Description
B&B Weymouth, 68 The Esplanade, Weymouth DT4 7AA SOLD
I am instructed to offer the lease, goodwill fixtures, fittings, furnishings etc seeking offers in excess of £320,000, subject to contract. I am informed that the lease is for 60 years from c.2000 and the current rent is £47,000 per annum. The lease is a rare internal only lease leaving the local authority landlord responsible for the building including the roof and windows and exterior decoration.
There are 25 bedrooms of which 23 are en suite and three are within a self contained holiday flat which has two bathrooms. In addition there is a two bedroom self contained staff flat.
There is a Kitchen and Dining Room and Prep Room/Washup. There is a large guest lounge on the first floor with magnificent sea views.
The property saw very considerable investment on purchase by the hotel company in 2006 and this can be seen in the quality of boilers, bathrooms etc. The business was in profit but in recent years has not seen the investment to maintain a good tariff and beds, mattresses, carpets etc require renewal – this is reflected in the very reasonable price guide. Occupancy has been high but achieves only an average of £57 per night per room and the turnover in 2019 was approximately £360,000 ex vat.
The location close to the town centre on the sea front opposite a Wetherspoons Public House and close to cafes etc. allows the business to trade on room only and releases the dining room and, with tea making in rooms, releases the magnificent lounge overlooking the sea for an application for a licence for civil weddings and civil partnerships; also meetings, conferences and specialist dining events.
Price Guide: Offers in excess of £320,000
