Guide Price £1,295,000

Conwy Water Gardens, Glyn Isa, Rowen, Conwy

  • Area

    area
    7.5Acres

General information

An extremely unique, profitable and versatile business opportunity with potential to increase both turnover and profitability. In addition there is a detached, four bedroom house situated in a beautiful area of North Wales with outstanding views over the countryside to the mountains of Snowdonia.

Location
Conwy Water Gardens is located in the lower hills of the Snowdonia National Park, 4 miles from Conwy and 7 miles from Llandudno the largest coastal resort town in North Wales. It is within easy reach of Chester (45 mins), and the motorway network, mainline railway at Llandudno Junction to London (3 hours).

Situation
Conwy Water Gardens is situated approximately 4 miles south of Conwy. The town of Conwy is very attractive and overlooks the Conwy Estuary. The view is dominated by the spectacular Conwy Castle with the town still protected by well-preserved fortified walls. The site extends to approximately 7.5 acres (3 ha) as edged red on the site plan.

The Fishery
The only commercial coarse fishery for 40 miles and situated in the beautiful Snowdonia National Park, the fishery attracts considerable numbers of anglers, some of whom travel from as far as Manchester and Liverpool, as well as from all of the holiday sites around the area.

There are three lakes stocked with ghost, crucian and mirror carp, bream, tench, orfe, roach, rudd, large goldfish, barbel and chub. All of the lakes are fully accessible by wheelchair. There is a toilet block situated by the Middle Lake.

Top Lake (18 pegs) - designed as a match lake with an average depth of 5ft, well screened and protected by shrubs.

Middle Lake (22 pegs) - 8-10ft deep, stocked with carp to 25lbs plus, tench to 9lbs, bream to 6lbs, roach to 2lbs and barbel to 4lbs.

Bottom Lake (16 pegs) - set in mature woodlands with 100ft tall redwoods at one end. Stocked with mixed coarse fish species.

There is a hut housing the electricity supply next to the brook from which water is extracted under licence. There are a number of further ponds on site, one of which has been modified to serve as a children's training lake. There is a piped system from the brook to the Top Lake, which allows fresh water to be pumped around the site, thus keeping the waters in perfect health all year round.

Nature Trail
The nature trail offers an attractive walk with ducks, geese, chickens, capybaras, reeves pheasants, lakes and natural wildlife.

The Shop
The shop is adjacent to the Dutch Pancake House which is a stone built slate roofed building that sells a wide range of fishing tackle, fish keeping products, confectionary and gifts.

The Aquatic Centre
Conwy Aquatic Centre is an established business selling a wide range of tropical, marine and cold water fish, plants and corals and is the largest such centre in North Wales.

The Aquatic Centre has recently undergone a major refurbishment with three defined areas for marine fish, tropical fish and cold water fish. It is housed in a stone/block built building, with a slate roof.

To the front is a large enclosed courtyard partly covered by corrugated Perspex containing pond hardware, cold water fish, which then opens out into an area with a display of ponds, liners and waterfalls with a large koi pool.

Within the aquatic centre there is also a small reptile area , specialising in tortoises and turtles. Through the reptile area is the reverse osmosis room where purified and salt water may be purchased to replenish tropical and marine fish tanks. Overall, the aquatic centre contains in excess of 90 tanks.

Dutch Pancake House
The Dutch Pancake House's quality is famous throughout North Wales and while extremely popular with tourists, it also generates regular and repeat business from local residents. The fully licenced Pancake House offers over 65 different pancakes including sweet, savoury and a more traditional menu in its 52 cover restaurant.

There is additional seating outside with a further 19 covers. The Dutch Pancake House is regularly booked for functions and has a 5 star food hygiene rating.

The Business
The current owners have developed the business since purchasing it in 2007, they are now wishing to retire.

The definition of operating profit in this instance is trading profit before tax, director's costs, interest charges, depreciation and other extraordinary costs. This gives an indication of the revenue stream that a potential purchaser can hope to achieve prior to his own expenses and the finance required making the purchase.

