Exciting investment/Development Opportunity

Price:

Freehold - £2,600,000

Seller Ref:

H12712

Location:

Dorset, Bournemouth

Business Type:

Commercial Property

See Other:

Investment properties for sale in Dorset
Commercial property for sale in Dorset

Description:

THE BUSINESS:

LOCATION
Parkway Retail Park 30 yards. Bournemouth Mainline Railway Station approx. 250 yards. Central Business District approx. 300 yards. Bournemouth & Poole College approx. 750 yards. Bournemouth Pier approx. 1 mile.

FEATURES
Exciting investment/development opportunity. Potential Budget Hotel operation. Adjacent to area of major regeneration. Convenient for all central amenities. Lucrative income currently being generated. Landmark building. Long established operation. Rare opportunity. Plans available by request.

SUMMARY OF ACCOMMODATION
Ground Floor - Bar/Club Premises extending to approximately 8,500 sq ft (790 sq m).

First Floor - 2 Studio Apartments. 18 Letting Rooms. Office. 3 Communal Kitchens.

Second Floor - 27 Letting Rooms. Communal Kitchen.

NB The above schedule of accommodation has been provided by the owner as it was unavailable for inspection at the time of going to print.

TRADING & BUSINESS
The ground floor is let on an original 24 year lease from February 2000 at a current rent of £56,000 per annum, subject to 3 yearly upward only rent reviews. We are informed that the upper floor accommodation generates a turnover in the region of £240,000 per annum. We have not had sight of accounting information to verify this.

LICENCES/PERMISSIONS
A Certificate of Lawful Use (7-2009-4052-W) was issued in January 2010 to regularise the use of the first and second floors as 11 self contained flats and 34 bedsits with shared kitchen and/or bathroom facilities. In January 2009 consent (7-2008-4052-U) was granted for an additional floor creating 14 flats. An application is shortly to be submitted to add 2 additional floors (as per the elevation drawings overleaf) which would yield 24 additional flats or could be subdivided into further letting bedrooms subject to an amendment to the consent.

Location Details:

Parkway Retail Park 30 yards. Bournemouth Mainline Railway Station approx. 250 yards. Central Business District approx. 300 yards. Bournemouth & Poole College approx. 750 yards. Bournemouth Pier approx. 1 mile.