Lot 115: FREEHOLD 60 BEDROOM SEAFRONT HOTEL WITH POTENTIAL

Sold £750,000

The Esplanade Hotel is an amalgam of five Victorian seafront residences which were absorbed to form a 60 bedroom hotel with stunning views over Sandown Bay.

The hotel is in a poor state of repair and requires significant upgrading and refurbishment. There is clearly a demand for hotel accommodation in Sandown, with a new 100 bedroom Premier Inn being constructed further along the seafront and due for completion later this year.

It is considered that the existing buildings may also be suitable for conversion or, re-development of the entire site, subject to all necessary consents being obtainable.

An area of the esplanade hotel’s gardens has been developed into a shack-style café which is let under the terms of a commercial lease, producing a useful income of £9,000 per annum.

Local Planning Authority

Isle of Wight Council. Tel: 01983 823552. Website: iow.gov.uk.

Accommodation

The Esplanade Hotel has accommodation over four floors which includes 60 bedrooms, many of which have en-suite facilities. In addition, as befits a hotel of this size, there is a substantial dining room and hotel bar, as well as indoor swimming pool and jacuzzi, kitchen and laundry room. There is also a sun terrace, and a number of the rooms enjoy views and/or balconies overlooking Sandown Bay.

Tenancy

The shack-style café is let under the terms of a commercial lease for a term of 20 years from 2nd July 2013 at a current rental of £9,000 per annum.

Commercial EPC: C