15 bedroom Hotel currently with a 5 year HMO licence

Fourteen bedroom hotel with HMO licence. Income approximately £70,000pa gross The property, which has a current five year HMO licence, has a potential income in the region of £72,800pa gross. It is generally in good order throughout and has a manager's flat and currently unused basement rooms, lounge and bar areas. It has been well managed and run by the current owners. Opportunities sill exist to further enhance the income. The property is situated a short walk from the sea front and within easy access of a wide range of other amenities and town centre shops.

Tenure

Freehold

Description

Ground Floor

Entrance lobby, hall, lounge and bar area (currently licensed), dining room, store room, two en-suite bedrooms.

Basement

Further communal areas, kitchen and utility rooms.

First Floor

Nine en-suite bedrooms.

Second Floor

Five en-suite bedrooms, manager's flat.

Third Floor

Landing space, two storage rooms, cloakroom.

Outside

There is a courtyard area to the rear.

Note

An option will be given to the purchaser of the hotel to acquire the former parking area, Lot 22, located on Albert Gate Road offering space for up to six vehicles.

Income

The property currently has fourteen rooms currently let producing £100pw each giving a potential gross annual income of £72,800pa. The owners currently pay all bills and general running costs. Current HMO Licence The current HMO licence has been granted for five years and expires on 24th May 2021 for a maximum of fifteen residents (fourteen households).

Viewing

Open days

Energy Efficiency Rating (EPC)

Current Rating C

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Local Authority

Great Yarmouth Borough Council. Tel: 01493 856100

Solicitors

A F Barker & Co, 40 Lower Kings Road, Berkhamsted HP4 2AA, Ref: Marco Bascotti

Additional Fees

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1,200 (£1,000+ VAT), payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.