Hotel for sale

The George, 1 Broad Street, South Molton, Devon, EX36 3AB

£625,000

Property Description

Commercial information

  • Business for sale

Key features

  • 12 en suite letting bedrooms
  • Refurbished throughout
  • Owners/managers apartment
  • Trading B&B and wet sales only
  • Spacious ground floor trading areas
  • Function room. Energy Rating D

Full description

Tenure: Freehold

Description

A substantial Grade II Listed property with accommodation arranged over three floors behind an attractive Georgian façade. The property has recently undergone extensive sympathetic restoration work and is now presented in excellent order throughout.

Internally, there are plentiful ground floor public areas and on the first floor there is a large function room. The letting accommodation is arranged over the first and second floors. We understand that planning permission has been granted for the conversion of the existing function room to create four additional en suite letting bedrooms.

The business is ideally suited to an owner operator partnership who can benefit from the associated cost savings. The George enjoys a loyal following with regular repeat business from both leisure and business guests. Average room occupancy for the first three quarters of 2018 stood at 70%. The owner recently took the decision to stop offering lunch and dinner service, with the hotel now trading as a bed & breakfast with bar, we are informed this has proved to be a much more cost effective model.

Location

The George occupies a prominent position in South Molton which lies to the south western boundary of Exmoor National Park. A gateway to Exmoor, the town is a typical market town with traditional town square and strong local economy thanks to various national & international companies based in the area plus various local businesses. South Molton is an ideal base to explore Exmoor and Dartmoor, the towns of the area and in particular, its coastline.

The town is accessed via the M5 Junction 27, along the A361 which leads to the principal town of Barnstaple to the north west. Tiverton is to the south east where there is a main line railway station on the Paddington line.

Internal Details

Ground floor:
Entrance hall, stairs to the first floor. Access to restaurant, bar / lounge (approx. 35 covers) and breakfast room (approx. 10 covers). Light airy inner hallway with reception area. Access to the rear of the building and the ladies and gents WCs. Ancillary accommodation includes a commercial kitchen with dumb waiter to first floor function room, office, pantry, cellar and various stores.

First Floor:
Function room with separate kitchenette area and bar which can seat up to 100 theatre style or 50 at tables.

Fixtures & Fittings

We understand that trade fixtures and fittings will be included in the sale.

Letting Accommodation

12 well appointed and immaculately presented en suite bedrooms comprising:

One Deluxe Double
Six Standard Double
Two Cosy Doubles
Three Singles

Room rates range from £65 per night for a single room to £120 for a deluxe double.

External Details

To the rear is a private car park with 12 parking spaces, occupied under a rental agreement. Pavement licence for c.30 external covers.

Owner's Accommodation

A well presented and private apartment comprising kitchen diner, lounge and en suite bedroom. A stair case exists from letting room 12 to the apartment which offers an opportunity for an extra bedroom should a new owner require it.

Staff

The hotel is run by a hands on owner operator who focuses on the front of house as well as cooking the breakfasts five days a week. A part time breakfast chef is employed two days a week.

In addition, the business employs a full time assistant manager and seven part time staff.

Trading Information

We are in receipt of accounts for year end 31 December 2017 which show a net turnover of £406,112 and an adjusted net profit of c.£73,000. Since 18 April 2018 the business has closed its restaurant, operating on a B&B and wet only basis.

We are in receipt of management accounts for this period.

Business Rates

Rateable value with effect from 9 June 2017 £14,750. Please note this is NOT the amount you pay. The current owner benefits from small business rate relief.

Regulatory

Premises Licence.


Nearest station

  • King's Nympton (6.4 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 station

  • King's Nympton (6.4 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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