Offered for sale is Yelf's Hotel and associated properties (53 Union Street and 25 Union Street plus car park accessed from Union Rd) Yelf's Hotel has 24 en suite letting rooms and suites in this Grade II listed building plus a further 7 letting rooms above 53 Union Street & 9 above 25 Union Street Ryde.
The ground floor of the main body of the hotel (54 Union Street) includes a restaurant, lounge bar, conservatory, function room, dining room, library and patio outdoor seating area.
Access is from Union Street. There are 50 covers within the lounge bar and a further 20 in the conservatory to the rear. The large dining/function room is capable of accommodating more than 100 people and is also used as a breakfast area for the hotel guests.
There is a library to the front of the building which can accommodate small meetings, the Dutch Room which offers approx. 30 covers and a further function room with access to the patio.
The commercial kitchen is situated just off the dining room, while the basement houses storage and the boiler room.
The letting accommodation is arranged over the floors above the public rooms with 7 of the bedrooms, plus 2 offices, above the adjacent property (53 Union Street) and accessed via a walk way at first floor level.
The ground floor and basement of 53 Union Street is occupied by the Black Sheep Bar. This commercial unit has been let on a 15 year tenancy from 2008 with a rent of £34,000 pa currently being paid and includes an outside seating area. On the other side of Union Street is number 25, which is a mid-terrace building, comprising a ground floor retail unit of approximately 1,901 sq ft currently let to Ladbrokes on a 15 year lease from October 2008 at a rent of £31,000 pa.
Within the building there are 3 letting rooms to the rear of the ground floor commercial unit and a further 6 letting bedrooms and a kitchen on the first floor.
The first floor rooms are accessed via Union Street and the ground floor rooms via the rear of the building.
To the rear of the building is a paved parking area with space for 5 cars. This area is used for hotel parking and does not comprise part of Ladbrokes lease. Accessed via Union Road is a further car park currently used for hotel parking with approximately 9 parking spaces.
This site has outline planning permission for 4 x 2 and 2 x 1 bedroom apartments. Outline planning permission was granted under P/01295/18 and is available to view at iwight.com/planning.
Terms Price Guide of £2,100,000 for the portfolio as a whole and to include fixtures, fittings and goodwill + stock at valuation.
Our client informs us that Yelf's Hotel consistently turns over in the region of net £1,000,000. Accounts will be available to bona fide applicants.
Alternatively it is proposed that the property is disposed of in four separate lots:
Lot 1 Yelf's Hotel, 54 Union Street, Ryde
24 en suite bedrooms, bar restaurant etc. Grade II listed. Freehold £845,000
Lot 2 Black Sheep Bar, 53 Union Street, Ryde.
Grade II listed property with ground floor and basement commercial let as the Black Sheep Bar at £34,000 pa on a 15 year tenancy from 2008, with 7 bedrooms over plus an office. Freehold £550,000
Lot 3 25 Union Street, Ryde
Grade II listed property with ground floor commercial currently let to Ladbrokes at £31,000 on a 15 year lease from October 2008. with 9 ground floor and first floor letting units and paved car park to the rear. Freehold £550,000.
Lot 4 Car Park off Union Road, Ryde
Adjacent to No. 18 Union Rd. with planning
Well known prominent position within the seaside town of Ryde.