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Substantial Detached Country Hotel & Restaurant

Ashley, Devon
Freehold Price:
£575,000
Status
FOR SALE
Advert ID
251945
Reference
6002 / Rightbiz

THE PROPERTY
Lodgehill Hotel is a substantial detached former farmhouse set in around 2 acres, with views over the Exe Valley. With origins reputedly dating back to 1785, today Lodgehill Hotel trades as a licensed country hotel, with restaurant and tea gardens. The property offers 10 individual Ensuite Letting Bedrooms, character Lounge Area with Bar (16), Restaurant (22), Kitchen with Ancillary Areas and 2 Bedroom Owner's Accommodation with Sitting Room, Conservatory and two Shower Rooms. Externally, the property stands in around 2 acres of grounds, much of which is a sloped Wooded Area to the rear of the property. The grounds also incorporate a Walled Formal Garden to the front with terraced Lawned Areas providing seating for around 20 guests, Vegetable Garden and Greenhouse. There is also a Workshop/Store Room and Customer Car Parking for around 16 vehicles.

SITUATION
Lodgehill Hotel occupies a peaceful location with prominent signage alongside the A396, the main Exeter to Tiverton road. Situated in the hamlet of Ashley, on the southern edge of the historic Devon market town of Tiverton, overlooking the River Exe Valley. Tiverton is a thriving market town, situated astride the River Exe and renowned for the highly regarded Blundell's School. The area is extremely popular with tourists and Lodgehill provides an excellent base from which to explore the West country, being centrally placed between the Dartmoor and Exmoor National Parks and the North and South Devon coastlines. Lodgehill Hotel is situated around 7 miles from junction 7 of the M5 motorway and Tiverton Parkway railway station with its mainline rail link to London. The cathedral city of Exeter with its
international airport is around 12 miles.

INTERNAL DETAILS
Main customer entrance door to front into Entrance Vestibule with door into Lounge Area a substantial character room with ceiling timbers, feature fireplace and inset wood burning stove, further fireplace with electric fire, carpeted flooring, reception desk area, large screen colour television, range of comfortable sofas, arm chairs, upholstered window seating and tables comfortably seating 16 guests. Timber topped Bar Servery fitted with a range of optics, triple glass fronted bottle fridge, stainless steel sink unit and cash register. Laundry Room. Customer WC. Restaurant with stripped wood flooring, wall mounted menu board, range of free-standing wooden tables and upholstered wooden chairs comfortably seating 22 customers. Office Area. Kitchen fitted with an extensive range of base and wall mounted kitchen units and extensive complementary work surfaces and incorporating 6 burner gas range with electric oven, extractor system with stainless steel canopy over, two electric ovens, two microwave ovens, table top deep fat fryer, twin bowl stainless steel sink unit, two dishwashers, 1½ bowl stainless steel sink unit, central island unit, twin table top deep fat fryer, and two fridge freezers. Dry Goods Store. Store Room with upright freezer, two chest freezers and door to side. Bottle Store.

LETTING ACCOMMODATION
The business offers 10 comfortable letting bedrooms, all of which have ensuite facilities and are located on the first and second floor of the property. The rooms are equipped with remote control colour televisions, alarm clock radios, WIFI, tea and coffee making facilities and mini bars and briefly comprise: - Bedroom 1 a single room on the first floor with Ensuite Shower Room. Bedroom 2 a king size double bedroom on the first floor with Ensuite Shower Room. Bathroom for guest use. Bedroom 3 a twin bedroom on the first floor with Ensuite Shower Room. Bedroom 4 a king size double bedroom on the first floor with Ensuite Shower Room. Bedroom 5 a twin bedroom on the first floor with Ensuite Shower Room. Bedroom 6 a double suite on the first floor with separate Sitting Room, Kitchenette, Private Balcony and Ensuite Shower Room. Bedroom 7 a single room on the first floor with Ensuite Shower Room. House Keepers Store and Laundry Area. Bedroom 8 a single bedroom on the second floor with Ensuite Shower Room. Bedroom 9 a spacious family suite on the second floor comprising king size double room, separate twin room and an Ensuite Shower Room. Bedroom 10 a spacious family suite on the second floor comprising a twin room, double bedroom and an Ensuite Shower Room.

