Hotel/guest house for sale in Abbey Lodge, 8-9 Toward Road, Sunderland SR1

Location
The property is centrally situated on Toward Road opposite Mowbray Park on the fringe of Sunderland City Centre within walking distance of all amenities including shops, cafes, public transport, and public open space.

Description
The property comprises a substantial pair of former town houses which were converted into an HMO in 1997 and has been operated by the family since this time. The owner wishes to retire, and this is the reason for the sale. The Licence has recently been renewed for a capacity of 25 tenants however the current owner is currently running this with 16 residents out of choice due to other commitments and there is huge demand for the remaining rooms. The units are currently only let to male occupants over the age of 45 out of personal choice and many of these tenants have lived here more than 10 years as a result.

The current monthly rent per unit is £575 which includes utility bills together with breakfast and an evening meal. Housing Benefit covers £390 of this with the residents topping up the remainder. Gross Income is therefore currently £110,400 per annum with the ability to increase this to circa £172,500 per annum. There is therefore huge potential to increase income almost immediately with a more proactive approach as the current demand for accommodation of this kind in Sunderland is outstripping supply. The lodge is currently run by the owner and his partner and therefore there would be no staff to transfer.

Asking Price
£750,000 (seven hundred and fifty thousand pounds)

Costs
Each party will be responsible for their own Legal Fees incurred in the transaction.

Viewing
Contact – Marc Weaver or Alexa Reavley

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• VAT
Figures quoted exclude VAT where chargeable.

Council Tax Band
The government website has confirmed the property is within Council Tax Band D.

Money Laundering Regulations
In accordance with Anti –Money Laundering Regulations, the Purchaser/Tenant will be required to provide 2 forms of identification together with confirmation of the source of funding.

Disclaimer
None of the equipment or systems within the premises have been tested by the Agent and it is the responsibility of the Purchaser/Lessee to ensure that they are in working order.

Ref
C4120

EPC
tbc