Iconic Town Centre Hotel, Bar & Restaurant
Substantial Private Car Park
Licensed
Fully Renovated & Trading
23 Bedrooms
Twin Function Suites
Held On F.R.I Lease
Expiry: 28th January 2051
Rent: Stepped Increase To £24,XXX.a. in 2024
Price: £250,000
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 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 also 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.
Executive Summary
Tenant: Payman Holdings 8 Ltd (Part of larger group of companies operating small hotels throughout the U.K)
Expiry: 28th January 2051
Rent: 2022-2023: £11,XXX.a.
2023-2024: £23,XXX.a.
2024-2026: £24,XXX.a.
Deposit: £10,000
Price
The property is available on a freehold investment basis for £250,000
V.A.T.
All prices and premiums quoted are exclusive of V.A.T
E.P.C.
Available on request
Viewing
Available by appointment
Lease & Title
Available on request
Viewing
Whilst it is a good idea to visit a property investment that is being marketed for sale as a customer before making a formal viewing, it is vitally important that such visits are carried out confidentially and that no approach is made to the staff, operators or customers of the business.
Many investments are being marketed confidentially and the staff and locals may not know that the property is on the market, therefore a casual approach can adversely affect the business.
Anti-Money Laundering
In order to comply with anti-money laundering legislation, the successful purchaser/tenant will be required to provide certain identification documents. The required documents will be confirmed to and requested at the relevant time.