Description
12 En suite Letting Bedrooms; Dining Room for 34; Breakfast Preparation Room; Substantial and Newly Equipped Catering Kitchen; Laundry; Private Lounge/Diner; 3 Private Bedrooms; Family Bathroom with Bath and Shower Cubicle. Rear Parking Space; Garage Parking nearby(rented).
The property is located within easy reach of the Town Centre and all amenities with many rooms with sea views.
The guest house is Grade II listed, is located close to the end of the terrace, and benefits from central heating with two boilers for central hearing and third for hot water. Recently, the main kitchen has been refitted with stainless steel work surfaces, new cooker, extraction fan etc. The front elevation was redecorated in 2020 and the rear is being redecorated in late 2021.
Tenure: The premises are held under the terms of a 60 year full repairing and insuring lease which commenced in 2007 at a current rent of £23,500 p.a. with 5 year rent reviews.
The Business – A traditionally run small licenced hotel which provides bed and breakfast and the option of an evening meal (except in August). The business has been in the present hands since 2003 and is run a by a husband and wife team with staff and is now available due to retirement.
The agents have inspected the accounts for the most recent pre-covid year to 31st December 2019 and a turnover of £146,178 excluding vat was achieved with a reconstituted net profit of approximately £60,000 p.a.
The 2020/2021 year was curtailed by lockdowns but the agents are informed that the takings for the quarter ended 31st August were in excess of £100,000.
Business Mortgage – The property is held on a secure long lease and together with substantial profits allows a buyer to obtain a loan to purchase (subject to status) – speak to Lawrence Wright a FCA Approved Introducer for Business Mortgages.
EPC: Exempt
Price: £425,000
