential deals. Commercial mortgage rates also tend to be higher, at around 4 and 5 per cent.