Property investment is an ever changing industry and a new hot asset may soon be grabbing the attention of prospective buyers. For budding hoteliers, beach side rentals in prime locations are proving to be extremely lucrative - even in the UK.
This can clearly be seen when looking at the refurbishment of a site in Whitsand Bay in Cornwall. Bought by Adam Wooler for just GBP 6,500, the land at the top of a 300 foot cliff was originally occupied by a shack. This was knocked down and a holiday home built in its place, earning Mr Wooler and his wife Katherine GBP 100,000 a year, the Daily Mail reported.
The development, called The Edge, is a testament to the importance of location, with the chalet boasting stunning coastal views of Whitsand Bay. Mr Wooler spent just GBP 100,000 constructing the property, but didn't scrape on luxury, making the holiday let the ultimate destination rental. The property boasts a kitchen, lounge, bedroom, shower room and sun terrace, each beautifully decorated.
Although Mr Wooler bought the land 25 years ago when he was studying at Plymouth University, ingenuity and vision now allows him to rent the spot out all year round for between GBP 1,500 and GBP 2,900 a week, with an occupancy rate of 80 per cent. Mr Wooler told the newspaper: "It was nothing more than a wooden shack on a cliff with one room and an outside loo when I bought it. I lived in it for 18 months...and nearly got blown away with it a few times. I left it as it was for 25 years and couldn’t really afford to do anything with it. It has only been the last 18 months that we managed to get the funding and planning permission in place that we could really do something with it."
It isn't just unique properties like Mr Wooler's that can earn investors a healthy income. A one-room harbour master's hut at Rozel Bay Quay in Jersey is also showing that if there is a good view, demand will be high. The property looks set to sell for GBP 250,000, the Daily Mail revealed. This will make it one of the UK's most expensive beach huts.
- Tuesday 26 February 2013