If you’re seeking a new life in the country, along with a supplementary income, this converted corn mill in Norfolk could be the answer.
The unique property has coastal views and is currently being successfully run as a holiday let, with earnings potential of up to £70,000 a year.
The property in the outskirts of the village of Mundesley includes a four-bedroom owner’s cottage alongside the mill, and together has a price tag of £1million.
MailOnline Property spoke to the current owners who set up the business about their reasons for selling up.
A mill for a mill: The mill and owner’s cottage in Paston, North Walsham, is for sale for £1m via estate agent William H Brown
Making an entrance: The mill has a living room with wooden floors and a staircase on the ground floor
An initial glance at the holiday let figures raises questions about why anyone would want to give up what appears to be a good gig.
The potential turnover is impressive, despite the restrictions of the pandemic, with the one-bedroom holiday let able to rent out for up to £1,340 a week.
The pandemic has had an impact, but even so, the mill has continued to take bookings and a third of next year is already booked up.
Initially, the owners put at least 72 hours between each booking as part of their coronavirus precautions, but now leave 48 hours separating them, allowing time to give a thorough clean and to air the interiors.
Despite these constraints, the holiday let continues to take bookings and whoever buys the property will take these on.
Prices for a four-night stay range from £675 during low season – which is January and February – to £875 in peak season during July and August.
A bedroom and a ladder to the roof occupies the second floor of this interesting property
The mill is run as a holiday let, with the potential to produce turnover of up to £70,000 a year
The first floor of the converted corn mill houses a dressing area and a shower room
The mill is entered via a glazed link connecting the historic mill to a new extension
The bright and light kitchen with modern units and worktops is in the extension to the mill
Almost a third of next year is already booked up, and that is with the current restrictions in place.
Based on an current average week of £775 for a three-night stay, it equates to annual revenue of almost £40,000.
However, once the current restrictions have been lifted and the holiday let can be rented out continually every day, prices increase to £1,340 for a full week’s stay. This could equates to an annual turnover of almost £70,000.
To determine the profit, the usual costs of running the holiday let would need to deducted.
The current owners explained that further details can be provided to serious buyers, renovations that were undertaken in previous years and are now completed have affected the revenue and profit in previous years.
The current owners are Roger Hough and his wife Andrea, who are in their mid-70s and seeking to retire from running the holiday let.
Their private residence is Stow Mill cottage, which sits alongside the mill and has four bedrooms across two floors as well as three reception rooms and a kitchen. It is included in the sale of the property.
Included in the sale: A four-bedroom cottage sits alongside the Grade II listed former corn mill
Inside the cottage, there are three reception rooms, including this living area
This room in the cottage has a dining area and patio doors leading to the garden
Behind the holiday let
Roger Hough and his wife Andrea bought the windmill in 1999.
He explained: ‘We moved here to find a new life away from the stress of another business of which I was a director at the time. It was a real ‘escape to the country’ situation and experience.
‘Initially we made some improvements to the cottage and then started restoration work on the windmill.
‘When we arrived, the mill leaked like a sieve and every time it rained we had to enter the building and ‘mop’ all the floors.
‘We installed new window frames to all the window openings and eventually turned the mill into a tourist attraction along with a converted garage at the front of our property, which we turned into a gift shop.
‘We ran the business for 10 years with some success. It proved popular with visitors – but when the recession started and a local holiday camp went into decline in 2011 and 2012, we started to consider our next move.
‘It was then that we started to consider the idea of converting the windmill into a holiday let.
‘Unfortunately, we probably decided to go the conversion route a little too late in life. My wife and I are both in our mid 70’s now and it is time to “let go” and move on. We have enjoyed the experience of owning Stow Mill and it has been a privilege but we are not getting younger.
‘We did start the lettings business ourselves and we are reasonably pleased with ourselves. It was a great deal of stress and hard work.
‘At current tariff prices Stow Mill could take in £70,000, but I see no limit on the prices we could charge. It just keeps letting.’
The cottage has a large kitchen with a central island and a vaulted ceiling
The cottage has four bedrooms including this double bedroom with an ensuite
Parts of the cottage require some updating and so may need some money spent on them
A sun trap: The cottage includes a light and spacious sun lounge to enjoy all year round
The holiday let is called Mill on the Stow and is in Mundesley, a 15 minute drive to Stalham for the Norfolk Broads, 20 minute drive to Cromer and 40 minutes from the city of Norwich, while the beach is a short walk away.
The mill features a function cap with revolving sails. It has far-reaching coastal and county views from the top floors.
It is being sold by estate agent William H Brown, which described the property as ‘a rare opportunity to buy not just the landmark building but a successful holiday let in a delightful par of north Norfolk’.
The mill is entered via a glazed door within a glazed link connecting the historic mill to a new extension.
The kitchen is in the extension, which has plenty of natural light and access to a patio breakfast area overlooking the front garden.
Also in the kitchen is an electric opening roof light operated by remote control. Access into the mill is from the glazed link and through double glazed timber fire doors.
The mill has a living room on the ground floor, a dressing area and shower room on the first floor, followed by a double bedroom on the second level.
A ladder staircase leads to the roof of the mill, where there are exposed beams to the ceiling.
The mill also has a parking area for cars, a paved area outside and an enclosed garden. The sale includes all the furniture in the mill – and the business as a whole, including the bookings.
The new buyer will need to take over the holiday bookings and website reviews of the mill
The holiday letting has been run as a successful business that has provided an income to the current owners
The cottage enjoys an enclosed garden with a lawn area and a timber workshop