Description
Large Guest House with Outstanding Sea Views – Bargain for a Cash Buyer
The Business has been run as a ‘lifestyle’ – other similar guest houses are taking 4 x The Turnover!
14 Letting Bedrooms (10 en suite) 2/3 bed owners accommodation; Informed Turnover of Approx.£45,000 p.a
( Previously £65,000 p.a.)Scope for more! New 60 year Lease Available
Situation and Description:
The property is of Georgian origin and is Grade II Listed and benefits from gas fired central heating. Many of the rooms have magnificent sea views. The living accommodation could be enlarged with the addition of the unused bar lounge.
There is potential to use the ground floor letting bedrooms for additional living accommodation. In addition, the top floor could be converted to two family rooms with en suite facilities ( subject to planning permission)
A predominantly bed and breakfast business run now as ‘lifestyle’ guest house during the busier summer months only and located in a good position. The business is run by a husband and wife team with staff. The guest house has been in the present hands for a considerable time with much repeat business and is now available due to retirement.
The agents are informed that the turnover is running at approx. £45,000 p.a. from very restricted opening.
The business is exempt from business rates.
Agents note: We have handled the sale a number of businesses in Weymouth similar to this and we feel that there is undoubted potential to achieve a considerably higher turnover by opening for longer each year, increasing the level of marketing on the internet such as using major booking agencies and the development of the less well used areas of the property such as the redundant bar lounge and top floor which is without en suite facilities. If the turnover was increased to beyond the VAT threshold, the flat rate scheme whereby only 10.5% is actually paid should be considered as long as the turnover ex vat is less than £150,000 p.a. at the commencement of this arrangement.
Tenure The business is held under the terms of a full repairing and insuring lease from Dorset Council for a term of 25 years with approximately 16 years remaining. The current rent is £22,000 p.a. with rent review due now.
The Agents are informed by the Landlord that a new 60 year lease is available.
Price: £185,000 Cash Buyers Sought or those with a guaranteed other income.
EPC: Exempt – Grade II Listed
Finance? Call Lawrence Wright an Financial Conduct Authority Authorised Introducer for Business Mortgages.
