Weir Wood, Forest Row, East Sussex, RH18

£1,200,000 - SALE

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Weir Wood, Forest Row, East Sussex, RH18
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Savills Rural
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Savills Rural
33, Margaret Street
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Weir Wood, Forest Row, East Sussex, RH18
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Savills Rural

Description

86 years unexpired leasehold interest over circa 280 acres of reservoir and 23 acres of land.

Description

Weir Wood Reservoir is located south of East Grinstead, immediately to the west of Forest Row. Access is taken off Priory Road, which joins the A22 at Forest Row. The site is one mile by road from the centre of Forest Row.

Description

Weir Wood Reservoir has a surface water area extending to about 280 acres, and is surrounded by open grassland divided by a number of wooded strips. The reservoir attracts a large number of birds, particularly at the western end, which is a Local Nature Reserve. The whole of the Reservoir is designated as a Site of Special Scientific Interest, together with adjoining land, including part of the lease area.

Included within the long lease is an area extending to approximately 22.5 acres and comprises the recreational buildings located in the southeastern corner of the reservoir, together with an area of adjoining woodland and car parking. The sailing club house, built 1969 and extended in about 1983, has 2 storeys, with a Gross Internal Area of approximately 3,000 sq ft (279 sq m). The clubhouse is laid out with lounge area, kitchen and bar on the first floor with an external balcony and changing facilities at Ground Floor. Weir Wood Sailing Club occupies the clubhouse, the boat park areas.

The fishing club house is a single storey building constructed in 1969 of brick with a flat roof and extending to about 1290 sq ft (120 sq m) Gross Internal Area. The building includes an office and small club room with adjoining toilets, bailiff’s overnight accommodation and a workshop.

Income

Weald Water Enterprises Ltd (WWE) is a UK registered Company whose sole asset is the lease-hold interest in the exclusive leisure rights on Weir Wood Reservoir at a peppercorn rent – more usually referred to as a virtual freehold.

WWE enjoys the benefit of two under leases. The first is to the Weir Wood Sailing Club of 50 years commencing 1st April 2015 which includes the club house and rights to sail etc at an annual rent of £32,000 linked to CPI.

WWE also lets the fishing rights which includes the Fishing Lodge (not exclusive) and rights to additional sailing, canoeing and other rights, producing £25,000 linked to CPI.

There is also a licence granted to Blacklands Farm Girl Guiding generating an income of circa £25,000 per annum.

WWE has rights over and above the income from the existing tenants and licencee, giving scope for substantial development and additional uses/income. Existing covenants restrict the future use of the Property to recreational purposes.

The sale of the leasehold interest of Weir Wood Reservoir offers the chance for environmentalists and offset investors alike to acquire and a substantial area of Nature Reserve where such opportunities rarely come to the market. Weir Wood reservoir is located in The High Weald AONB and is one of the largest bodies of open water in the county. It has rich and diverse communities of breeding, wintering and passage birds.

Background

Construction of Weir Wood completed in 1954. Since that date recreational use of the facilities has been operated on a tenanted basis.

Services

Mains electricity and water are connected to the site. Drainage from the sailing and fishing club buildings is to a small treatment plant.

Local Authority

Wealden District Council, Pine Grove, Crowborough, TN6 1DH. Telephone: 01892 653311.

Basis of Disposal

Offers are invited for the long leasehold interest in the property (subject to the existing underleases) via the transfer of 100% of the shares in Weald Water Enterprises Ltd (Company number 06487966) with the benefits of continued ownership, or by transfer of the Head-lease subject to the Head Landlords final approval.

VAT will not be charged on the sale price.

Plans, Areas and Schedules

The distances, plans and associated acreages have been prepared approximately for illustrative purposes only and their accuracy cannot be guaranteed.

Easements, Wayleaves and Rights of Way
The property is offered for sale subject to and with the benefit of all rights of way, either public or private, all easements, wayleaves and other rights of way whether specifically mentioned or not.

Viewing

Strictly by appointment with Savills – 01732 879050.

Date posted: 24/07/20