LOCATION:
Southampton is one of the country's busiest deep-water ports, with its unique double tide allowing unrestricted access for the world's largest vessels, including cruise ships which generate business. The city has excellent shopping with leading department stores, high street names and specialist and independent shops, all located within easy reach of the property. With access to the M27 and M3, it is a vibrant city with a lively programme of events and venues, including the Mayflower Theatre which hosts a wide variety of live performances, from pantomime to opera, throughout the year and which is now considered one of the top three most successful regional theatres in the UK. The area has a number of historical points of interest which include the medieval walls surrounding the city, and links to the Pilgrim Fathers' departures to the Americas, the Titanic and the Spitfire. The City Art Gallery is internationally renowned and numbers over 3,500 works and spans six centuries of European art history. Within easy reach of the business are Portsmouth and its numerous naval attractions, Winchester with its rich history and renowned cathedral, the New Forest and the Hamble River, all offering a wide choice of activities to visitors .
BUSINESS:
An established, well-presented, City centre Bed & Breakfast with an excellent reputation and a loyal, repeat customer base. 14 letting rooms accommodate up to 27 guests. The property also includes spacious 2 bedroom owners' accomodation. There are 10 doubles, 3 singles and a family room all with refurbished en suite facilities and presented to a high standard. The current owners no longer offer evening meals but there is scope to re-introduce the service which would increase revenue from the residents' Bar. Guests waiting to join their Cruise ships vacate their rooms in the morning but often have to wait until early afternoon before they may embark, so the comfortable residents' lounge is appreciated. The husband and wife team have invested over £200,000 in renovating the detached property during their 8 year ownership. Gas central heating, maintenance-free double glazed windows and doors thoughout. City centre location yet parking for 10 cars plus 4 garages on site. Business clients account for 50% of bookings with cruise ship passengers and visitors to the city sharing the remaining 50% of trade. The University also attracts bookings. The Vendors close the business for 2 months of the year.
BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)
The Vendors have invested £200,000 in renovating and refurbishing the property during their 8 years ownership. A block paved driveway has been laid to front and rear at a cost of £12,000 providing parking for 10 cars. There are also four garages. New bathrooms have been fitted throughout. A new telephone system has been installed as well as new fire doors and fire alarm system.
Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.
PRIVATE ACCOMMODATION:
(all sizes are approximate & should be considered 'nominal'.)
The Vendors enjoy their own comfortable 2 bedroom accommodation on the ground floor.
SERVICES:
We understand from the vendor that all main services are connected to the property.
TENURE:
Freehold
TRADE:
Revenues of £145,972 for y/e 30 November 2009 were achieved during a difficult trading year which resulted in an occupancy rate of 56%. Please note that if a business is VAT registered, all figures exclude VAT.
RATES:
The rateable value of the business premises is £12,500, with rates of £5,087.50 payable in 2010/11.
NOTE:
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.
STAFF:
The business is operated by a husband and wife team with assistance of two part time staff working a total of ______ hours per week.
LEGAL FEES:
Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord's legal costs on a 50/50 basis. If a buyer wishes to negotiate a 'new' lease, they will be responsible for all the landlord's legal costs.
COMMENTS:
The Vendors bought the property owing to its proximity to King Edwards, their son's school for the past 6 years. As soon as the property is sold the Vendors intend to emigrate to New Zealand. This represents an excellent opportunity for a new owner to acquire an established, well-presented, City centre Bed & Breakfast with an excellent reputation and a loyal, repeat customer base.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.