Hotel for sale

The Drake, 2 Windsor Villas Lockyer Street, Plymouth, PL1 2QD

Offers in Excess of £850,000

Property Description

Commercial information

  • Business for sale

Key features

  • 16 en suite letting bedrooms
  • Short walk from City Centre, Hoe & University
  • Dining Room (65), Bar (10)
  • 3 bedroom owners apartment
  • Scope to substantially develop the business
  • 15 parking spaces. Energy Rating C

Full description

Tenure: Freehold

Description

The property is a substantial Grade II listed detached Victorian villa, believed to have been built around 1820 -1830. It retains many of its original features and has been lovingly maintained and improved by the current owners.

The hotel benefits from a more modern extension to the rear which was originally incorporated as part of the hotel letting accommodation although in more recent years, the owners have chosen to rent this separately to a group of university students on a long let basis. However, this will be available again by mid 2017 and the opportunity exists to refurbish and enhance the business still further with these additional rooms.

Location

The Drake is located in a superb trading position close to the city centre, the Hoe and major venues such as Plymouth Pavilions and Theatre Royal.

The hotel is within walking distance of the city centre, Barbican and Royal William Yard and is well served by Plymouth central train station, which provides mainline routes to all major destinations.

Internal Details

From Lockyer Street the main front entrance opens into the main reception hall with reception desk.

Spacious dining room with up to 65 covers.

Licenced bar and lounge, seating for up to 12.

Commercial catering kitchen, office, laundry room and basement cellar stores.

Fixtures & Fittings

All trade fixtures and fittings will be included in the sale and our clients will provide a trade inventory to interested parties.

Letting Accommodation

The property benefits from a total of 16 en suite letting bedrooms and the bed & breakfast business trades from the 10 bedrooms located in the original part of the property.

The six further bedrooms are located in the more recent rear extension and as previously mentioned, these will be available to incorporate back in to the main business.

There is also potential to create an additional letting bedroom in the rear extension by reverting the communal kitchen back to a bedroom.

External Details

Parking to the front and rear of the hotel for 15 vehicles.

Owner's Accommodation

Spacious owners apartment, located on the lower ground floor, comprising: lounge / kitchen, two double bedrooms, one single bedroom and family bathroom.

The Opportunity

Our clients purchased The Drake in 2003 and have taken the difficult decision to sell due to retirement.

They have chosen to run the business as a lifestyle operation, trading for just over 11 months of the year and only operating the bed and breakfast business from 10 out of the 16 bedrooms. The remaining six bedrooms have been let to students until 30 July 2017, after which the owners plan to refurbish these rooms and incorporate these into the bed & breakfast business. These additional rooms present an excellent chance to significantly enhance the business and the trading performance.

The Drake provides an excellent opportunity to further develop the revenue and profits by taking advantage of its city centre location and developing the room rates and occupancy levels through the full 16 bedrooms.

Staff

The hotel is run by one of the owners, assisted by four part time members of staff

Trading Information

We are in receipt of accounts which show a net turnover of £168,315.

Further accounting information is available on request.

Business Rates

Rateable value with effect from 1 April 2017 £9,700.

Regulatory

Premises Licence.


More information from this agent

Nearest stations

  • Plymouth (0.7 mi)
  • Devonport (1.4 mi)
  • Dockyard (1.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Exeter

Kings Wharf The Quay, St. Thomas, Exeter, EX2 4AN

01392 799187 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Plymouth (0.7 mi)
  • Devonport (1.4 mi)
  • Dockyard (1.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Exeter

Kings Wharf The Quay, St. Thomas, Exeter, EX2 4AN

01392 799187 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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