Lot 115

FREEHOLD 60 BEDROOM SEAFRONT HOTEL WITH POTENTIAL

Esplanade Hotel, 42-44 High Street, Sandown, Isle of Wight, PO36 8AE
Esplanade Hotel, 42-44 High Street, Sandown, Isle of Wight, PO36 8AE
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.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/