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Refurbished Hotel Newquay Safe Tenant (Income 6.5%) For Sale

Newquay, Cornwall
Asking Price:
£4,800,000
Turnover:
Not applicable
Net Profit:
Not applicable

Hotel is due to be completed Q4 of 2019.

Seafront Hotel, 20 minutes from Newquay Airport, 5 minutes from town centre, 2 minutes from station.

The hotel has been let to OYO Rooms (3rd largest chain in the world) who will manage the rooms. From them the owner of the hotel will receive £195,000 per annum + VAT for 25 years. OYO will take over as per their contract once hotel has finished refurbishment.

The hotel is looking to let the restaurant, bar and Spa to individual brands for an additional total sum of £65,000 + VAT.

Total Estimated Annual Income:
Rooms: £195,000 + VAT (Contract Signed)
Restaurant, Kitchen & Bar: £50,000 + VAT (Discussions ongoing)
Spa: £15,000 + VAT (Discussions ongoing)
Parking: 50% of guest parking revenue (Contract signed)

Total Annual Income: £312,000 (Inc. VAT, excluding parking)
6.5%

The hotel comprises of:
42 Ensuite Rooms, Gym, Spa, Restaurant (48 covers), Kitchen, Bar (42 covers or 50 covers with lobby), Staff Room, Parking, Sea Views

Refurbished high end design with new electrical wiring circuits throughout, new plumbing circuits throughout, new heating circuits throughout, new water tanks, new boilers, new walls , strengthened ceilings, strengthened building structure, brand new balconies, new triple glazed windows, roof and facade upgrades, new steel fire escape doors and new fire escape.

Completely brand new fixtures and furnishings throughout all areas.

All asbestos removed, fire alarm, wi-fi, security systems in place

Property information

Property:

Freehold

Location:

Seafront Hotel, 20 minutes from Newquay Airport, 5 minutes from town centre, 2 minutes from station.

Premises Details:

Newly refurbished hotel with 42 rooms, Spa, Gym, Restaurant, Bar, Staff Room, Kitchen, full new electricity, heating, plumbing circuits, new design, fixtures and fittings.

Planning Consent:

Received construction of balconies and changes to facade (which will be carried out before June). Positive reply on planning advice for extra floor being built to add an extra 18 rooms.

Business Operation

Expansion Potential:

Potential expansion 1 floor upwards, planning advice was sought and a positive answer received however owners decided not to go ahead due to the fact that 2019 season will be missed of extra floor is built

Competition / Market:

Premier Inn, Atlantic, Great Western, Victoria Hotel

Reasons for selling:

Moving town

Trading hours:

This premises has been run as a hotel from the 1900's and due to refurbishment the last time it traded was up until August 2018 (when we took over the hotel).
This hotel has licenses for Bar, Spa, Restaurant, Gaming Facilities, Gym and Hotel.

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