BEACHFRONT DEVELOPMENT UNDERWAY IN NEW POLZEATH CORNWALL
PUBLISHED: 11:25 31 March 2015 | UPDATED: 13:04 30 August 2017
New beachfront properties are being developed in Cornwall offering fractional (shared) ownership basis
Groundworks are underway at the Atlantic House to measure and lay the foundations for a new seafront hotel, apartments and bistro.
Following demolition last autumn, Cornish company Morcom Construction Ltd is carrying out preliminary investigations and groundworks on site, before a contractor assumes the £4 million project in eight weeks’ time.
The Atlantic House will be transformed into a high-end hotel and bistro with nine apartments available to purchase on a fractional (shared) ownership basis. The lease for each apartment fraction is 999 years.
Brothers Brian and Christopher Scholfield co-own Atlantic House with their wives Helen and Julia. The property is a well-known Cornish institution, and has dominated New Polzeath’s coastline for more than a century.
Christopher said: “We’re delighted that engineers from Morcom are now on site, using cameras to investigate the ground and map out the foundations for the hotel. This is a crucial step towards resurrecting a wonderful hospitality offering, which has been present in the village since 1903.
“We wanted to create an exciting investment opportunity for potential buyers who are looking for their own coastal bolthole to enjoy with family. Apartment fractions can be bought now, with prices starting from £105,000.”
Named after north Cornish beaches and coves, each fully-furnished apartment will feature two or three double bedrooms sleeping up to eight people. Owners will be able to pre-book additional hotel rooms for larger groups, enjoying the same amenities including room service, fresh linen, laundry and cleaning services.
Each apartment will be available in shared fractions’ of five weeks, which will rotate annually. Initial leases will be 999 years and fractions can be freely bought and sold.
Prices range from £105,000 to £145,000 per fraction, with 40% of fractions already reserved, and two apartments completely sold out.
Speaking about the benefits of fractional (shared) ownership, Brian Scholfield said: “Frontline properties in New Polzeath are notoriously expensive, given the beautiful views and aspirational lifestyle the area offers.
“Atlantic House is an affordable way of securing property in one of Cornwall’s most sought after locations. Buyers will have direct access to the New Polzeath beach, which is just 50 metres away from the hotel, not to mention fantastic restaurants, pubs and coast paths.”