TRICKY access to a property can weigh down a price, so £425,000 for a three-bedroom cottage in need of some work and reachable only by boat might seem a bit steep. But Number 1 Old Coastguard Cottages, on the banks of the Yealm in south Devon, is not most places.

The Grade II-listed stone cottage nestles at the heart of a South Hams beauty spot close to Plymouth and commands view of the river across sheltered yacht moorings to the soughtafter villages of Newton Ferrers and Noss Mayo, less than half a mile away. It shares a quay and foreshore with three other cottages, a row built in the mid-1800s to house coastguards whose job was to clamp down on the smuggling then rife in the West Country.

This is perfect yachtie heaven. Downstream the Yealm opens out past Plymouth Sound into a great bay that sweeps along to Kingsbridge and Bigbury. To the west unfolds the beautiful Cornish coast, past Cawsand and Rame Head down to Looe and Polperro. If you’re in the mood, it’s easy to pop across the Channel from here to France, and that’s another attraction of the area. Larger homes can fetch £1.5 million and more, and just down the road in Salcombe £900,000 is unlikely to stretch to the price of a waterside flat.

Chris Forrest of Bettisons, an independent Devon and Cornwall property agency, said: “It’s no exaggeration to say that this really is a rare opportunity. Properties in locations like this don’t come up that often, and this one has been in the same family for around 20 years.

“It’s got history and character from the days of the smugglers . . . and it is secluded, like being on your own little island, although the villages are just a hop away. You’ve got plenty of peace and quiet, because there is no traffic — the only way in is by boat. It is one of the loveliest riverside locations on the south coast.”

The cottage has provided a permanent home for some of its owners over the years, but at the moment it is being rented out as a holiday home. This income-generating factor is reflected in the sale price. If it’s run as a business, the cottage, which brings in a weekly rent of £960 during the holiday season, enjoys capital gains tax relief.

To be frank, the property is a sheer delight. It comes at the end of the small terrace, sharing an entrance porch with the next-door cottage. Downstairs there is a dining room, sitting room, main kitchen, second kitchen/utility room and a cloakroom. On the first floor there are three double bedrooms and a bathroom. The rooms are cosy but can also boast period features, such as fireplaces and panelling. The river can be seen from all the main rooms, and there could be scope to alter the downstairs layout, subject of course to the planning consents needed for Grade II listed buildings.

Outside there’s a wide terrace — big enough to dine or party on — with wonderful views across the river to steep wooded valleys. If you feel like a bit of exercise after a blow-out, steps will take you down to the water’s edge for a boat trip. And behind the house a large garden slants upwards to meet the South West Coast Path, a 630-mile spectacular trail for walkers.

Ingredients for that terrace meal can be found in Newton Ferrers and Noss Mayo, just a short row away, which share a butcher and a local co-op plus a chemist. Or William Gregor (Billy the Boat), a former lifeguard who lives near by, will ferry you home after you have had your fill at one of the three village pubs.

Mr Gregor, who takes locals and walkers across the river and around the moorings, is a fount of local knowledge. How have prices changed over the years? He points me towards the original old ferry sign, now restored to glory at Noss. It reads: “Ferriage for every person on weekdays 1d; the like on Sundays 2d. For every pony and ass 3d.” Those were the days.

Bettisons (01752 880100, www.bettisons.co.uk)

LAND AHOY

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