One of only eight privately-owned toll bridges in the UK is back on the market — complete with a 236-year-old tax exemption on the £100,000-a-year income it provides.
The Whitney-on-Wye Toll Bridge, between Hereford and Hay-on-Wye, is being sold by owners Grahame Penny and Maggie Taylor (pictured below) after three years managing the Herefordshire landmark, which comes with a two-bedroom toll cottage and just under two acres of land.
Completed in 1779, the owners of the bridge were granted Parliamentary exemption from tax because it was built with private money. That right continues to this day to include stamp duty, capital gains tax, inheritance tax, non-domestic rates, VAT and income tax.
“I have been invited to sell pubs, hotels and even a vineyard, but have never been asked to sell a toll bridge before!” admitted Colliers International hotels director, Peter Brunt, whose agency is marketing the historic bridge and home for £850,000 freehold.
“Despite being nearly 240-years-old, the bridge has had just four owners — with one family holding onto it for 180 years. So this really is a once in a lifetime opportunity,” he added.
The two-bedroom toll cottage has consent for refurbishment. There is also an automatic toll collection system and barrier which reduces the level of traffic supervision required. And following a toll increase — raising the crossing charge for cars from 80p to £1 — forecasts show an operating profit of £56,396, which would be £93,000 for a higher rate tax payer as no income tax is paid.
The last time the bridge changed hands it hit the headlines across the UK and was featured on several television programmes including The One Show, Secret Britain and Tim Wonnacott’s Antiques Roadtrip.
Maggie Taylor explained: “We bought the business when it was struggling during the downturn and have been working hard to build it back up. We regard ourselves as custodians of an ancient monument rather than owners, and have concentrated our efforts on the land around the Toll Bridge to create year round support to keep the business going.”
She and her partner have also developed additional income streams such as game and coarse fishing and canoeing on the River Wye, along with camping and café facilities.
“We have now reached the stage where we have done all the hard graft developing the business and are ready to hand over to a new owner to maintain it,” Taylor added. “We have had to overcome a great many problems along the way and are now looking forward to a holiday.”
Peter Brunt anticipates keen interest in the sale. “Our clients have obtained planning consent that offers exciting opportunities permitting a new house, ablutions block, visitors centre and four self-catering lodges,” he said.
“The development for which consent is granted offers the potential for very significant future growth … And the chance for someone to fulfil a lifelong ambition to secure an income while building a new life by the river.”
Story: Cliff Goodwin
Photos: Colliers International
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