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Tuesday 26th of Sep 2017 - My Account - Register - Brokers - Bookmark RightBiz
Freehold:
£695,000

Hotel With Car Park – Polperro, Cornwall Premium Advert

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ReferenceDC2262 / RightBiz
Status
FOR SALE
Advert ID200781
LocationPolperro, Cornwall
SectorHotels, Bed And Breakfast
Freehold Price£695,000
Annual Turnover£103,000
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LOCATION:
The Claremont Hotel is located in The Coombes, Polperro, Cornwall, PL13 2RG

The hotel website may be viewed here: www.theclaremonthotel.co.uk

The vendors ask politely that all enquiries are routed through Adams & Co please and on no account should a direct approach be made to the hotel.

BUSINESS:
This is an extraordinary opportunity to acquire a long established licensed hotel with an extremely valuable 13 vehicle car park located in the heart of a tourist honeypot fishing village which is one of the most visited places in Cornwall.

Virtually every visitor is obliged to leave their car in the privately owned car park at the top of the village and walk half a mile to the harbour but, uniquely you can offer guests 12 ensuite letting rooms with parking!

Virtually unopposed in the village itself in terms of hotel accommodation, the freehold title also includes 2 leasehold shop units at street level which are let to generate valuable additional income all year round.

The current owners have chosen to offer accommodation only without breakfast which significantly shortens their working hours. With plenty of places in the village offering breakfast, why not? However, with a decent sized commercial kitchen with full extraction facilities, a spacious dining room/restaurant, a licensed bar and a pretty covered terrace at the front of the property overlooking the main thoroughfare, more energetic owners have the opportunity to re-introduce a food offering or simply to offer cream teas and refreshments to visitors who have to pass the hotel in both directions when arriving or leaving.

Polperro is a fishing village squeezed into a twisting valley with steep sides. This makes it picturesque but with the hotel tucked into the side of the hill, inevitably the accommodation will require guests and owners to be able to climb stairs. Don’t let this put you off though. Opportunities such as this are extremely rare.

YEARS ESTABLISHED:
The property has traded as a hotel for more than 100 years. The ownership has been in the hands of only 3 families throughout that time.

TRADE:
Please note that if a business is VAT registered, all figures exclude VAT.
We understand that accommodation income, including Vat, stood at c £106,000 in the past 12 months. Remember, this is for room only without breakfast. The business now uses the services of bookings agencies which is serving to increase trade and we would not be surprised to find that the sales figure is increasing.

The gross rental income from the two shop units, which are let to tenants under 5 year leases, is approaching £19,000 pa.

We do not hold financial accounts for the business but the vendors’ accountants will be able to provide a letter to confirm the level of income in the past 12 months.

REASON FOR SALE:
The vendors, who also have property abroad, now wish to retire.

STAFF:
The business is run by a couple without any staff.

OPENING HOURS:
The hotel is open throughout the year. Obviously there is a heavy seasonal bias in this location.

BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)
The property is arranged over 5 levels, the two retail shop units being at street level. Steps then rise to the hotel entrance, together with the terrace, which has space to seat 16, these being at first floor level.

The following represents a summary only of the hotel accommodation, a full internal inspection being essential to be able properly to appreciate the layout and presentation.

First Floor

Reception

Restaurant arranged to seat 20

Residents’ Lounge arranged to seat 15 with bar servery

NB Whilst the bar and restaurant are currently unused, the respective alcohol licences remain in place.

Commercial Kitchen being a spacious and well equipped commercial kitchen with full extraction facility, oil fired Aga and commercial combi oven, together with all you would require to re-open the restaurant/offer cream teas etc.

Owners’ Accommodation being L-shaped and comprising an open plan lounge area and bedroom with door to ensuite facilities.

Stairs rise to:

Second Floor

Ladies’ and Gentlemen’s WC facilities

5 Letting Bedrooms, all with ensuite facilities – 4 x doubles and 1 x twin

Hotel Office

Laundry Room with new washing machines and dryers.

Drying Room incorporating 2 x Megaflow cylinders linked to pumps assisting delivery of hot and cold water to baths and showers in the guest rooms.

Stairs rise to:

Third Floor

6 Letting Bedrooms, all with ensuite facilities – 1 x family room, 1 x king size double, 3 x doubles and 1 x single

Stairs rise to:

Attic Letting Bedroom – a double with ensuite facilities

NB All rooms have televisions and tea and coffee making facilities. The rooms to the front of the hotel have attractive views across the narrow valley.

The vendors have invested heavily in the past 12 months with improvement works undertaken to the electrics, the plumbing, the oil fired heating, to include the installation of a new bunded 2,500 litre oil tank (cost £16,000), together with the purchase of new bedding, washing machines and dryers (all laundry being done in house).

Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

CAR PARK:
A particular feature of the property which sets it apart from virtually every other hospitality business in the village, immediately opposite the hotel there is gated access to a spacious and extremely valuable car park with 13 spaces, this offering parking for each guest room and a further space for the owners.

NB In practical terms many guests choose to visit without a car, so there is always plenty of room and even the potential to let out a few spaces on a permanent basis to fulfill some of the obvious demand for parking in this honeypot location.

LEASE TERMS:
The pasty shop is let on a 5 year lease which runs to December 2017, with an option to renew for 5 years. Current rent is £12,000 pa.

The off-licence is let on a 5 year lease which runs to 2022. Current rent is £132 per week.

The hotel covers the cost of the water supply to both shops. The tenants are responsible for all internal repairs.

In our opinion, these shops will always let easily in this location.

ENERGY PERFORMANCE RATING:
Energy Performance Certificate No: 0510 0931 7610 4202 0006
Energy Performance Asset Rating: 112 Category E
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