Nationwide are pleased to offer to the market : Outstanding opportunity to acquire a spacious Hotel in this outstanding position approximately 1½ miles from Hope Cove, 4 miles from Kingsbridge and 3½ from Salcombe, South Devon.
At present not utilised as a Hotel, at present used as a house party venue, however, in our opinion offering tremendous potential for development in the right hands.
Car Park for approximately 20 cars
We understand the premises have a Full On Licence
ENTRANCE to SPACIOUS LOUNGE fully fitted including 2 ovens, upright fridge, upright deep freeze, washing machine, dishwasher.
Large Breakfast Room seating 12/15 persons
Ladies' and gentlemen's cloakrooms each with w.c. and wash hand basin
3 Large family bedrooms, 2 with en suite shower room with shower, w.c. and wash hand basin whilst the 3rd bedroom has an en suite bathroom with bath, shower over bath, w.c. and wash hand basin
First Floor
1 Double bedroom with en suite shower room with shower, w.c. and wash hand basin
1 Additional bedroom with at present 2 bunk beds, en suite shower room with shower, w.c. and wash hand basin
1 Family bedroom with double plus 1 single bed, en suite shower room with shower, w.c. and wash hand basin
1 Family bedroom with 2 double beds, 1 single bed, en suite bathroom with bath, shower, over bath, w.c. and wash hand basin
1 Family bedroom with1 double and 1 single bed, en suite bathroom with bath, shower over bath, w.c. and wash hand basin
1 Additional family bedroom with 1 double plus 1 bunk bed, en suite shower room with shower, w.c. and wash hand basin
Second Floor
2 Additional family bedrooms each with 1 double bed plus 2 single beds and each with en suite shower room with shower, w.c. and wash hand basin
All the bedrooms are fully carpeted and fully furnished
Lower Ground Floor
Games Room with pool table and dart board
The vendor acquired the site approximatey 6 years ago and intended to demolish the building and erect a new build, combined apartment and hotel scheme. Having obtained the planning permission the scheme was aborted due to the recession and in the autumn of 2009 the vendor decided to refurbish the building which had been empty since he acquired it. Having completed the refurbishment 'The Hope Cove' opened as an exclusive use Party Venue in September, 2010. Bookings for the venue are generated through the vendors business www.classiccountryhouses.com and a commission arrangement is in place. The vendor is happy to continue marketing 'The Hope Cove' under a commission arrangement, should the purchaser be interested in continuing this relationship.
The vendor owns the freehold and subject to satisfactory references is prepared to grant a new 24 years full repairing and insuring lease at a rental of £52,000 p.a. exclusive of rates for the first 4 years, with rent review at that time and thereafter every 4 years. (It should be noted the vendor is also prepared to grant a shorter lease with a minimum period of 12 years).
PERSONALLY INSPECTED AND HIGHLY RECOMMENDED
PREMIUM REQUIRED FOR THE NEW LEASE, FIXTURES, FITTINGS & FURNISHINGS £50,000 subject to contract
Loan possible to an approved applicant