Hotel Investment Opportunity Lincolnshire - NovaLoca
Hotel Investment Opportunity Lincolnshire The Avenue Hotel, 32-34 Avenue Road, Grantham, Lincolnshire, NG31 6TH For Sale
■■ Excellent town centre location ■■ Future residential redevelopment potential subject to planning permission ■■ Nineteen guest bedrooms and forty eight cover restaurant ■■ Exclusive rear twenty plus vehicle car park
savills.co.uk
Location
approximately 1 hour and 15 minutes.
Grantham is located on the River Witham in the county of Lincolnshire and close to the Lincolnshire/Leicestershire border.
Situation
Historically the towns’ economy was based upon engineering and manufacturing, and this continues with its diverse range of manufactured products including textiles, food, timber and plastics. The high tech and service sector industries have grown rapidly in recent years with tourism also on the increase. Tourist highlights include Belton House, Belvoir Castle, St Wulframs Church and Grantham Museum to name but a few. Nearby centres of note include Newark on Trent approximately 16 miles (25.7 km) to the north, Nottingham approximately 23 miles (37 km) to the west, Boston approximately 30 miles (48.3 km) to the east, Leicester approximately 33 miles (53.1 km) to the south west and Peterborough approximately 35 miles (56.3 km) to the south. Grantham’s mainline railway station runs services into London Kings Cross in
The property occupies a prominent position with extensive linear frontage to the south of Avenue Road within close proximity of the town centre. Nearby occupiers include South Kesteven District Council, Avenue Veterinary Centre and Chattertons Solicitors.
Description The property comprises three substantial intercommunicating town houses converted to provide a single hotel and constructed, we estimate, at the turn of the last century. The accommodation is configured to provide nineteen guest bedrooms, public house/bar, forty eight cover restaurant and two bedroom owners accommodation, more specifically as follows: Ground Floor:
■■ Restaurant ■■ Ladies and gents toilets First Floor: ■■ Six double bedrooms all en-suite ■■ Two family bedrooms both en-suite ■■ Two twin bedrooms both en-suite ■■ Utility/linen storage Second Floor: ■■ Three double bedrooms all en-suite ■■ Two twin bedrooms both en-suite ■■ Four single bedrooms with shared facilities ■■ Bathroom/WC ■■ Utility/linen storage Owners Accommodation: ■■ Large open plan living/dining room ■■ Two double bedrooms ■■ Kitchen ■■ Bathroom/WC ■■ Laundry room and storage space
■■ Open plan reception
Lease
■■ Public house/bar
The entire property is let to Martin Dalton and Tracy Dalton by way of assignment under the terms of a lease dated 14 August 2001 for twenty five years with effect from 1 October 2001 at a current rental of £37,000 per annum and subject to four yearly rent reviews, the next being 1 October 2017.
Covenant The hotel has operated since the early 1970s and the current tenant has been in occupation since 2006. We understand that the business achieves a very respectable turnover which is derived from offering excellent accommodation, popular hot and cold food menu from the forty eight cover restaurant and its public house which operates on a completely free of tithe basis.
Tenure Freehold
VAT VAT will be payable on purchase price.
Proposal Offers are sought at £500,000, subject to contract and exclusive of VAT.
Viewing Strictly by appointment only with the Sole Agent Savills.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
Important Notice Savills, their clients and any joint agents give notice that: 1. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Savills Nottingham 9 Fletcher Gate Nottingham NG1 1QQ +44 (0) 115 934 8050
savills.co.uk
Victor Ktori +44 (0) 115 934 8171 [email protected]
Christine Thorn +44 (0) 115 934 8152 [email protected]
■■ Excellent town centre location ■■ Future residential redevelopment potential subject to planning permission ■■ Nineteen guest bedrooms and forty eight cover restaurant ■■ Exclusive rear twenty plus vehicle car park
savills.co.uk
Location
approximately 1 hour and 15 minutes.
Grantham is located on the River Witham in the county of Lincolnshire and close to the Lincolnshire/Leicestershire border.
Situation
Historically the towns’ economy was based upon engineering and manufacturing, and this continues with its diverse range of manufactured products including textiles, food, timber and plastics. The high tech and service sector industries have grown rapidly in recent years with tourism also on the increase. Tourist highlights include Belton House, Belvoir Castle, St Wulframs Church and Grantham Museum to name but a few. Nearby centres of note include Newark on Trent approximately 16 miles (25.7 km) to the north, Nottingham approximately 23 miles (37 km) to the west, Boston approximately 30 miles (48.3 km) to the east, Leicester approximately 33 miles (53.1 km) to the south west and Peterborough approximately 35 miles (56.3 km) to the south. Grantham’s mainline railway station runs services into London Kings Cross in
The property occupies a prominent position with extensive linear frontage to the south of Avenue Road within close proximity of the town centre. Nearby occupiers include South Kesteven District Council, Avenue Veterinary Centre and Chattertons Solicitors.
Description The property comprises three substantial intercommunicating town houses converted to provide a single hotel and constructed, we estimate, at the turn of the last century. The accommodation is configured to provide nineteen guest bedrooms, public house/bar, forty eight cover restaurant and two bedroom owners accommodation, more specifically as follows: Ground Floor:
■■ Restaurant ■■ Ladies and gents toilets First Floor: ■■ Six double bedrooms all en-suite ■■ Two family bedrooms both en-suite ■■ Two twin bedrooms both en-suite ■■ Utility/linen storage Second Floor: ■■ Three double bedrooms all en-suite ■■ Two twin bedrooms both en-suite ■■ Four single bedrooms with shared facilities ■■ Bathroom/WC ■■ Utility/linen storage Owners Accommodation: ■■ Large open plan living/dining room ■■ Two double bedrooms ■■ Kitchen ■■ Bathroom/WC ■■ Laundry room and storage space
■■ Open plan reception
Lease
■■ Public house/bar
The entire property is let to Martin Dalton and Tracy Dalton by way of assignment under the terms of a lease dated 14 August 2001 for twenty five years with effect from 1 October 2001 at a current rental of £37,000 per annum and subject to four yearly rent reviews, the next being 1 October 2017.
Covenant The hotel has operated since the early 1970s and the current tenant has been in occupation since 2006. We understand that the business achieves a very respectable turnover which is derived from offering excellent accommodation, popular hot and cold food menu from the forty eight cover restaurant and its public house which operates on a completely free of tithe basis.
Tenure Freehold
VAT VAT will be payable on purchase price.
Proposal Offers are sought at £500,000, subject to contract and exclusive of VAT.
Viewing Strictly by appointment only with the Sole Agent Savills.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
Important Notice Savills, their clients and any joint agents give notice that: 1. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Savills Nottingham 9 Fletcher Gate Nottingham NG1 1QQ +44 (0) 115 934 8050
savills.co.uk
Victor Ktori +44 (0) 115 934 8171 [email protected]
Christine Thorn +44 (0) 115 934 8152 [email protected]
