Hotel for sale

The Banks, Seascale CA20

Investment Consideration:
Gross Initial Yield: 6.89%
Rental Income: £31,000 p.a.
VAT is not applicable to this property
Comprises 18-bedroom hotel (all en-suite) with 2-bedroom managers flat
Benefits from outdoor seating area with sea views and large customer`s car park
Prominent seafront location within 5 min walk from Seascale Train Station
Occupiers nearby including Hotels, Co-Op Food, Pharmacy, Restaurants and more.

Property Description:
Comprises four-storey detached hotel occupying prominent seafront location and including bar/restaurant with function room, 18 en-suite letting rooms and 2-bedroom owner`s accommodation. The property benefits from seafront outdoor seating area and large car park, providing the following accommodation and dimensions:
Ground Floor: Reception, residents lounge, 4 en-suite rooms, laundry
Lower Ground Floor: Dining/function room with bar, customer wc`s, 2-bedroom owners flat with kitchen/living room and bathroom
First Floor: 7 en-suite letting rooms
Second Floor: 7 en-suite letting rooms
Total gia: 1,185 sq m (12,755 sq ft)

Tenancy:
The property is at present let to rkz Hospitality Ltd (Milne & French Ltd) with guarantee by rkz Hotel and Pub Company Ltd for a term of 6 Years 11 Months from 30th March 2020 at a current rent of £31,000 p.a. And the lease contains full repairing and insuring covenants. Rent review on 30.03.25 open market upward only. No breaks. Deposit held of £6,000.

Location:
Seascale is a village and civil parish on the Irish Sea coast of Cumbria, located 21.1 miles (34.0 km) to the north of Millom, 35.5 miles (57.1 km) to the north of Barrow in Furness, and 14.7 miles (23.7 km) to the south of Whitehaven. The village is close to the A595 and is served by Seascale railway station on the Cumbrian Coast Line. The property is situated at the seafront, within 5 min walk from Seascale Train Station and occupiers nearby including Hotels, Co-Op Food, Pharmacy, Restaurants and more.