Sold

Fully Equipped Substantial Guest House

Lincoln, Lincolnshire

£587,700 +SAV

Ref: 13357 F

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Description

Hilton Smythe welcomes to the market The Loudor. This guest house was originally established in 1966 and was taken over by our clients in 2010. The owners are now looking to sell the business, due to the desire to take a well-deserved retirement. The business runs as a guest house in the city of Lincoln. Our clients offer home cooked or continental breakfasts, free Wi-Fi in all rooms and a function room. This is a large property with 9 guest rooms and a self-contained flat with a further two bedrooms. Room rates vary depending on rooms. The business generated a turnover in the region of £120,000 as of the 2015 accounts, with a gross profit of 74%. This is a healthy turnover with scope to be increased. The purchaser could look to offer evening meals and lunches, this could further benefit the business. The kitchen comes fully equipped and would easily cater for more covers. Applying for an alcohol licence would also allow for an extra income. The guest house receives a generous amount of trade from walkers and cyclists. Viking Way a long-distance cycle route is close by and there are also several routes to choose from. Our clients are keen hikers and cater for all services that may be required. A drying room is available for boots and wet clothing and there is a secure bike store. There is a workshop space in the guest house for the repair of bicycles. Packed lunches are available upon request. The guest house has an excellent website. This is included in the sale (www.loudorhotel.co.uk). Bookings can be taken by ringing the guest house or via booking.com. This is a popular site from which the business receives a large amount of trade. The website could further benefit from an online booking system to allow for further convenience to both the owners and customers. The guest house features on TripAdvisor and boasts some excellent reviews. The restaurant dining room space doubles up as a function room for 20 covers. This would further benefit from the alcohol licence and a little extra marketing via social media. There is an owner’s accommodation in the property. This has one bedroom with the potential for two, one of the rooms is used for storage. This could again be used as a bedroom This is a fantastic Freehold opportunity that would be perfect for a husband and wife team. Hilton Smythe highly advise early viewing to take in the full potential of the trade.

Tenure

Freehold

We are advised the business is being sold as a Freehold opportunity.

Hours

The business is open whenever bookings are placed.

Staff

The business is run and managed by our clients, with the help of three part time members of staff.

Financial Profile

The business generated a turnover in the region of £120,000 as of the 2015 accounts. Gross profit 74%

Location

The Loudor is located in North Hykeham, Lincoln within Lincolnshire. The business is situated on a main road location. Directly facing the guest house is a retail precinct. On this parade, there is a hair dressers, pharmacy, post office, newsagents, dry cleaners, takeaway, café, gift store and a Tesco Express. This parade highly benefits the guest house and its customers. North Hykeham is a suburb of Lincoln. The town has a population of circa 13,800 as of the 2011 census. North Hykeham is a great location for those visiting the many attractions of the historical city. As well as tourists, this town is also popular with cyclists and hikers. The town is north east of Witham and south west of Lincoln. The town has a plethora of restaurants, bars and pubs. Lincoln city centre is a short 15-minute drive away from this location. The guest house is situated on the main arterial road in the town. This road connects to the A46 and runs directly into the centre of Lincoln. The road also links to the A1 and M1 motorway network, this has recently been connected and makes commuting a lot easier. This is a great location that benefits from a generous amount of footfall and passing trade. As well as generous road links, the area also has a great infrastructure. Just a short walk away is a bus stop with regular daily routes into surrounding towns. The nearest train station is also just a short 5-minute drive away.

Premises

The Loudor boasts a substantial sized detached property. To the front of the guest house is a large car park with ample parking for staff and customers. The property is fitted with solar panels on the roof. An eco-water pump has also been installed, this supplies much of the hot water to the guest house. The property briefly comprises: - GROUND FLOORSteps lead up to an entrance room where there is a bespoke service counter. From this room is a hall way with stairs to the first floor. To the left off the hallway is a large dining room. This has matching tables and chairs for 20 covers with a side table for help yourself continental breakfasts. To the right off the hallway is a similar sized communal living area. This has a variety of chairs and sofas with a bookshelf and small fridge for guests. To the rear of the property on the ground floor there is a large fully equipped kitchen. This is used by the owner for guest house cooking. Equipment includes ample workspace, fitted wall and floor units, range style cooker, dishwasher, central work counter with hot plates, 2 microwaves, extraction system and sink unit. There is a service area adjacent to the kitchen with worktops and cupboard storage, filter coffee machine, 2 under- counter fridges and a fridge freezer. On the ground floor, there is also a WC, staff office, storage and ironing room. These rooms are equipped with shelving and racks and a steam press. The storage room was previously used by the owner’s accommodation and could be changed back if required. FIRST FLOOROn the first floor are the letting rooms. Room one, a generous size room with a zip and link bed, wardrobe and other furnishings, plus Freeview TV and en-suite. Room two, is a single room with a single bed, plus Freeview TV, wardrobes other furnishings and en-suite. Room three, double room with Freeview TV, wardrobes other furnishings and en-suite. Room four, is a large room again with a zip and link bed. The room is furnished and comes with Freeview TV and an en-suite. Room five, is a double room with Freeview TV, wardrobes other furnishings and en-suite. Room six, double room with Freeview TV, wardrobes other furnishings and en-suite. Room seven, single room with Freeview TV, wardrobes other furnishings and en-suite. Room eight is the family room. This is a great sized room completed to a high standard. This room has double bed plus bunk bed, wardrobe, Freeview TV and an en-suite. Room nine, is a twin room with Freeview TV, wardrobes other furnishings and en-suite.There is a laundry room on this floor with two commercial washers and two commercial dryers. Owners Accommodation GROUND FLOOROn the ground floor, there is the owners living room. Double bedroom with en-suite shower. These rooms are both a great size. Each light and airy, due to the large windows. Self-contained two-bedroom apartment with kitchen and shower room. Accessed via internal and separate external door. To the rear of the property is a garden. This has a decked area, plus additional garden space. There is a brick built storage shed, plus wooden shed and a bin area.

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