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Safe investment property. Freehold £995,000
Operating casual hours as guest house only, for 6 months over summer season, earns 3 year average turnover of £234,000 per year.
Lifestyle option: if open for TT & other races only. For less than 6 weeks per year earns turnover of £83,000.
Expansion option: Very well located on the Queens promenade in the heart of Douglas, the capital, for catering, restaurant, weddings, conferences or spa business to increase turnover & profits significantly.
Beautiful, safe island. Low crime rate, low income taxes and no capital gains tax! Low government debt. High per capita income. Easy living away from the rat race.
If interested please contact the seller through the form on this page.
The lower ground floor includes large main kitchen, large bedroom with en-suite, large bright lounge/ office, extra bedroom/ study, large pantry, fridges, freezers, superb washing machines. The garage area houses an excellent boiler and fantastic Electrolux gas dryer.
Prime location on Douglas promenade in the heart of the capital of the Isle of Man. Population of around 40,000 people.
Beautiful terraced building on a prime location. In excellent condition. The top 4 floors are guest accommodation with 7 rooms on each floor, 28 rooms in total. All rooms are en-suite. The rooms comprise: 3 sea view triples, 1 sea view twin, 4 sea view singles, 2 triple rooms, 2 larger twin rooms, 6 twin rooms & 10 double rooms. Reliable lift. Good online booking systems.
The upper ground floor comprises the sea view lounge, reception/ bar, dining room, guest loos, small kitchen and bain marie.
The lower ground floor comprises large main kitchen & dumb waiter, large bedroom with en-suite, sea view lounge/ office, extra bedroom/ study, large pantry, fridges, freezers, hot water cylinders, superb washing machines. The garage area houses an excellent oil boiler and fantastic Electrolux gas dryer. The building is energy efficient with the vast majority of the guest rooms having 40 mm argon filled triple glazing and the remainder with double glazing. The roof space and floors are well insulated.
This property has planning permission in principle to convert to apartments aimed at the tourist market.
A substantial investment has been made in the fabric of the building, roofing, glazing, insulation, equipment & booking systems. Good work has been done to make the building low maintenance. For someone with an interest in catering, restaurants, weddings, conferences or a spa business our excellent location can be used to increase turnover and profits significantly.
1. COMPETITIVE ADVANTAGES
Prime Location on Douglas Promenade
Easy street side parking compared to other prime locations in Douglas
Beautiful, insulated, low maintenance building
High turnover and profitability
Easy Lifestyle business as guesthouse
2. ISLE OF MAN BENEFITS
Beautiful, safe island. Stable democracy for more than 1000 years.
Low crime rate, low income taxes and no capital gains tax!
Isle of Man tourist/ hospitality businesses have a VAT competitive advantage. VAT on sales is charged at only 5% while VAT on purchases can be deducted at 20%.
Low government debt. High per capita income.
Easy living away from the rat race.
Turnover & cash flow advantages of the world famous TT & CTT races that are booked up and paid for around 1 year in advance!
With our eldest child starting A levels, we are moving back to England, after 12 years away, in order to give children access to specific tertiary education that is not currently available on the island.
Note: Furniture and fixtures is included in the asking price.
On the lower ground floor and in some storage areas, we do have personal furniture, equipment and other belongings that are not included in the price.
We have traded as a guest house, on casual hours, for around 6 months each year, over the summer season. We have made it easy to run, reducing the services and reducing the operating hours. Check outs are from 9:15 am to 10:30 am. Check ins are from 3 pm. We then staff reception for arrivals only and take updated estimated arrival times. On many evenings all arrivals are in before 7 pm. For arrivals after 9 pm we normally provide codes for guests to access their rooms. We excluded breakfast from our pricing. There is a good variety of breakfast options, pubs and restaurants within a few minutes walk, so there is no need to offer breakfast on site.
All our procedures and systems are well documented. We can provide excellent and detailed training to any prospective buyer. We can also offer support. Some of our current long term employees may be available to help on a part time or full time basis. We have excellent contacts with local contractors who are familiar with all aspects of the building. We also have good relationships with neighbouring hotels and guest houses who have worked together with us as friends, rather than as competitors.
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