19 Esplanade - Hospitality FOR SALE


Shanklin, IOW PO37 6BN
$895,000 USD
127-332-6171
19 Esplanade, Shanklin, IOW for Sale
$895,000 USD
Hospitality - FOR SALE
1/7
null | 9.19% Cap Rate

19 Esplanade
Shanklin, IOW PO37 6BN


HIGHLIGHTS

  • The business has a very high turnover and net profit. Turnover has steadily increased year after year
  • There are eight first floor guest rooms, seven doubles and a twin room, all with en suites
  • Owner’s accommodation includes one bedroom, en suite, a sitting room, an office and a conservatory

OVERVIEW

The Waterfront Inn trades all year and is licensed until 3am. During the peak season food is offered all day whilst lunch and dinner service is provided during the rest of the year. There are 80 inside covers in the bar and dining room while the extensive sun terrace can seat approximately 120, with 30 of these being under the canopy. The top terrace can be enclosed and heated to facilitate all year round use and comfort. Entrance from the Esplanade via steps through the sun terrace, glazed doors lead into the bar/ restaurant area. Ladies and Gents WC's to the rear. Leading off from the bar is the kitchen with a range of commercial equipment. There are eight first floor guest rooms, seven doubles and a twin room, all with en suites. The front three rooms benefit from amazing panoramic sea views, with a further room also enjoying sea views. All rooms have flat screen TV's and hospitality trays. Owner’s accommodation includes one bedroom, en suite, a sitting room, an office and a conservatory. To the rear of the property there is a private parking area used by the owners and their staff (parking for approx. five cars), a storage and utility area with staff facilities and access to the beer cellar. The business has a very high turnover and net profit. Turnover has steadily increased year after year. The property is let on a 15 year lease from January 2018, at a stepped rent as follows: Year 1 £65,000pa Year 2 £66,500pa Year 3 £68,000pa Year 4 £69,000pa Year 5 £70,000pa Current rent payable is £68,000 pa. With this lease are 2 personal guarantors and a rent deposit of 6 months.

FOR SALE DETAILS

PRICE

$895,000 USD

PRICE/SF

$179 USD /SF

# OF ROOMS

8

PRICE/ROOM

$111,875 {currency}

CAP RATE

9.19%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Waterfront

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

C

YEAR BUILT

1900

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.07 AC

LAND SF

3,049 SF

ZONING

-

APN/PARCEL ID

IW14591,IW86607

ASK ABOUT THIS PROPERTY

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127-332-6171

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Jack BreeEightfold PropertyMore Info
127-332-6171

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.