Hotel for sale

Bank House, King's Staithe Square, King's Lynn, Norfolk, PE30 1RD

£1,900,000

Property Description

Commercial information

  • Business for sale

Key features

  • Boutique hotel, bar & dining business
  • Fully refurbished to excellent standard
  • 12 lovely en suite letting rooms
  • Five separate dining areas for 150
  • Growing annual sales of 1.175m ex VAT
  • Year round managed business. EPC Exempt.

Full description

Tenure: Freehold

Description

A detached period property, part Grade II and part Grade II* listed, refurbished throughout to an excellent standard by the vendors and comprising letting and public accommodation on ground, lower ground and, in parts, first & second floors. During the refurbishment, our clients were very conscious of providing a standard both empathetic with the history of the property but also to create a warm contemporary feel to the final offering, both of which have in our view been handsomely achieved.

Another substantial detached property nearby is also owned by the vendors which can be made available by separate negotiation. Let to a Government agency at a not insubstantial rent, more details are available on request.

In short, this is a significant landmark and profitable business which we recommend is viewed at the earliest opportunity as we anticipate a good level of interest being generated. It will be of appeal to both investors, owner operators and a range of buyers, all of whom will be able in our view to further grow overall revenue and profitability.

More comprehensive sales particulars are available to download via www.christie.com.

Location

Occupying an impressive & historic waterside location in the growing Norfolk town of King's Lynn, the centre being within easy walking distance, with excellent access across the region via the A147, A148, A47 and A10 trunk roads, linking the town to other major centres in this part of the county and beyond. Swaffham and Hunstanton are only 16 miles distant, Fakenham is 22 miles away and the Royal Estate at Sandringham just 8 miles. Rail access too is excellent with regular mainline services to London King's Cross being under 2 hours whilst Cambridge to the south can be reached in only 45 minutes.

Internal Details

Entrance areas to five public rooms including • Small stylish bar & informal dining area • A 40 cover more formal dining room • Contemporary dining areas, accommodating 26 and 34 covers respectively • Board/meeting room providing a further 18 covers
• Attractive & extensive lower ground floor cellarage areas, occasionally used for various events • Extended commercial kitchen, storage and service accommodation
• Customer & disabled WC's.

Fixtures & Fittings

Owned in the main, there being limited third party agreements in place. A small number of personally owned items will be removed before completion but will be replaced.

Letting Accommodation

12 superb en suite letting rooms - each individually decorated and equipped - all being doubles or larger. Very well equipped throughout and all feature modern internet connectivity. Year round room rates range from £106 to £220 including VAT & breakfast.

External Details

Decking adjacent to the river & quay for 60. Courtyard providing further seating. Public car parking to the front of the property and in numerous nearby public car parks.

The Opportunity

Owned by the vendors since 2008, the property is a year round award winning brasserie, restaurant, bar and boutique hotel offering a very popular menu and generating significant levels of turnover from its various revenue streams. Repeat business, both leisure and commercial, is key, reinforced by the year on year growth seen in recent years. We are of the view that there is further growth potential in the business, given not only its historic trajectory but also because of further developments and investment being implemented in the town and immediate region. Operated by a manager and team of employees, the business will appeal to a wide range of buyers and viewing arrangements are consequently strongly recommended.

Staff

Operated by a General Manager and a team of full and part time staff. More details available on request.

Trading Information

Total revenue has been growing as evidenced by accounting information showing sales for the last two years having been - for 2015/16, £922,284 ex VAT, 2016/17, £1,074,744 ex VAT and anticipated to be £1.175m ex VAT for the year to 30/9/18. A signed Confidentiality Agreement, available from Christie & Co, is required for further information to be provided.

Trading Hours

Operating from 7.30am onwards, seven days a week. Food is available all day until 9.30pm with the bar being open from 11am to 11pm.

Business Rates

From April 2017, the property has an RV of £53,750.

Regulatory

Premises Licence


More information from this agent

Nearest station

  • Kings Lynn (0.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Ipswich

Hyde Park House Crown Street, Ipswich, IP1 3LG

01472 565052 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 station

  • Kings Lynn (0.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Ipswich

Hyde Park House Crown Street, Ipswich, IP1 3LG

01472 565052 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.

Disclaimer - Property reference 1446664-fh. 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 Christie & Co , Ipswich. 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.

* Average speeds are based on the download speeds of at least 50% of customers at peak time (8pm to 10pm) from packages available on comparethemarket.com. Speed can be affected by a range of technical and environmental factors. The speed you receive where you live may be lower than that listed above. You can check the estimated speed to your property prior to purchasing. Fibre/cable services at your postcode are subject to availability. You can confirm availability on the provider's website. Providers may increase charges. You should have the right to exit your contract without penalty if this happens. The information is provided and maintained by Decision Technologies Limited.

Map data OpenStreetMap contributors.