OWNERS ACCOMMODATION
Situated on the ground floor of the property is the owner's private accommodation which can be self-contained if required and briefly comprises Sitting Room, Shower Room, Bedroom 1 a good sized double bedroom with Ensuite Shower Room. Conservatory. Bedroom 2 a small double room.

EXTERNAL DETAILS
The property is set in grounds which extend to around 2 Acres in total, the majority of which are a sloping Wooded Area to the rear of the property. With prominent main road signage, the property is approached via a long shared driveway (approximately 400 yards long) which leads to the Customer Car Park Area for around 16 vehicles. To the front of the property is an attractive Walled Formal Garden Area which is terraced and incorporates lawned and seating areas for seating for around 20 customers. There is also a Vegetable Garden with Greenhouse. To the side of the parking area are a range of Workshops/Store Rooms.

THE BUSINESS
Lodgehill Hotel has been owned and run by our clients for over 13 years and currently trades as a comfortable farmhouse style licensed hotel offering evening meals and a bar to residents. They also offer non-residents occasional Sunday lunches, as well as cream teas during the summer months. The business benefits from prominent main road signage which generates passing trade and the business is situated in a prime location to attract both commercial and tourist travellers on a year round basis, with a lack of available letting bedrooms in Tiverton meaning that letting accommodation is always in demand. Through person choice, and with impending retirement in mind, our clients have taken a more relaxed approach to running the business over recent years and consequently they have deliberately restricted trade levels in order to suit their lifestyle requirements and they do not actively advertise or promote the non-resident dining trade. The business is run by our clients, a husband and wife team, with the assistance of one part time member of staff. The hotel has a website and advertising is limited to this, together with associated accommodation booking portals. The business has been awarded a 4 Star Food Hygiene Rating.

TRADING INFORMATION
Accounts for the year ending 31st July 2018 show sales of £70,937 with an adjusted net profit in the order of £42,000 being achieved after all overheads. Full detailed trading information and accounts can be made available to interested parties following a formal viewing appointment.

POTENTIAL
Lodgehill Hotel represents an excellent opportunity to purchase a substantial detached property and business which offers tremendous potential to develop all aspects of the trade and property still further. There are undoubted opportunities to run the business on a bed and breakfast only basis as the income derived from the bar and dining is less than 15% of the current turnover. There is also potential for change of use/development, subject to the necessary consents. The sale of Lodgehill Hotel represents an opportunity to purchase an established country hotel in a desirable area and manageable businesses in such a sought after area and location are always in short supply and those which provide such an enviable lifestyle and yet still have genuine potential for future growth in business levels such as Lodgehill Hotel, are very rare indeed. A viewing is essential in order to appreciate all that this versatile property has to offer.

EPC
Requested and to be advised.

RATING
For up to date Business Rates and Council Tax information relating to this property, we refer you to The Valuation Office website

SERVICES
Mains electricity, mains water, private drainage and LPG central heating and hot water.

PRICE & TENURE
£575,000 for the valuable freehold interest as a going concern business and full trade inventory. Wet and dry stocks to be additional at valuation. Vacant possession upon completion.

VIEWINGS
Strictly by appointment with the vendors Sole Selling Agents.Tel: .Email:
You are recommended to contact us before visiting the property even for an informal viewing. We can then confirm whether or not it is still available.

FINANCE
An early discussion about finance can often save time and disappointment. If you would like independent specialist advice on funding this property or any other purchase, we recommend you contact us for a list of our approved brokers.
 

Listing Details
Freehold Price: £575,000
Tenure: Freehold
Location: Ashley, Devon
Sector: Restaurants, Bed And Breakfast, Hotels
Financials
Annual Turnover: £70,937
Annual Net Profit: £42,000
Key Features
  • With Car Park
  • Trade Gardens Available
  • With Accommodation
  • Home Based
  • Accounts Available
Contact Agent
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Advert Reference: 6002 / Rightbiz
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