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Sea Or Harbour Views From All Rooms Weymouth For Sale

Weymouth, Dorset, UK
Asking Price:
£495,000
Turnover:
£50K - £100K
Net Profit:
Under £50K

8 Luxury En Suite Bedrooms; Self Contained Owners Accommodation; Guest Lounge leading to The Terrace overlooking the Historic Harbour; Parking for 2 cars.
90/93 Excellent or Very Good from Tripadvisor.
This superb guest house forms part of a Georgian Terrace built in possibly the best position in Weymouth to capture the views over the sea and harbour. The property is one the former grand residences here which are now run as hotels or guest houses and are Grade II listed. The property has gas fired central heating to the ground and lower ground floor and the letting bedrooms are independently heated which makes for efficient cost savings. The fire alarm system was renewed a few years ago. The property has undergone a substantial overhaul in the present owner’s hands since July 2019 with complete re carpeting, redecoration, new security lighting, re – roofing of the sun terrace, up-grading of guest beds, new luxury bath/shower room in the owner’s accommodation and even a new staircase to the roof gulley for ease of maintenance – investment for the long term. However, due to pressing family reasons the business has come to the market but offers a buyer the spring board for even greater returns – with a tariff of up to £169 per night per room for bed and breakfast the £85,000 VAT limit is possibly going to be reached from letting only 4 bedrooms to which the single proprietor is currently restricting trade.
A very well run and highly regarded bed and breakfast business which was purchased through Lawrence Wright in 2019 and is now for sale due to pressing family reasons. The guest house is run by one proprietor with some assistance from family members. The quality of the accommodation has been raised considerably by the present owners together with a new and well designed website. New proprietors will enjoy a high level of repeat trade. The rooms have a contemporary feel with light colours and clean lines yet housed in a Georgian building of great character. There are only 4 rooms being currently let and with tariffs starting from £90 per room per night out of season up to £169 per room per night seeking a minimum of 4 night stays in the season averaging £150 per night per room the £85,000 Vat limit could be reached with ease – new owners may wish to let all rooms if run by a traditional two person partnership and achieve a turnover well excess of £100,000 p.a. and pay vat at the flat rate of only 10.5%
One of the best guest houses on the sea front – a must to view!
The agents believe that the proprietor has taken a traditional ‘lifestyle’ business to a higher level where new owners can enjoy both a well earned long winter holiday away from the business together with a substantial income.

Tenure: The premises are held under the terms of a 60 year full repairing and insuring lease from 2007 at a current rent of £16,000 p.a. with the next rent review in 2022

Price: £495,000

EPC: N/A Exempt

N.B. Hope Value: The new (2019) Dorset Council is landlord of The Lantana and may consider, in time, a sale of a long leasehold ( a virtual freehold) to raise funds and the current sale price when added to an investment value of an asset yielding £16,000 p.a. is in line with a recent sale of the next door ‘Seasides’ off an asking price of £750,000.

Property Information

Property:

Leasehold

Contact Lawrence Wright

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