Turnover has increased year on year in all three departments from £386,500 in 2014 to £434,600 in 2016, an increase of 12.5%, with the Dutch Pancake House contributing just over 50.0%.

The gross margin has been stable, GM was 61.1% in 2014 to 64.0% in 2015 to 62.9% in 2016.

The operating profit has also increased substantially from £64,539 (16.7%) in 2014, £85,848 (20.4%) in 2015 to £91,989 (21.2%) in 2016.

General Remarks/Comments Appertaining to Value
The business is located in a beautiful area of North Wales with stunning views, a short distance south of Conwy, a very attractive town over-looking the Estuary, being dominated by Conwy Castle.

The Dutch Pancake House sells original Dutch pancakes which are unique throughout the north-west of England and Wales, with people coming from Birmingham, Manchester, Lancashire and beyond with many regular customers visiting up to 20 times a year.

Since taking over the business, our clients have extended and tarmacadamed the car park, built a new aquatics building, a new fishing toilet block and installed a new nature walk which includes a variety of animal enclosures including capybara.

A purchaser could substantially increase the turnover and profitability of the business. The ways this could be done are as follows:

Open on a Monday and keep the restaurant open over Christmas. Extend the opening hours on a daily basis, opening the restaurant for breakfast and for dinner (at the present time it is only open for dinner for one off events).

Enlarge the children's play area and put in additional attractions to encourage families to come more often.
Increase the number of animal attractions in the nature walk and charge for entry. There are former water based enclosures, currently unused and available.

Further cover the central courtyard and enlarge the product range of fish, fishing accessories and reptiles and add pets. Offer the centre as a Christmas attraction, selling Christmas decorations, gifts, Santa's Grotto, etc.

The Dutch Pancake House is regularly full and so purchasers could re-apply for the consent and extend the restaurant by a further 36 covers, taking the covers to around 90, increasing by nearly 70.0%.

Enlarge the fishery/sitting out area and bring in a mobile catering facility for the summer months.

Increase the marketing budget which has reduced over the last three years. The current marketing effort is to print 65,000 leaflets every year which are distributed by North Wales Tourism. The spread is from Chester in the East to Anglesey in the West.

There is thus a considerable amount that can be done to further extend the turnover and profitability of the business and there is a possibility that planning consent could be granted for a second residential dwelling, thus allowing for an extended family to live and work on site.

TUPE
The business is operated by the owners on a full time basis and they are assisted by a manager. The Aquatic Centre has three full time staff members, the Pancake House has two full time staff members and employs temporary staff during peak times.

The purchaser will be required to comply with the relevant legislation in respect of present employees. A staff list can be made available to serious interested parties.
Fixtures, Fittings and Equipment
A detailed list can be made available to seriously interested parties.

Shop Stock
All stock forming part of the business is available by separate negotiation. The shop stocks on average £30,000 of stock during the year.

Planning Permission
We are informed that all buildings are consented and the house is free of any occupancy ties. Consent was granted to extend the restaurant by a further 36 covers and an enlarged bar. Original consent has lapsed, but a re-application is likely to be considered favourably.

Consent granted for equipment store adjacent to the holiday cottages, which extends to 46m2. Consent has been implemented but not signed off by the Local Planning Authority.

We are informed that the Local Planning Authority have indicated that they do not wish to have any more holiday cottages within the National Park, but they may consider a manager's tied residence if a case of necessity can be made.

The House
From its elevated position the property benefits from breath-taking views across the valley towards the mountains of Snowdonia. Built in circa 1996, but extensively redesigned since, the house is of block construction with rendered walls under a slate roof and benefits from double glazing throughout. It comprises:

Ground Floor
Front door to Entrance Hall with tiled floor. Doors to:
Cloakroom with low level w.c., wash hand basin, tiled floor.
Inner Hall with feature stained glass windows on solid pine door and side panel, stairs to first floor. Dining Room with wooden beams, solid oak floor, views over garden and lake to south.

