Grovefield Manor Hotel, 18 Pinewood Road

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Key Points

Summary

Attractive 13 bedroom hotel available freehold in a very sought after location with 14 car parking spaces.

Description

The property comprises a Victorian three storey brick built building with tile hung gabled end sections, with double UPVC glazing under a pitched slate tiled roof.

There is also two single storey pitched adjoining buildings.

Inside the main hotel there are 13 en-suite bedrooms and two self-contained apartments. We understand there is lapsed planning permission (REF: APP/14/01096/C ) to raise the roof of the single storey element and create an additional floor of accommodation.

The rooms are in excellent condition throughout and are airy and elegant, with high-end linens, modern artwork and en-suite bathrooms with power showers and designer toiletries. All have free WiFi and flat-screen TVs.

Location

Grovefield is located in an excellent sought-after location in Branksome within walking distance of Branksome Chine, Alum Chine, Sandbanks and Westbourne.

The immediate area is mixed with a public house, hotels, care-homes and high end residential all within close proximity.

The Business

The hotel is a top tier guest house catering for a niche target market. It has excellent reviews including 4.5/5 stars from 340 reviews on Tripadvisor. Many of the staying guests are formed from repeat business.

Tariffs fluctuate depending on the time of year but can be as high as £275 a night during peak summer months. Average Achieved Room Rate (AARR) is approximately £100 night inclusive of VAT and breakfast. Occupancy again fluctuates depending on the time of year but is close to 100% in the summer and 50% in the winter months.

We understand turnover for the business is in the order of £350,000 (gross) but the hotel is run as a lifestyle venture and therefore will suit an enterprising owner operator who wishes to continue with the business.

Guide Price

We are seeking £2,250,000 for the Vendor’s Freehold interest.

VAT

VAT is not applicable as the rate will be treated as a TOGC.

Planning

We understand the property operates under a C1 Hotel use.

We understand the property is not listed nor located in a Conservation Area.

Lapsed planning has been granted under REF: APP/14/01096/C.

Licensing

The property has been granted a Premises Licence in accordance with the Licensing Act 2008.

Rating

The subject property is entered in the 2017 Central Rating List with a Rateable Value of £15,500. Please check www.gov.co.uk for up-to-date information on rates payable.

Viewings

Formal viewings can be made strictly by appointment with Savills or our joint agent’s, StQuintin Property Group. Where appropriate, we recommend interested parties carry out a discreet customer inspection in the first instance. We kindly request that no approaches are made to staff or the business directly, where applicable.

Anti-Money Laundering

Regulations require Savills to conduct various checks on purchasers and tenants. Further details are available upon request.