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SAVILLS SOUTHAMPTON2 Charlotte PlaceSouthampton, SO14 0TB

+ 44 (0) 2380 713 986

Key Highlights• Prominent position in seaside town location

• Hotel, 2 x investments and development land available in 3 lots

• 31 stylish suites/bedrooms some with sea views

• Potential to convert and develop flats at 25 Union Street (subject to planning permission)

• Consistent turnover at the hotel in the order of £1m net

FREEHOLD GUIDE PRICE £2.1M

ISLE OF WIGHT INVESTMENT /DEVELOPMENT OPPORTUNITYYelfs Hotel, 54 Union Street, Ryde, Isle of Wight PO33 2LGBlack Sheep Bar, 53 Union Street, Ryde, Isle of Wight PO33 2LG25 Union Street & Car Park, Ryde, Isle of Wight PO33 2DT

SAVILLS SOUTHAMPTON2 Charlotte PlaceSouthampton, SO14 0TB

+ 44 (0) 2380 713 986

savills.co.uk

leading down into a contemporary 25 cover restaurant at the front of the building. A single set of ladies’, gentlemen’s and accessible toilet facilities have access from the main reception.

At the rear of the ground floor, there is a large function room capable of accommodating more than 100 people and can also be used for breakfast for hotel guests. There is a small room immediately adjacent to the entrance which is known as the ‘library’ and this can accommodate small meetings or can be used as a residents’ lounge. There is also a large fully fitted trade kitchen and extensive cellar.

The main building benefits from 18 rooms, all of which are en-suite, mainly with showers above baths, and carpeted with flat screen TV’s, hospitality trays and telephones.

53 Union StreetConnected via a flying freehold across Yelfs Road is 53 Union Street which comprises a ‘lock up’ café bar called the Black Sheep Bar. The unit is currently let to Ms

Anne Horne. This is semi-detached and of traditional stone and brick construction with period features. This comprises a ground floor bar which has been let out to a tenant. The uppers arranged over first floor and second floors are connected via a flying freehold. Therefore there are a total of 31 hotel bedrooms across both buildings.

25 Union StreetThis is a mid-terrace building of rendered brick construction under a flat roof. This section comprises a ground floor retail unit extending to 1,901 sq ft. The unit is currently let to Ladbrokes. There are also a further 3 letting bedrooms to the rear of the ground floor. Access to these letting bedrooms is external via the rear.

The first floor comprises 6 letting bedrooms and a kitchen. Access is via Union Street.

To the rear is a car park comprising approximately 9 car parking spaces. The car park has lapsed planning permission for the erection of a 3 storey block comprising of 6 apartments.

IntroductionYelfs Hotel is located in a prime position on the main commercial street in the town of Ryde close to the seafront. The hotel currently boasts 31 attractive ensuite bedrooms and suites, some of which have sea glimpses across Ryde and the Solent.

The main customer trading area is located on the ground floor and comprises a restaurant, a lounge bar, conservatory, and a library. The Hotel also benefits from a large function room and a fully fitted trade kitchen. Black Sheep Bar is then situated on the ground floor and has the benefit of an external terrace. There are 31 bedrooms above, with 9 of the rooms accessed via a flying freehold in the building adjacent.

25 Union Street is located just opposite and comprises a ground floor retail investment and 9 letting bedrooms. There is a rear car park beyond this.

LocationRyde sits in the north of the Isle of Wight, 4 miles west of Seaview and 11 miles east of Cowes, boasting unique views across the Solent. Transport services to the mainland are excellent with the Hovercraft to Southsea taking 15 minutes and the ferry to Portsmouth Harbour taking 20 minutes.

The property has pedestrian access from Union Street.

The PropertyThere are 3 main sections that are available, as outlined below.

HotelThe hotel is in two main parts, connected via a flying freehold. To the right is the main hotel, a Grade II Listed detached, brick built building with pitched slate and flat asphalt roofs. Access from Union Street leads up steps into the main reception area. It comprises a 50 cover traditional lounge bar and 20 cover conservatory to the rear

The BusinessYelfs Hotel is a mid-tier hotel catering for a wide target market and has been awarded 3 AA star status.

The hotel operates a flat room rate as below:

Singles from £65

Doubles / Twin from £75

Triple Bed from £90

4 Bed from £100

Bridal Suite £100

We understand the business has been consistently producing a net turnover in the order of £1m and a conversion to net profit of approximately £100,000.

More extensive financial information will be made available with genuine interest, subject to a formal inspection.

TenureThe property is available by way of 3 separate lots.

• Lot 1 is outlined red below and includes the main hotel

• Lot 2 is outlined red below and includes the Black Sheep Bar

• Lot 3 is outlined red below and includes 25 Union Street and the car park to the rear

The Black Sheep Bar is let on a 15 year lease commencing from March 2008. The passing rent is £34,000 per annum.

25 Union Street is let to Ladbrokes on a 15 year lease commencing from October 2008 . The passing rent is £31,000 per annum.

PricesThe guide prices are as follows:

Lot 1 – £1,000,000

Lot 2 – £450,000

Lot 3 – £650,000

Please note that Lot 1 must be included within any sale.

Lot 1

Lot 2

Lot 3

SAVILLS SOUTHAMPTON2 Charlotte PlaceSouthampton, SO14 0TB

+ 44 (0) 2380 713 986

savills.co.uk

Opportunity & PlanningLot 1 - There is opportunity for an owner operator or corporate hotelier to continue to invest and grow this well-established business. Alternatively, there may be an opportunity to convert some of the accommodation, subject to obtaining the necessary consent.

Lot 2 - The Black Sheep Bar is trading well, and is let to an experienced operator at our opinion of market rent.

Lot 3 - There exists the opportunity to convert the 9 hotel bedrooms to flats or to refurbish the letting bedrooms. There is also lapsed planning permission to erect 6 flats on the car park to the rear of 25 Union Street. The historic application number is P/00777/11. We understand that this application has now been resubmitted.

Inventory & StockFixtures, fittings and equipment are included in the sale with general stock at valuation on completion.

RatingThe properties are Listed in the 2017 Rating List as below. The National Multiplier in England and Wales for 2018/2019 is 0.493.

Yelf’s Hotel £70,000

Black Sheep Bar £30,000

25 Union Street £24,750

Total RV £124,750

TUPEAll staff within the hotel to transfer under TUPE regulations.

ServicesThe properties are served by mains water, gas and electricity. Wi-Fi is provided throughout the hotel.

Energy Performance CertificateThe EPC ratings are as follows:

Lot 1 – Yelf’s Hotel is Grade II Listed and therefore an EPC is not required.

Lot 2 – The Black Sheep Bar has an EPC rating of C-64

Lot 3 – 25 Union Street is split into 2 EPC ratings. Ladbrokes has an EPC rating of D-92. 25 Union Street has an EPC rating of F-137.

ContactJamesd Greenlees+44 (0) 2380 713 986jgreenlees@savills.com

Adam Bullas+44 (0) 2380 713 957abullas@savills.com

IMPORTANT NOTICEMaps are reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100022432 Savills (UK) Ltd, published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.

Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.

Designed and Produced by Savills Marketing: 020 7499 8644 | November 2018