27 Acre Development Site Wykeham Rise in Washington, CT Listed For Sale
27 Acre Development Site Wykeham Rise in Washington, CT Listed For Sale
The Property has received multiple totally unique entitlements including the right to build 62 bedrooms, the most of any Property in Litchfield County and granted outdoor tented use, which competing hospitality offerings may not. These rights make Wykeham a one-of-a-kind development opportunity.
CBRE Hotels has been exclusively retained to solicit offers to acquire the fee- simple interest in the 27-acre development site located at 101 Wykeham Road and 23 Bell Hill Road, Washington, CT 06793Ê The Property is located 80 miles north of New York City, overlooking the scenic rolling hills of Washington, Connecticut; the picture-perfect setting for a luxury resort surrounded by tranquil New England comfort. This type of resort development opportunity is nearly impossible to replicate and took the current owner 10 years to finalize entitlements.
The Property is fully zoned, entitled, and approved for a resort where the former Wykeham Rise School once stood. The expansive campus grounds provide a beautifully peaceful and tranquil setting that is secluded but highly accessible. The Site is currently programed as a 37-key, 52-bedroom resort that provides the sleek, modern amenities, luxury spa and elegant dining options demanded by sophisticated travelers. The Property also comes with the exclusive option to purchase 23 Bell Hill Road, currently a four-bedroom home, that can be used as an intimate private home for rental guests looking for privacy and panoramic hilltop views to the north and west, or for manager / staff housing. Additional amenities, such as a pool or a tennis court can also be added to the residence grounds. Since approvals have just been granted and the project is still in the design phase, there is ample room for design and programing changes allowing for a variety of lodging options.
The Property is situated in Litchfield County, Connecticut ideally located less than two hours from New York City and Boston. The peaceful, rural settingis a top second home and vacation destination in the northeast, akin to the Hamptons, Hudson Valley, and Berkshires. Other top-rated luxury resorts Auberge Mayflower Inn & Spa and Winvian are nearby. The county attracts many visitors each year for world-renowned antique shops, top-rated boarding schools, scenic setting, and historic New England atmosphere. Nearby, guests will find the vast acreage of the Steep Rock Nature Preserve and the beauty of the Shepaug River. The preserve is one of the oldest in the state of Connecticut and seeks to protect the rural character of Washington. Hiking, fishing, biking, kayaking, bird watching, cross country.
Investment Highlights
EXCLUSIVE LOCATION
Located less than two hours from New York City and Boston, Litchfield County, Connecticut is extensively unspoiled nature, creating a bucolic, peaceful atmosphere which cannot be replicated. The Property is just outside the town of Washington, one of the highest-value second-home residential real estate markets north of New York City. The area attracts many visitors each year for world- renowned antique shops, scenic setting and historic New England Atmosphere.
TOTALLY UNIQUE DEVELOPMENT RIGHTS GRANTED MAKING THIS A ONE-OF-A-KIND OPPORTUNITY
The Property has received multiple totally unique entitlements including the right to build 62 bedrooms, the most of any Property in Litchfield County and granted outdoor tented use, which competing hospitality offerings may not. These rights make Wykeham a one-of-a-kind development opportunity.
THE PROJECT IS NEAR SHOVEL READY
The Wykeham development comes complete with all the highly extensive and necessary land-use entitlements, sparing years of investment idleness and minimizing time from planning to revenue generation. Initial plans have been fully vetted and approved but can be modified within a set of parameters allowing a developer to move right to final construction drawings and pull building permits. If desired, one could commence construction in a matter of a few months.
MORATORIUM ON FUTURE LODGING DEVELOPMENT
Local regulations have dictated that there can be no other inns or hotels built in Washington County Ñunless along a major highwayÑthus locking out any and all future competition.
EXCELLENT HIGH-END LODGING MARKET
Despite its stature as one of the largest metropolitan markets in the world, the NYC area is grossly underserved as it relates to conveniently accessible resort destinations. Wykeham only has two direct competitors in-class within the entire region, both with few keys, very high rates, and scant physical or legal capacity for expansion. In 2021, they both reported rates well in excess of $1,000 for the year with in-season rates double or triple that level.
UNIQUE BRANDING OPPORTUNITY
Developments of this quality are rare and will capture the attention of many boutique, lifestyle and resort brands. The exclusive location, tremendous grounds and unique approvals provide an exceptional opportunity.
CORPORATE RETREATS
Emerging from the COVID-19 pandemic, more companies are scheduling corporate retreats to allow coworkers to connect with their colleagues and participate in trainings in a relaxed setting. Companies are looking at more distant locations away from cities making Wykeham an excellent host for corporate events.
SPA AND FITNESS FACILITY The 10,620 square foot destination spa will be housed in its own, independent building on the property. The spa will feature seven treatments rooms, separate men's and women's steam, sauna, and dedicated lounges.
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