LOT 16

18 - 19 North Parade, Skegness, Lincolnshire, PE25 2UB

FREEHOLD HOTEL INVESTMENT PROPERTY PRODUCING AN INCOME OF £60,000 PER ANNUM
Result: Sold for an undisclosed amount Guide price: Sold *

Auction Date

Wednesday, 11th September 2019 12:00pm

BY ORDER OF B TOBIN & P JOSEPH OF STRETTONS AS LPA RECEIVERS

Location & Description

A pair of substantial semi detached properties currently arranged as a hotel, extending to ground and three upper floors and occupying a prominent seafront position. The hotel has a bar, dining room, commercial kitchen and 27 letting rooms all with with en-suite bathrooms. Off street parking for 4 cars and a level walk to the town centre leisure amenities. The beach is opposite.

Skegness is a thriving east coast resort. North Parade is close to Skegness town centre with its large range of tourist and leisure facilities as well as the beach. The property is situated in an area of hotels, apartments and guest houses overlooking the sea front and lies approximately 0.8 miles from Skegness railway station.

Accommodation

Ground Floor: Bar, dining room, commercial kitchen, lounge, games room, one double bedroom with en-suite and a rear flat having a bedroom, living room, bathroom and kitchen
First Floor: Flat with living room, kitchen, bathroom and two bedrooms. Eight double bedrooms with ensuite facilities and two single bedrooms with en-suite facilities, laundry, storeroom.
Second Floor: Nine double rooms with en-suite facilities, two single bedrooms with en-suite facilities and a part-converted double room with an area for an en-suite bathroom. In addition, there is the lower level of an apartment providing living room/dining room and kitchen area.
Third Floor: Upper level of apartment providing kitchen, bedroom with ensuite shower room. Five double letting rooms with en-suite facilities and a further single room with en-suite facilities.

In addition, there is a rear building which has garaging for two cars at ground floor level with first/second floor apartment having living room, kitchen and one bedroom with en-suite shower room.

Tenure

Freehold

Note

Strettons have only inspected the public areas of the property and we have relied upon a previous valuation report for the floor areas and accommodation details.

EPC Rating

D

Purchaser Fee Invoice Number

A080941

Property Features

  • Hotel Investment Property
  • Equivalent £60,000 p.a.x.
  • Let For 7 Years From November 2017
  • Prominent Seafront Position

Status

Sold for an undisclosed amount

Addendum

The VAT clause in the special conditions were slightly amended so that G14.2 now applies: the Seller has no knowledge as to whether a VAT Option has been made.

Accommodation

Column 1 Column 2 Column 3
Ground Floor 303.2 sq m 3,264 sq ft
First Floor 255.8 sq m 2,753 sq ft
Second Floor 255.8 sq m 2,753 sq ft
Third Floor 140.8 sq m 1,516 sq ft
Rear Apartment 34.4 sq m 371 sq ft

* The Notice to Bidders, which can also be seen on the inside front cover of the hard copy catalogue, includes a definition of Guide Price [section #17] Note that in addition to the purchase price there is a buyer’s administration fee [section #13] and there may be additional non-optional fixed or variable fees and costs [section #8]. To establish the full cost of purchasing a property, please inspect the legal documentation/special conditions. Please also check strettons.co.uk for updates.