31 bedroom hotel for sale

Yelfs Hotel, 54 Union Street, Ryde, Isle Of Wight, PO33

Guide Price £1,000,000

Property Description

Key features

  • Freehold – Offers In Excess Of £1,000,000
  • Prominent position in seaside town location
  • 31 stylish suites/bedrooms some with sea views
  • Two restaurants, bar, library and Function Room
  • External courtyard providing alfresco dining
  • Consistent turnover in the order of £1.1m net

Full description

Tenure: Freehold

Introduction
Yelfs Hotel is located in a prime position on the main commercial street in the town of Ryde close to the seafront. The hotel currently boasts 31 attractive ensuite bedrooms and suites, some of which have sea views across Ryde and the Solent.

The main customer trading area is located on the ground floor and comprises a restaurant, a lounge bar, conservatory, and a library. The Hotel also benefits from a large function room and a fully fitted trade kitchen. There are 31 bedrooms above, with 9 of the rooms accessed via a flying freehold in the building adjacent.

The building is in good condition and trading well providing an owner operator or corporate hotelier the opportunity to continue to invest and grow this well-established business.

Location
Ryde sits in the north of the Isle of Wight, 4 miles west of Seaview and 11 miles east of Cowes, boasting unique views across the Solent. Transport services to the mainland are excellent with the Hovercraft to Southsea taking 15 minutes and the ferry to Portsmouth Harbour taking 20 minutes.
The property has pedestrian access from Union Street.

The Property
The hotel is in two main parts, connected via a flying freehold.

54 Union Street
To the right is the main hotel, a Grade II Listed detached, brick built building with pitched slate and flat asphalt roofs. Access from Union Street leads up steps into the main reception area. It comprises a 50 cover traditional lounge bar and 20 cover conservatory to the rear leading down into a contemporary 25 cover restaurant at the front of the building. A single set of ladies', gentlemen's and accessible toilet facilities have access from the main reception.

At the rear of the ground floor, there is a large function room capable of accommodating more than 100 people and can also be used for breakfast for hotel guests. There is a small room immediately adjacent to the entrance which is known as the 'library' and this can accommodate small meetings or can be used as a residents' lounge. There is also a large fully fitted trade kitchen and extensive cellar.

All of the bedrooms are en-suite, mainly with showers above baths, and carpeted with flat screen TV's, hospitality trays and telephones.

53 Union Street
Connected via a flying freehold across Yelfs Road is 53 Union Street which comprises a 'lock up' café bar called the Black Sheep Bar. This is semi-detached and of traditional stone and brick construction with period features. This comprises a ground floor bar which has been let out to a tenant. The uppers arranged over first floor and second floors are connected via a flying freehold. Therefore there are a total of 31 hotel bedrooms across both buildings. The Black Sheep Bar is excluded from the sale but could be included under separate negotiation.

The Business
Yelfs Hotel is a mid-tier hotel catering for a wide target market and has been awarded 3 AA star status.

We understand the business has been consistently producing a net turnover in the order of £1.1m and a conversion to net profit of approximately £100,000.

More extensive financial information will be made available with genuine interest, subject to a formal inspection.

Tenure and Price
The main original hotel is available as a freehold going concern at a guide price of offers in excess of £1,000,000.

The Black Sheep Bar is let to an independent tenant at a rent of £34,000pa. The vendor intends to keep this ‘lock-up’ investment on a long leasehold basis. This can also be included for a total price of £1,650,000.

Inventory & Stock
Fixtures, fittings and equipment are included in the sale with general stock at valuation on completion.

Rating
The property is Listed in the 2017 Rating List with a rateable value of £70,000. The National Multiplier in England and Wales for 2018/2019 is 0.493.

TUPE
All staff to transfer under TUPE regulations.

Services
The property is served by mains water, gas and electricity. Wi-Fi is provided throughout.

Energy Performance Certificate
The building is Grade II Listed and therefore an EPC is not required.

Viewing
For a formal viewing, strictly by appointment with Savills.


More information from this agent

Listing History

Added on Rightmove:
13 June 2018

Nearest stations

  • Ryde Esplanade (0.1 mi)
  • Ryde St. Johns Road (0.6 mi)
  • Ryde Pier Head (0.6 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

Use the school checker

To view this property or request more details, contact:

Savills Licensed Leisure, Southampton

2 Charlotte Place, Southampton, SO14 0TB

02382 200001 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

  • Ryde Esplanade (0.1 mi)
  • Ryde St. Johns Road (0.6 mi)
  • Ryde Pier Head (0.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Savills Licensed Leisure, Southampton

2 Charlotte Place, Southampton, SO14 0TB

02382 200001 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 ABYELFS. 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 Savills Licensed Leisure, Southampton. 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.

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