Fishergate Court, Fishergate, City Centre, Preston, PR1 8QF

Location

Fishergate Apartments is Located just a 2-minute walk from Preston Train Station and only 5 minutes from the bustling Preston City Centre and UCLAN University. This business attracts a wide variety of clientele from Individuals, Corporates, UCLAN student parents, Lancashire council staff, Court legal staff, families on the weekend, its quite a versatile setup for all. We don't offer a formal breakfast, but find that we have plenty on our doorstep in the bustling city centre. London Euston is reachable from our doorstep via a 2 hour direct train on the West Coast Mainline. Manchester Airport is less than 60mins by train. Majority of our customer base use the train network, so we find that our x2 car parking spaces (included) are sufficient and not in over demand.

Description

25 x highlights - of the Opportunity:
1. Fishergate Apartments is a (single Title Freehold) Block of Apartments sitting in prime position in Preston opposite the Main LCC Lancashire County Hall building and Train Station. With a sleeping capacity of 13 per night, in a recent good year generated a Turnover of £143,000 pa with a EBITDA of £75,600 resulting in a Gross Yield of 15% [in 2022, it gives a 9.5% net net ROI
2. The running average over the last 4 years is a Turnover of £122,000, given our asking price of £800k that is an average Gross yield of 15.2% and a net net ROI of 7.9%.
3. EBITDA is an average of 53%. regardless of the income for the year, the EBIDTA earning ratio seems to hold above 50%, from a low OPEX, given it is well maintained, modern with and Energy rating EPC = C.
4. Rateable Value of £9700 (i.e. Council Tax) - under Small Business Rate Relief (SBRR) for the last 10 years therefore a £0 Zero liability for the Entire building.
5. The Freehold building contains x6 individual nightly bookable units (see floor plans)
6. 4 x Apartments with double bedrooms, lounge & full kitchen, bathroom.
7. 2 x Single Rooms with ensuites and desks with a Shared kitchen.
8. Bookable, instantly Online, with Nightly rates as low as £45pn up to £130pn, per space, with addition of some sofa beds its gives a total capacity of x15 sleeping per night.
9. Ground Floor also has Shared Lounge + kitchen, + Luggage Storage, plus Reception entrance area.
10. Single bed owners / Housekeepers (staff) accommodation.
11. The Basement; has a in-house laundry, storage of linen, x2 Small Office rooms, waste storage, plus Plant room.
12. Handover of a fully stocked running operation such as cleaning equipment, linen, bedding, supplies.
13. Machinery: washers, Drying and Iron machine, and other tools & equipment that are required for detailed maintenance of all surfaces, carpet, bathrooms.
14. Fully trained, industry experienced, housekeeper in place on a perm staff basis.
15. No alcohol served, no bar, no restaurant to run, no breakfast service (in its current set-up), therefore a new owner could add these as additional revenue streams.
16. No tenancy agreements, no AST's, No Leases to worry about. Sold vacant possession, with hotel guests - instead contracts with service providers such as Booking.com and other similar channels.
17. Systems: Booking / Payments Systems and other dashboard logins to remotely manage all - OTA channel manager and agreements all been in place for 10 years, great rates negotiated for all services like utilities etc.
18. Comes with historical Customer records such as emails / mobile numbers and booking history of more than 4000 records who recognize the brand of 'Fishergate Apartments' in Preston.
19. Access to contacts of local servicing companies that help support any issues to ensure smooth running.
20. Full Training & handover over 1 month period by current owners, as well as recruitment insights of critical aspects of housekeeping.
21. New Owner may run it remotely from a laptop, admin of 30 mins per day, and x2 site visits per month.
22. Gas Central Heating throughout, with customers controls, overriding controls by management. Concrete block and Beam floors throughout, which are end to end supported. Concrete Block wall & brick. Traditional pitched Tiled roof, making it easier to insure.
23. Each apartment has its own Elec Consumer unit, therefore a potential to retrofit meters (electric/water) to change of use back to traditional lettable units.
24. Further developments with massive uplift in revenues , & therefore valuation. potential for a Ground floor walk-in food outlet. National food franchise brands have shown some interest. If a Franchise Agreement is signed and/or Planning Permission gained before your enquiry, then the asking price may be increased to reflect that uplift.
25. Finally and most importantly, in a Very central prime location in Preston - with amazing transport connections to London (2hrs) Scotland (2hrs), Manchester (45 mins). PR1 8QF / google maps = 53.75692 , -2.70851

Accommodation Text

The Basement is at street level to the rear. is divided as follows: ¼ of the space forms the in- house laundry facility, ¼ is Plant room, ¼ is storage racks and ¼ is 2 office rooms.

Construction Detail: The building was built by Warden Construction (Property Constructors) around 1989 for themselves to occupy as a business premises. Constructed with traditional, Bricks, Blockwork with Concrete Block and Beam (reinforced) floors. All Ceilings and Walls 2-hour Fire Rated. The stairwell, is pre-cast solid concrete. There is no Asbestos in the building. Windows UPVC Double Glazing, with Gas Central heating throughout served from Gas Boiler, resulting in an EPC Energy Rating = C. There is 3-Phase Electricity supply, and a single Water meter. The building has a single Freehold Title. The building is served by Fire Alarm Systems and suitable exit points, and was last checked by the Fire Brigade in 2025. The building is fully insured to its full market value with a
great Underwriter, with a reasonably priced policy.

Services

All services connected. Gas, water, electricity - Full Fibre FTTP Internet.

EPC Information

C - 74

The Opportunity

Complete purchase of Business its Freehold Building, Operating Equipment, Systems, Brand name, Stocks & Assets, x2 Car park spaces. It's a running Turnkey Operation sold as a 'Going Concern' as a LTD company. A one of- a-kind property opportunity running with nightly accommodation (hotel style nightly bookings, no tenancies) with very low OPEX resulting in high 53% EBITDA [earnings ratio], which in a good year gave a revenue of £143k
resulted in £75k net profits (90% occupancy). Based on our Asking price, your Gross Yield would be 18% [9.5% net net ROI] [current London market average. is 5%].

The building packs quite a punch for its small footprint in a prime location :
Current 3 yr. ave. of 15.2% Gross Yield, 7.9% net net.
Immediate cashflows from daily customers with full Systems handover.
Proven Over 10 years running.
No need for tenancy/lease agreements

VAT

Property elected for VAT.

Legal Costs

Each party responsible for their own legal costs.