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Wanna buy a castle?
Algarveaddick
Posts: 21,961
Wouldn't fancy the heating bills though…
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Decent money to be made as a luxury wedding venue with rooms tbf. Looks fairly well set up for it, maybe needs a bit of modernising.
Goes and gets business loan for £10m.3 -
Very nice, I'd be happy poncing around there all all day in my meerkat dressing gown.5
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Bit pokey.1
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I'd be more like Henry the 8th. Not the beheading wives bit but the regular royal feastsjonseventyfive said:Very nice, I'd be happy poncing around there all all day in my meerkat dressing gown.1 -
cantersaddick said:Decent money to be made as a luxury wedding venue with rooms tbf. Looks fairly well set up for it, maybe needs a bit of modernising.
Goes and gets business loan for £10m.A lot of money, of course, but looks reasonably priced and the capacity and facilities could generate a pretty good return on investment for weddings, corporate events and so on. It's already used for such events and would need to look at the current revenue figures to be confident (or not!).No, I'm not buying a castle!3 -
I shot a wedding there last year. Its a really nice wedding venue.5
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Whats it called please mate?JohnBoyUK said:I shot a wedding there last year. Its a really nice wedding venue.0 -
Wedding photographycantersaddick said:
Whats it called please mate?JohnBoyUK said:I shot a wedding there last year. Its a really nice wedding venue.31 -
cantersaddick said:
Whats it called please mate?JohnBoyUK said:I shot a wedding there last year. Its a really nice wedding venue.
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cantersaddick said:
Whats it called please mate?JohnBoyUK said:I shot a wedding there last year. Its a really nice wedding venue.
Allington Castle1 -
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Laughed at that far too much!shine166 said:
Wedding photographycantersaddick said:
Whats it called please mate?JohnBoyUK said:I shot a wedding there last year. Its a really nice wedding venue.2 -
Aw, beat me to it !bobmunro said:cantersaddick said:Decent money to be made as a luxury wedding venue with rooms tbf. Looks fairly well set up for it, maybe needs a bit of modernising.
Goes and gets business loan for £10m.A lot of money, of course, but looks reasonably priced and the capacity and facilities could generate a pretty good return on investment for weddings, corporate events and so on. It's already used for such events and would need to look at the current revenue figures to be confident (or not!).No, I'm not buying a castle!
You were top of my list
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At least it is a castle.
Off sick the other week I got into watching a C4 programme called Help, I bought A Village. And in virtually every instance the ‘village’ consisted of a farmhouse and a couple of derelict outbuildings5 -
Reckon they'd go for £3m. Suddenly looks good value!bobmunro said:cantersaddick said:Decent money to be made as a luxury wedding venue with rooms tbf. Looks fairly well set up for it, maybe needs a bit of modernising.
Goes and gets business loan for £10m.A lot of money, of course, but looks reasonably priced and the capacity and facilities could generate a pretty good return on investment for weddings, corporate events and so on. It's already used for such events and would need to look at the current revenue figures to be confident (or not!).No, I'm not buying a castle!
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How much does it get hired out for?
I'm trying to work out how many weddings it would take before you saw a return on your 5m investment.
And no i'm not buying it either.0 -
Doesn’t look a bad price tbh. Suspect a fair bit of maintenance work is foreseen on the horizon3
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Chris_from_Sidcup said:How much does it get hired out for?
I'm trying to work out how many weddings it would take before you saw a return on your 5m investment.
And no i'm not buying it either.Dry Hire (that's just the facility and excludes catering, bar, flowers, and all the other wedding costs, and presumably also the costs associated with the guest accommodation) - £10k for a Saturday in high season.If you add in catering, alcohol, and so on you would probably be looking at £25-30k as gross revenue per wedding. Ballpark is a 30-40% margin for such businesses so a net profit of let's say £10k per wedding. is doable. Add in to that midweek weddings, corporate events and the like and a net of £750k pa isn't unrealistic - so 15% return pa on the initial purchase price.Most good wedding venues like that are booked out a year or so in advance, with advance staged payments as well, so cash flow is good. If Canters is correct at £3m (I doubt that is possible) then I may think twice!! In reality a margin like that would cover the mortgage costs and leave a healthy surplus.3 -
Yes if you could get it for 3m that would seem like an incredible investment. I suspect that AFKA is right though and it probably needs a fair bit of maintenance work on it in the not too distant future, although i guess you could assess that and adjust your offer accordingly.bobmunro said:Chris_from_Sidcup said:How much does it get hired out for?
