Commercial properties for sale in Kirkcudbright, Dumfries & Galloway
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Town Centre Location Former Hotel with Restaurant 1st, 2nd & Attic Floors Residential Development Opportunity P.O.A
The subjects are situated on the corner of Douglas Street and St Andrews Street occupying a South Eastern position opposite the Douglas Arms Hotel and directly above the Jade Palace Restaurant within the town centre of Castle Douglas.
Castle Douglas is a town of around 4,200 people with an expanding tourist industry situated approximately 18 miles south west from Dumfries in rural Dumfries and Galloway. Tourist attraction stems from the ease of access to the Solway Coast and the Galloway Hills lying to the west of the town of Dalbeattie (6miles) and east of Gatehouse of Fleet (14miles).
The subjects comprise the 1st, 2nd & converted attic floors of a 3 storey traditional sandstone building surmounted by a pitched roof with a 2 no. storey extension to the rear. The subjects were formerly utilised as a hotel with its most recent incarnation as an Indian restaurant with letting rooms.
Access to the subjects are gained via a single timber door at street level from King Street leading to an internal secondary aluminium framed double glazed door presenting a spacious reception hall with large carpeted staircase leading to the first floor.
The first floor benefits from characteristics of its former glory as a hotel with accents of traditional decor throughout, the first floor offers spacious dining area, large kitchen with separate prep area along with further dry store and private dining area / office overlooking King Street with the dining area benefitting from views over King Street and St Andrews Street along with the benefit of excellent natural light. The kitchen area to the rear of the subjects benefits from single stairwell leading to a common area to the rear of the demise at ground floor.
Access to the 2nd floor is gained via a single staircase situated within the centre of the 1st floor with single return leading to the letting rooms. The 2nd floor boasts 5 large bedrooms with en-suite shower facilities with common w.c. situated within the hallway, each bedroom accommodates a double bed, large chest of drawers along with space for further installation of individual en-suite bathrooms.
The attic floor is accessed via the same stairwell the attic space offers 4 no. large bedrooms with en-suite showers and also common w.c. with further room for redevelopment to incorporate w.c.s within each room.
The subjects have been neglected within recent years and require refurbishment throughout, viewing is essential to understand the potential the property holds either for restaurant / hotel / residential / serviced apartments / hostel (subject to planning)
The subjects have been assessed and entered onto the valuation roll with the following NAV/RV
The subjects previously held planning consent for a hotel with associated restaurant however until recently the subjects operated as a restaurant with guest rooms. Interested partiers should satisfy themselves as to current planning and proposed planning applications in respect of the subjects
Our client is inviting offers for their freehold and leasehold interest in the subjects. Further information available form the marketing agent.
The subjects have not been elected for V.A.T.
FOR SALE: Former Restaurant & Guest House - 193 King Street Castle Douglas
Extensive Corner Hotel, Bar, Restaurant & Function Suites with Private Parking Private Car Park Iconic Borders Hotel Let on FRI Lease Passing Rent £30,000p.a. Fixed Increase to £32,000p.a. Review in 5th Anniversary £325,000
Location Castle Douglas is a town of around 4,200 persons approximately 18 miles south west from Dumfries in rural Dumfries and Galloway and benefits from an expanding tourist industry, tourists being attracted into the area because of the easy access to the Solway Coast and the Galloway hills. It lies west of the town of Dalbeattie (6 miles) and east of Gatehouse of Fleet (14 miles). The hotel is situated at the corner of King Street and St Andrew Street opposite the clock tower in a secondary trading location in Castle Douglas town centre.
Subjects The Douglas Arms Hotel is understood to be over 200 years old and a former coaching inn. It comprises a substantial and extended corner 2 storey painted stone property under pitched and slated roof, the hotel being laid out to offer 23 upper floor bedrooms (only 11 in use) and large ground floor, sectioned to provide corner restaurant (with side lounge), and public bar (accessed from St Andrews Street). There are two meeting/small function rooms, and a large 80 cover rear function suite (Stewart Room) situated to the rear of reception desk. There is a private 3 apartment managers flat on the first floor. At the rear is a detached 2 storey red brick building which is not being used due to suffering fire damage around 2006. Next to this is a sheltered, walled external seating/drinking area. Attached to the red brick building is a steel framed industrial styled canopied roof over approximately 15 car parking spaces, accessed via a pend off King Street or from the rear from Cotton Street.
The subjects are let on a new head lease on a full repairing and insuring basis on the following terms:
Tenant: Thistle Retail Ltd Term: 1st June 2018 - 31st May 2028 Passing Rent: Years 1-3: £30,000per annum Years 4-5: £32,000p.a. Review: 5th anniversary
The tenant has extensive experience within the hotel and leisure industry having operated several hotels on behalf of a large chain. The tenant has invested personal sums to upgrade and renovate the subjects with further works planned in 2019.
Our client is offering their freehold interest in the subjects for £325,000 representing a gross reversionary yield of 9.85%
All prices and premiums quoted are exclusive of V.A.T
Available on request
HOTEL INVESTMENT FOR SALE: Crown Hotel, Castle Douglas - PROMINENT CORNER DEVELOPMENT / HOTEL OPPORTUNITY
The Star Hotel is a traditional village hotel occupying a prominent position in the heart of Twynholm. The village is located just off the very busy A75, which links Dumfries to Stranraer. The village is well known as the home of David Coulthard, the formula 1 driver and now presenter. The village is peaceful yet very easy to reach given the excellent communications nearby.
The Star Hotel is a very well presented village hub. The premises have a bar/restaurant area, a public bar for locals, 3 letting rooms, a south facing beer garden and extensive owner's accommodation. The Hotel has developed a unique selling point by introducing a gluten free menu over the past few years. This draws diners from a wide area to experience the excellent food. There is also a growing takeaway service for locals. The letting rooms are underutilised and growth in the business could be generated by increasing occupancy.