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Old Elvet, Durham, DH1

PROPERTY TYPE

Terraced

BEDROOMS

10

BATHROOMS

10

SIZE

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TENURE
Describes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.

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Key features

  • Investment for sale
  • EPC Rating B42
  • 10 Bedroom Hotel with Bar and Restaurant
  • Let to BOUTIQUE HOTEL COMPANY HOLDINGS (DURHAM) LTD
  • Net Initial Yield of 6.25%
  • 15 Minute Walk from Durham Train Station
  • VP may be available by way of further negotiation with the tenant if the purchaser was an owner occupier

Description

City Centre Boutique Hotel and Restaurant

INVESTMENT FOR SALE

LOCATION & DESCRIPTION
The Townhouse is set in a Grade II-Listed Georgian town house, offering individually themed rooms in Durham’s charming Old Elvet area. Durham Cathedral and the 11th-century castle are within 10 minutes' walk. Tastefully designed interiors feature in all rooms, placed in either the 18th-century town house, garden, or main house. This well established and refurbished city centre, boutique hotel is only 400m from Durham City marketplace, but enjoys views of the Cathedral and river from its unique rooms, three of which have hot tubs with enclosures. The banks of the River Wear and Durham University Cricket Club are 492 feet away. Durham Rail Station is less than 1-mile from the property and Newcastle city centre can be reached after a 15-minute train journey.

The hotel consists of 10 guest rooms, with a further room undergoing development, a restaurant with 40 covers plus a patio accommodating a further twelve covers, a cosy bar area which comfortably accommodates 15 guests, in addition to an excellent cellar and wine store. There is air-conditioning throughout. The freehold owner is retiring and his 5,000 sqft home adjoining the hotel is also for sale. The merged plot could make an ideal hospitality venue with onsite parking. Significant growth in Durham City property values has been observed in recent years making this an ideal investment with a proven secure income of 100k pa.

EPC RATING
B42

RATING ASSESSMENT
The rateable value of the premises as at 1 April 2023 is £44,000 and the estimated rates payable for the current year is £21,560. This is based on the standard uniform business rates multiplier of 49.9p in the pound, however, interested parties should confirm the current position with the Local Authority.

Lease Terms
The property is held by way of an FRI lease for a term of 10 years from the 12 September 2020 at a current passing rent of £100,000 pax. There is an open market review in year 5.

TENANT
The property is let to Boutique Hotel Company Holdings (Durham) ltd and guaranteed personally by Martin Robert Hindmarsh and Luke Francis Hay.

VAT
All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.

LEGAL COSTS
Each party is to bear their own legal costs involved in the transaction.

ANTI-MONEY LAUNDERING REGULATIONS
In accordance with the Anti-Money Laundering Regulations the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income. Each party is to bear their own legal costs involved in the transaction.


Council TaxA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council tax in our glossary page.

Band: TBC

Old Elvet, Durham, DH1

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Durham Station0.6 miles
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About the agent

Bradley Hall Chartered Surveyors & Estate Agents, Durham

26-27 New Elvet, Durham, DH1 3AL

BH Group - Residential - Mortgages - Commercial - Planning & Design - Finance

We are a multi-disciplinary Chartered Surveying, property consultancy and Estate Agency with 30 years' experience of the local housing market. We present all properties large & small with professional photos & high quality lifestyle brochures as standard - you don't get a second chance at a first impression. We cover all of the costs of your property coming to the market and only bill our fee on

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Disclaimer - Property reference DRH230168. 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 Bradley Hall Chartered Surveyors & Estate Agents, Durham. 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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