I'm trying to work out how many weddings it would take before you saw a return on your 5m investment.
And no i'm not buying it either.Dry Hire (that's just the facility and excludes catering, bar, flowers, and all the other wedding costs, and presumably also the costs associated with the guest accommodation) - £10k for a Saturday in high season.If you add in catering, alcohol, and so on you would probably be looking at £25-30k as gross revenue per wedding. Ballpark is a 30-40% margin for such businesses so a net profit of let's say £10k per wedding. is doable. Add in to that midweek weddings, corporate events and the like and a net of £750k pa isn't unrealistic - so 15% return pa on the initial purchase price.Most good wedding venues like that are booked out a year or so in advance, with advance staged payments as well, so cash flow is good. If Canters is correct at £3m (I doubt that is possible) then I may think twice!! In reality a margin like that would cover the mortgage costs and leave a healthy surplus.
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Sounds like Bob's tempted .....1
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- 14 - 30 bedrooms
- 13 - 26 reception rooms
- 10 - 20 bathrooms
Are they just guessing how many they have ?
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Surely got potential for a movie/tv filming location also.bobmunro said:Chris_from_Sidcup said:How much does it get hired out for?
I'm trying to work out how many weddings it would take before you saw a return on your 5m investment.
And no i'm not buying it either.Dry Hire (that's just the facility and excludes catering, bar, flowers, and all the other wedding costs, and presumably also the costs associated with the guest accommodation) - £10k for a Saturday in high season.If you add in catering, alcohol, and so on you would probably be looking at £25-30k as gross revenue per wedding. Ballpark is a 30-40% margin for such businesses so a net profit of let's say £10k per wedding. is doable. Add in to that midweek weddings, corporate events and the like and a net of £750k pa isn't unrealistic - so 15% return pa on the initial purchase price.Most good wedding venues like that are booked out a year or so in advance, with advance staged payments as well, so cash flow is good. If Canters is correct at £3m (I doubt that is possible) then I may think twice!! In reality a margin like that would cover the mortgage costs and leave a healthy surplus.
Edit just read the blurb and they do mention that.
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Nah, not enough garages for me!Algarveaddick said:Wouldn't fancy the heating bills though…
https://www.rightmove.co.uk/properties/94146222#/?channel=RES_BUY
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3-9 garagesCheshireAddick said:
Nah, not enough garages for me!Algarveaddick said:Wouldn't fancy the heating bills though…
https://www.rightmove.co.uk/properties/94146222#/?channel=RES_BUY
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Argh, I was looking for somewhere with 8 garages.2
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I love how on the listing they state it is detached6
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Yeah, I was thinking of downsizing1
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Already live in Kent ;-)MrOneLung said:Could be the latest addition to the properties @Rob7Lee oversees
I believe it's been offered off market for a while, it's losing a fair amount a year, running costs and maintenance will be huge (suspect the gardening contract is north of £150k per annum for instance).
It's a private residence currently, so the owners are likely happy it doesn't make money, but for a commercial venture it would need quite a lot to make it a going concern ,far more than 52 weddings a year.2 -
Reckon it would make a great set for a remake of the crystal maze or similar!0
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Similarly pitched wedding venues in the area (Cooling Castle Barn for example) are booked 5+ days a week April to September. Obviously price point and profit is higher on a Saturday. But I've been to a Monday wedding there (in November as well) as have other family members there is clearly demand.Rob7Lee said:
Already live in Kent ;-)MrOneLung said:Could be the latest addition to the properties @Rob7Lee oversees
I believe it's been offered off market for a while, it's losing a fair amount a year, running costs and maintenance will be huge (suspect the gardening contract is north of £150k per annum for instance).
It's a private residence currently, so the owners are likely happy it doesn't make money, but for a commercial venture it would need quite a lot to make it a going concern ,far more than 52 weddings a year.
With the amount of grounds it has it will probably need to be mixed use - realistically this type of venue needs 1 or 2 decent sized, nicely kept gardens. The rest is extra cost wonder if it could be used for other purposes or even sold off?
Depends in the backlog of how much maintenance is needed to get it ready - that will be the killer. But in steady state I reckon plenty of money to be made.
Believe it or not in 2023 me & the wife and 2 friends seriously looked at a wedding venue as a business venture. Not a high end as this. Had a whole business plan and a decent amount of funding in place (business loan and an investor). Didn't happen in the end but another couple of friends did move up north and renovated a barn to be a wedding venue. I have just sent this link on our old WhatsApp so maybe we will reignite that idea!1
