50 bedroom hotel for saleComfort Hotel Albert Square, Great Yarmouth, NR30
Offers in Region of £1,700,000
- Business for sale
Fronting Albert Square on the southern side of Great Yarmouth, on the east Norfolk coast, and within walking distance of the seafront, North Denes Heliport is within a 5 minute drive.
Great Yarmouth is a traditional holiday resort with approximate distances being; Norwich 20 miles; Lowestoft 10 miles and Ipswich 55 miles.
A substantial property on ground, lower ground and two upper floors with a large enclosed garden area to the rear. The hotel has been extensively and well refurbished under the current ownership.
Main entrance leading though to reception area with reception desk and lounge. Look-Out bar with bar servery seating around 25. Garden Suite – an air conditioned function room with a capacity of 100 theatre style.
Below Decks Restaurant for 70 covers, Ladies & Gents W.C.s.
Very well equipped kitchen and service areas at lower ground floor level adjacent to the restaurant. Office accommodation.
50 en suite letting bedrooms, located across ground, first and second floors as follows:- 11 family bedrooms; 35 twin and double bedrooms; 2 single bedrooms and 2 suites. The total also includes a ground floor disabled bedroom with wet room. Each letting bedroom is extremely well equipped with satellite television, tea/coffee making facilities, hairdryer, direct dial telephone and Wi-Fi internet access.
The hotel has a large site with rear lawned garden, a large external seating area, together with 19 car spaces, some under cover. There is also ample free public street parking to the front of the property.
Operated by the present owners since 1997, the Comfort Hotel has been very extensively refurbished throughout and is the only branded hotel in the town. The business draws year round commercial and leisure business and undertakes a wide range of functions and conferences together with an increasing number of weddings, attracted by the garden facilities available which are immediately adjacent to the Garden Suite and which can cater for 250 marquee based guests.
Located on the southern side of the town, the hotel benefits from significant repeat custom and has grown significantly under the current ownership, producing increasing returns and occupancy annually. The hotel won awards for Comfort Hotel of the Year in 2011 & 2012 and an additional accolade achieved has been the receipt of an “outstanding” rating for improving standards in the 3 star market, awarded by Great Yarmouth Tourist Authority. More information about the property and its facilities can be found at www.comfortgreatyarmouth.co.uk.
An excellently refurbished property and a highly profitable business which we recommend is viewed at the earliest opportunity.
We are advised that revenue continues to grow and that, excluding VAT, was £802,732 for the year to 30 November 2014 (2012/13; £748,861 & 2011/12 £730,716).
Further and more detailed accounting information available to interested parties who have viewed the business.
FIXTURES & FITTINGS
We are advised that the fixtures and fittings are substantially free from hire or lease purchase agreements. The hotel is also equipped with CCTV.
Room rates vary from £49 to £129 per night, including VAT and breakfast, dependant on occupancy and time of year.
Run by a management team together with a team of full and part time staff. Further details on request.
The property has a Premises Licence granted by the relevant local authority. It is a requirement of the Licensing Act 2003 that properties serving alcohol have a designated premises supervisor who must be the holder of a Personal Licence. Prospective purchasers are advised to take appropriate specialist advice.
Additionally the hotel is licensed as a venue for civil wedding ceremonies.
We are advised that the property is connected to all mains services and that central heating is served by way of a gas fired boiler. Wi-Fi broadband is available, free for guest use.
The Rateable Value is £49,000 for the year commencing 01 April 2010.
Offers around £1,700,000 for the freehold property together with business goodwill and trade fixtures and fittings (subject to inventory). Stock at valuation.
Colliers International is able to assist prospective purchasers by introducing sources of finance if required. Whilst we do not charge the buyer for this service, we may receive an introductory commission from the lender or broker involved.
No direct approach to be made to the property. For an appointment to view please contact Jonathan Wren.
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