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13 bedroom hotel for sale

3192. Palmerston Hotel and Restaurant. Palmerston Road, Shanklin, PO37

£650,000

Property Description

Commercial information

  • Business for sale
  • Use class orders: C1 Hotels

Key features

  • Occupies a prominent corner position
  • Benefits from a large car park and ample on-street parking
  • Popular 13 en-suite letting room hotel and restaurant
  • Boasts a private cottage, which could be used as owners' accommodation

Full description

Tenure: Freehold

Location
The Palmerston Hotel & Restaurant occupies a prominent corner position on Palmerston Road, Shanklin, Isle of Wight. The hotel benefits from a large car park and ample on-street parking in the vicinity. Shanklin town centre and its amenities are just a short walk away, as is the award winning beach and esplanade. Shanklin is a popular tourist destination, which boasts a wealth of attractions from amusement arcades to golf courses. The town lies 3 miles south of Sandown and boasts excellent road and rail access making it an ideal base from which to explore the island.

Business History
Preferred Commercial is delighted to offer for sale this popular 13-letting room hotel and restaurant, which was established in the 1930s and which has been in our client's hands since 2006. The business is only now being placed on the market due to our client's wish to retire. The business is currently run at a pace to suit our client and generates a turnover in the region of 65,000 per annum with a gross profit of 85%, derived from offering 13 en-suite letting rooms on a bed and breakfast only basis. A new owner could easily increase turnover by offering evening meals and opening the restaurant to non-residents. There is also a bar, which is not currently operating, which again could be open to non-residents. The property is well maintained throughout and boasts a private cottage, which could be used as owners' accommodation, a large bar area and a large dining room, as well as delightful external seating areas. There is a web site in place offering information about the hotel and the resort, which we feel would benefit from on-line booking facilities. The Palmerston Hotel boasts excellent reviews on TripAdvisor and similar web sites and benefits from much loyal repeat custom. We feel this is an ideal opportunity to acquire a well-established an popular hotel, ideally located within Shanklin and with immense scope for future growth. Early viewing, arranged with Preferred Commercial, must come highly recommended.

Financial Details
T/O: 65,000 approx.
GP: 85%
Currently run at a pace to suit our client

Opening Hours
All year round excluding Christmas and New Year

Accommodation
Spacious detached property on a prominent corner plot, offering 13 en-suite letting rooms and owners' accommodation. Briefly comprising:

Ground Floor
Double doors to reception area, reception counter and small office behind.
Large bar area with bar servery offering 4 points of dispense, optics display, double glass fronted bottle chillers and tables and chairs
Dining room with tables and chairs, large windows
Kitchen with a range of commercial grade units, gas hob and oven, microwave oven, preparation surfaces
Store room with racking and shelving to suit
Large private bedroom, suitable for use as letting accommodation
Ladies WC
Laundry room with washing machine and ironing equipment

Letting Accommodation
A range of twin, double and family rooms arranged over the ground and first floors, all rooms are finished to a high standard and boast en-suite facilities

Cottage
Ground floor:
Recently refitted kitchen with a range of wall and base units
Lounge
First floor:
Small double bedroom
Large double bedroom with en-suite shower room
Large double bedroom with en-suite facilities
Bathroom with bath, WC and wash basin

External
Large parking area to side for approximately 12 vehicles
Garden with tables and chairs

Tenure
Advised freehold

Energy Performance Certificates (EPCs)

To view this property or request more details, contact:

Preferred Commercial, Nationwide

Lower House Farm Mansell Way, Horwich, Bolton, BL6 6JL

0844 871 1484 Local call rate

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Disclaimer

Property reference 3192. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Preferred Commercial, Nationwide. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.