Sitting Room with wooden beams, solid oak floor, multi-fuel burner set in brick fireplace with slate hearth, views to lakes and mountains (south and east).

Office with fitted worktop and cupboards below, fitted shelves, broadband connection, views of Bottom Lake and the Snowdonia mountains. Good sized fully fitted Kitchen/diner with range of solid oak units with granite work surfaces, island, tiled floor, Rangemaster 110 cooker with extractor fan, Belfast sink unit with tile surround.

Sun Room/Family Room with solid oak floor, built-in shelving, stunning views over Bottom Lake and hills.

Utility Room with tiled floor, range of full height storage cupboards, built-in Technic double oven and hob, fridge freezer, stainless steel sink and drainer, plumbing for washing machine and tumble dryer. Oil-fired central heating/water boiler. Door to outside covered way.

First Floor
Master Bedroom (double) with built-in cupboards and en-suite shower/w.c. Three further Double Bedrooms, two with built-in storage.

Separate Bathroom with bath, shower, w.c., basin and storage cupboards. All rooms on the first floor have views to the lakes and mountains.

Lower Ground Floor
There are two rooms plus further storage space within the lower ground floor, where access is purely external. This area is currently used for storage but could be converted into a granny annexe or used as a children's playroom/teenagers living accommodation.

Outside
There is access out of the utility room via the covered area into an open area with a raised wooden deck sitting area and a further area enclosed on three sides and covered with a Perspex covered wooden canopy providing a protected sitting out area which gives access to the workshop. From this area there are steps down, to the right there is access to a summer house, to the left down to a further large wooden terrace and then further down there is an enclosed slabbed sitting out area or access into the garden and into a nature trail.

Services
Mains electricity and water are connected to the house and Water Gardens which has the benefit of a 3-phase supply. Septic tank drainage and oil fired central heating.

Council Tax
Residential Dwelling - Acer House
Council Tax Band 2016/17 - E £1,602.88

Business Rates
Aquatic Centre rateable value £7,000.
Business Rates 2016/17 £3,388 (excluding rate relief of 80%).

Property summary

An extremely unique, profitable and versatile business opportunity with potential to increase both turnover and profitability. In addition there is a detached, four bedroom house situated in a beautiful area of North Wales with outstanding views over the countryside to the mountains of Snowdonia.

Location
Conwy Water Gardens is located in the lower hills of the Snowdonia National Park, 4 miles from Conwy and 7 miles from Llandudno the largest coastal resort town in North Wales. It is within easy reach of Chester (45 mins), and the motorway network, mainline railway at Llandudno Junction to London (3 hours).

Situation
Conwy Water Gardens is situated approximately 4 miles south of Conwy. The town of Conwy is very attractive and overlooks the Conwy Estuary. The view is dominated by the spectacular Conwy Castle with the town still protected by well-preserved fortified walls. The site extends to approximately 7.5 acres (3 ha) as edged red on the site plan.

The Fishery
The only commercial coarse fishery for 40 miles and situated in the beautiful Snowdonia National Park, the fishery attracts considerable numbers of anglers, some of whom travel from as far as Manchester and Liverpool, as well as from all of the holiday sites around the area.

There are three lakes stocked with ghost, crucian and mirror carp, bream, tench, orfe, roach, rudd, large goldfish, barbel and chub. All of the lakes are fully accessible by wheelchair. There is a toilet block situated by the Middle Lake.

Top Lake (18 pegs) - designed as a match lake with an average depth of 5ft, well screened and protected by shrubs.

Middle Lake (22 pegs) - 8-10ft deep, stocked with carp to 25lbs plus, tench to 9lbs, bream to 6lbs, roach to 2lbs and barbel to 4lbs.

Bottom Lake (16 pegs) - set in mature woodlands with 100ft tall redwoods at one end. Stocked with mixed coarse fish species.

There is a hut housing the electricity supply next to the brook from which water is extracted under licence. There are a number of further ponds on site, one of which has been modified to serve as a children's training lake. There is a piped system from the brook to the Top Lake, which allows fresh water to be pumped around the site, thus keeping the waters in perfect health all year round.

