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Newark Road, LincolnGuest House / Hotel, Residential

£325,000
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About this property

LOCATION
Sycamore House is prominently located south of Lincoln City Centre. The property has good access to a number of amenities to include restaurants, bars, nightclubs and shops. It is also within reasonable distance to the popular Cathedral Quarter of Lincoln which can be reached by walking or public transport.

DESCRIPTION
Mundys are pleased to offer the opportunity to purchase this thriving serviced apartment business, located on Newark Road, Lincoln, which has been operating for approximately three years with a high level of direct and repeat bookings. The property comprises three self-contained apartments and the business currently boasts a 9.5 out 10 rating on booking.com. The business will be sold as seen, which includes all fixtures and fittings. Apartment One and Two have the capacity to sleep up to four guests with apartment Three having space for five. Currently generating a profit of circa. £35,000 per annum with scope to increase bookings and turnover. Details regarding accounts are available upon request.

ACCOMMODATION
Apartment One is located to the rear of the property on the ground floor and has its own separate access. It has the capacity to sleep up to a total of four guests at once. It consist of the following:

Entrance Hall – Having uPVC double glazed access door and laminate flooring.

Kitchen area (3.38m x 3.48m) – Having laminate flooring, uPVC double glazed window, eye and base units, fridge freezer, oven and hob with extractor fan, washing machine, kettle, toaster and microwave.

Lounge (3.85m x 3.487m) – Having uPVC double glazed windows, carpet flooring, TV, sofa bed and dining facilities.

Bathroom (1.4m x 2.6m) – Being fully tiled and having a bath with shower over and extractor fan, WC and wash hand basin.

Bedroom (3.2m x 3.7m) – Having carpet flooring, double bed, two uPVC double glazed windows.

Apartments Two and Three have shared access which is located to the front of the property. The shared access enters into a communal hall with stairs rising to the first floor.

Apartment Two is located on the first floor of the building to the rear. It has the capacity to sleep up to four guests at one time and consists of the following:

Bedroom (3.2m x 2.4m) – Having carpet flooring uPVC double glazed windows and double bed.

Bathroom (1.6m x 2.6m) – Having laminate flooring, shower cubicle, extractor fan, WC and wash hand basin.

Living Room (2.4m x 4.8m) – Having carpet flooring, uPVC double glazed window, TV, sofa bed, dining facilities and stairs down to the kitchen.

Kitchen Area (3.3m x 3.3m) – Having laminate flooring, uPVC double glazed window, eye and base units, fridge freezer, oven and hob with extractor fan, washing machine, kettle, toaster and microwave.

Access to Apartment Three is also via the first floor however the accommodation is over two floors. This has the capacity to sleep up to a total of 5 guests and consists of the following:

Living Room (4.2m x 4.3m) – Having carpet flooring, sofa bed, uPVC double glazed windows and dining facilities.

Stairs rising to first floor accommodation

Bedroom 1 (3.6m x 3.9m) – Having carpet flooring, double bed, uPVC double glazed window.

Kitchen (3.7m x 2.5m) – Having laminate flooring, uPVC double glazed window, eye and base units, fridge freezer, oven and hob with extractor fan, washing machine, kettle, toaster and microwave.

Bathroom (3.1 x 1.86) – Being tiled and having laminate flooring with bath and shower over, extractor fan, WC and wash hand basin.

Bedroom 2 (3.5m x 2.1m) – Having carpet flooring, single bed and uPVC double glazed window.

ALL FIXTURES AND FITTINGS ARE INCLUDED IN THE SALE.

Outside the property, there is a gravel driveway and parking area. Each apartment has one allocated space.

SERVICES
All mains services are believed to be connected to the property. Each apartment is understood to be self contained.

EPC RATINGS:
FLAT 1 – C
FLAT 2 – D
FLAT 3 – C

TERMS
The property is being sold on a Freehold basis and the Owners have confirmed that they will provide a full handover of the business including training, transferring future bookings etc.

OUTGOINGS
Business Rates: £7,000.

In the event that a full rating liability is required, the current rates payable would be approximately £3,500 (Rate to the pound for 2019/20 is 50.4 pence).

VAT
The Vendor has confirmed that VAT is not applicable on the sale price.

VIEWING
Appointment only Via Mundys Commercial on 01522 556088