Description
30 E/S Bedrooms; Lounge Bar (75); Restaurant (54); Lift to all floors; Manager’s and other staff accommodation.
Available on a New FRI Lease for 60 Years at a commencing rent of £40,000 p.a.
T/O approx. £280,000 (2023) from 9 months; mix of coaching and private guests;
Manager run; Much Scope to Increase Turnover
Substantial Profits; Mortgageable (subject to status)
Ingoing: £495,000 SAV
The hotel is formed from two former gentleman’s residences which are Grade II Listed hav-ing been built in the Georgian period. The property has independent electric radiator heating for efficiency and is located on the seafront overlooking the famous Jubilee Clock and the sea beyond, a short distance from the railway and ‘bus station and within walking distance of the town centre and harbour.
The current owners have owned and run the hotel since 2013, under management. Now they wish to step back and create a secure income for their retirement in due course, hence the offering of a lease which is in line with many other hotels on Weymouth sea front owned and leased by Dorset Council. The Leam Hotel has traditionally traded as a coach holiday hotel but the current owners have been transitioning the business to private trade. The business is open for 9 – 10 months per year, closing in the new year for redecoration and holidays. Turnover for the year ended 31st October 2023 was £279,905 achieving a healthy six figure net profit.
Weymouth has been in the process of change in the past few years and Lawrence Wright, the main agent for hotels here, has seen investment in some of the hotels and guest houses which has raised the tariff for these businesses from around £100 per room per night to between £150 and £250 per night. This has been possible partly through the facilities that Weymouth and the area has to offer but also through being within 3 hours of London and not being over bedded compared with other resorts. There is the opportunity here for new owners to continue the transition from coaching to private trade.
EPC: C (61)
