Investment Property With Excellent Return Preston

Undisclosed

Status

FOR SALE

Date Submitted:

30/07/20

Advert ID

263052

Reference

7239 / Rightbiz
Freehold: £525,000
Annual Turnover: £36,422
    Full Brochure Available Upon Request

    Established For Over 50 Years

    12 Letting Rooms & 2 Flats

    Projected Income £59,000 Per Annum

    Y/E March 2019 Income £36,422 Due To Ill Health

    Financial Info Available After Viewing

    Ill Health Forces Sale

    EPC - C

Description:
Rare Investment Opportunity -
That can give excellent returns year on year, still keeping your asset .
14 bedroom with en suites motel/long term accommodation.

Reason For Sale
Due to our clients’ personal health circumstances and therefore this has created a rare opportunity to acquire this lucrative business.

The company/commercial business has been designed as a vehicle for tax efficiency using pension investment yielding a 6-10% return, dependant on the management fees you wish to draw.

For viewings please contact ourselves on 0161 763 5000

Executive Summary
We are pleased to bring to the market this freehold fourteen bedroomed long-term letting accommodation property located in Ashton, Preston. The business/property has been a busy letting accommodation since 1960's and our client acquired this lucrative business and property in 1986.

Due to its extensive trading history the property receives its bookings from recommendations and referrals and generates an impressive amount of repeat custom. This customer demand means the business has no need to advertise nor does it have any social media presence.

This long-term letting accommodation has twelve letting rooms and two one-bedroom flats. All rooms are well presented and all have en-suite facilities.

Staff
Our clients manage the property remotely utilising the support of a gardener and a cleaner on a regular basis. There are no staff on the payroll.

Location
The property is located in the affluent suburb of Ashton in the busy city of Preston. Just one mile from the nearest railway station and only two miles from the M6 and M55 motorway networks, the property is excellently placed.

Lease
The property is available on a freehold basis so as such no leases are applicable.

Financial Details
Turnover is steady year in year as tenants are typically long term and the business has forged excellent relationships with companies and therefore benefits from long term residents. Due to the severe ill health of the owner, the 2019 year end showed an income of £36,422, however it is projected to do £59,000 based on the current rental income being achieved

Summary
This is an excellent opportunity to acquire a well-respected long term letting property that has been trading since the 1960s. The reputation and goodwill generated over that time is second to none and the business has no need to advertise as the majority of new business is from recommendation and referral. With a waiting list already in place for rooms and providing excellent return on investment with minimum involvement from the owner this business is ideally set up for a sale.
It is rare that such a delightful property becomes available on the open market and therefore early viewings are advised

Accomodation:
Property Layout
This three storey property is located within this affluent and busy residential area. It has impressive kerb appeal with its double fronted entrance and elevated position. Once through the impressive main door there is a well-presented reception area. On the ground floor there are six ensuite double rooms, a lounge area, two kitchens supported by a laundry room. Also found on the ground floor is a self-contained one bedroomed flat.
On the first floor there are a further six double bedrooms that are all en-suite, two kitchens, toilet facilities and a boiler room. Externally there is a driveway with garage, and a large landscaped back garden. The property also has a basement which offers excellent storage facilities. The property is fully centrally heated.

Fixtures & Fittings:
All Furniture


Opening Hours:
24/7


Contact Agent
Agent Name:
Advert Reference:
7239 / Rightbiz
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Find out more about the business by contacting the seller