The property comprises three substantial intercommunicating town houses converted to provide a single hotel and constructed, we estimate, at the turn of the last century.
The accommodation is configured to provide nineteen guest bedrooms, public house/bar, forty eight cover restaurant and two bedroom owners accommodation more specifically as follows:
Ground Floor:
- Open plan reception
- Public house/bar
- Restaurant
- Ladies and gents toilets
First Floor:
- Six double bedrooms all en-suite
- Two family bedrooms both en-suite
- Two twin bedrooms both en-suite
- Utility/linen storage
Second Floor:
- Three double bedrooms all en-suite
- Two twin bedrooms both en-suite
- Four single bedrooms with shared facilities
- Bathroom/WC
- Utility/linen storage
Owners Accommodation:
- Large open plan living/dining room
- Two double bedrooms
- Kitchen
- Bathroom/WC
- Laundry room and storage space
Location
Grantham is located on the River Witham in the county of Lincolnshire and close to the Lincolnshire/Leicestershire border.
Historically the towns’ economy was based upon engineering and manufacturing, and this continues with its diverse range of manufactured products including textiles, food, timber and plastics. The high tech and service sector industries have grown rapidly in recent years with tourism also on the increase.
Tourist highlights include Belton House, Belvoir Castle, St Wulframs Church and Grantham Museum to name but a few.
Nearby centres of note include Newark on Trent approximately 16 miles (25.7 km) to the north, Nottingham approximately 23 miles (37 km) to the west, Boston approximately 30 miles (48.3 km) to the east, Leicester approximately 33 miles (53.1 km) to the south west and Peterborough approximately 35 miles (56.3 km) to the south.
Grantham’s mainline railway station runs services into London Kings Cross in approximately 1 hour and 15 minutes.
The property occupies a prominent position with extensive linear frontage to the south of Avenue Road within close proximity of the town centre.
Nearby occupiers include South Kesteven District Council, Avenue Veterinary Centre and Chattertons Solicitors.
Terms
Tenure
Freehold. VAT will be payable on purchase price. Offers are sought at £500,000, subject to contract and exclusive of VAT.
Lease
The entire property is let to Martin Dalton and Tracy Dalton by way of assignment under the terms of a lease dated 14 August 2001 for twenty five years with effect from 1 October 2001 at a current rental of £37,000 per annum and subject to four yearly rent reviews, the next being 1 October 2017.
Covenant
The hotel has operated since the early 1970s and the current tenant has been in occupation since 2006.
We understand that the business achieves a very respectable turnover which is derived from offering excellent accommodation, popular hot and cold food menu from the forty eight cover restaurant and its public house which operates on a completely free of tithe basis.
Specification
- Excellent town centre location
- Future residential redevelopment potential subject to planning permission
- Nineteen guest bedrooms and forty eight cover restaurant
- Exclusive rear twenty plus vehicle car park