Nature Trail
The nature trail offers an attractive walk with ducks, geese, chickens, capybaras, reeves pheasants, lakes and natural wildlife.

The Shop
The shop is adjacent to the Dutch Pancake House which is a stone built slate roofed building that sells a wide range of fishing tackle, fish keeping products, confectionary and gifts.

The Aquatic Centre
Conwy Aquatic Centre is an established business selling a wide range of tropical, marine and cold water fish, plants and corals and is the largest such centre in North Wales.

The Aquatic Centre has recently undergone a major refurbishment with three defined areas for marine fish, tropical fish and cold water fish. It is housed in a stone/block built building, with a slate roof.

To the front is a large enclosed courtyard partly covered by corrugated Perspex containing pond hardware, cold water fish, which then opens out into an area with a display of ponds, liners and waterfalls with a large koi pool.

Within the aquatic centre there is also a small reptile area , specialising in tortoises and turtles. Through the reptile area is the reverse osmosis room where purified and salt water may be purchased to replenish tropical and marine fish tanks. Overall, the aquatic centre contains in excess of 90 tanks.

Dutch Pancake House
The Dutch Pancake House's quality is famous throughout North Wales and while extremely popular with tourists, it also generates regular and repeat business from local residents. The fully licenced Pancake House offers over 65 different pancakes including sweet, savoury and a more traditional menu in its 52 cover restaurant.

There is additional seating outside with a further 19 covers. The Dutch Pancake House is regularly booked for functions and has a 5 star food hygiene rating.

The Business
The current owners have developed the business since purchasing it in 2007, they are now wishing to retire.

The definition of operating profit in this instance is trading profit before tax, director's costs, interest charges, depreciation and other extraordinary costs. This gives an indication of the revenue stream that a potential purchaser can hope to achieve prior to his own expenses and the finance required making the purchase.

Turnover has increased year on year in all three departments from £386,500 in 2014 to £434,600 in 2016, an increase of 12.5%, with the Dutch Pancake House contributing just over 50.0%.

The gross margin has been stable, GM was 61.1% in 2014 to 64.0% in 2015 to 62.9% in 2016.

The operating profit has also increased substantially from £64,539 (16.7%) in 2014, £85,848 (20.4%) in 2015 to £91,989 (21.2%) in 2016.

General Remarks/Comments Appertaining to Value
The business is located in a beautiful area of North Wales with stunning views, a short distance south of Conwy, a very attractive town over-looking the Estuary, being dominated by Conwy Castle.

The Dutch Pancake House sells original Dutch pancakes which are unique throughout the north-west of England and Wales, with people coming from Birmingham, Manchester, Lancashire and beyond with many regular customers visiting up to 20 times a year.

Since taking over the business, our clients have extended and tarmacadamed the car park, built a new aquatics building, a new fishing toilet block and installed a new nature walk which includes a variety of animal enclosures including capybara.

A purchaser could substantially increase the turnover and profitability of the business. The ways this could be done are as follows:

Open on a Monday and keep the restaurant open over Christmas. Extend the opening hours on a daily basis, opening the restaurant for breakfast and for dinner (at the present time it is only open for dinner for one off events).

Enlarge the children's play area and put in additional attractions to encourage families to come more often.
Increase the number of animal attractions in the nature walk and charge for entry. There are former water based enclosures, currently unused and available.

Further cover the central courtyard and enlarge the product range of fish, fishing accessories and reptiles and add pets. Offer the centre as a Christmas attraction, selling Christmas decorations, gifts, Santa's Grotto, etc.

The Dutch Pancake House is regularly full and so purchasers could re-apply for the consent and extend the restaurant by a further 36 covers, taking the covers to around 90, increasing by nearly 70.0%.

Enlarge the fishery/sitting out area and bring in a mobile catering facility for the summer months.

Increase the marketing budget which has reduced over the last three years. The current marketing effort is to print 65,000 leaflets every year which are distributed by North Wales Tourism. The spread is from Chester in the East to Anglesey in the West.

There is thus a considerable amount that can be done to further extend the turnover and profitability of the business and there is a possibility that planning consent could be granted for a second residential dwelling, thus allowing for an extended family to live and work on site.

TUPE
The business is operated by the owners on a full time basis and they are assisted by a manager. The Aquatic Centre has three full time staff members, the Pancake House has two full time staff members and employs temporary staff during peak times.

The purchaser will be required to comply with the relevant legislation in respect of present employees. A staff list can be made available to serious interested parties.
Fixtures, Fittings and Equipment
A detailed list can be made available to seriously interested parties.

Shop Stock
All stock forming part of the business is available by separate negotiation. The shop stocks on average £30,000 of stock during the year.

Planning Permission
We are informed that all buildings are consented and the house is free of any occupancy ties. Consent was granted to extend the restaurant by a further 36 covers and an enlarged bar. Original consent has lapsed, but a re-application is likely to be considered favourably.

Consent granted for equipment store adjacent to the holiday cottages, which extends to 46m2. Consent has been implemented but not signed off by the Local Planning Authority.

We are informed that the Local Planning Authority have indicated that they do not wish to have any more holiday cottages within the National Park, but they may consider a manager's tied residence if a case of necessity can be made.

The House
From its elevated position the property benefits from breath-taking views across the valley towards the mountains of Snowdonia. Built in circa 1996, but extensively redesigned since, the house is of block construction with rendered walls under a slate roof and benefits from double glazing throughout. It comprises:

Ground Floor
Front door to Entrance Hall with tiled floor. Doors to:
Cloakroom with low level w.c., wash hand basin, tiled floor.
Inner Hall with feature stained glass windows on solid pine door and side panel, stairs to first floor. Dining Room with wooden beams, solid oak floor, views over garden and lake to south.

Sitting Room with wooden beams, solid oak floor, multi-fuel burner set in brick fireplace with slate hearth, views to lakes and mountains (south and east).

Office with fitted worktop and cupboards below, fitted shelves, broadband connection, views of Bottom Lake and the Snowdonia mountains. Good sized fully fitted Kitchen/diner with range of solid oak units with granite work surfaces, island, tiled floor, Rangemaster 110 cooker with extractor fan, Belfast sink unit with tile surround.

Sun Room/Family Room with solid oak floor, built-in shelving, stunning views over Bottom Lake and hills.

Utility Room with tiled floor, range of full height storage cupboards, built-in Technic double oven and hob, fridge freezer, stainless steel sink and drainer, plumbing for washing machine and tumble dryer. Oil-fired central heating/water boiler. Door to outside covered way.

First Floor
Master Bedroom (double) with built-in cupboards and en-suite shower/w.c. Three further Double Bedrooms, two with built-in storage.

Separate Bathroom with bath, shower, w.c., basin and storage cupboards. All rooms on the first floor have views to the lakes and mountains.

Lower Ground Floor
There are two rooms plus further storage space within the lower ground floor, where access is purely external. This area is currently used for storage but could be converted into a granny annexe or used as a children's playroom/teenagers living accommodation.

Outside
There is access out of the utility room via the covered area into an open area with a raised wooden deck sitting area and a further area enclosed on three sides and covered with a Perspex covered wooden canopy providing a protected sitting out area which gives access to the workshop. From this area there are steps down, to the right there is access to a summer house, to the left down to a further large wooden terrace and then further down there is an enclosed slabbed sitting out area or access into the garden and into a nature trail.

Services
Mains electricity and water are connected to the house and Water Gardens which has the benefit of a 3-phase supply. Septic tank drainage and oil fired central heating.

Council Tax
Residential Dwelling - Acer House
Council Tax Band 2016/17 - E £1,602.88

Business Rates
Aquatic Centre rateable value £7,000.
Business Rates 2016/17 £3,388 (excluding rate relief of 80%).

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