Business for Sale in Kings Lynn, Norfolk GUEST HOUSE - KING’S LYNN, NORFOLK

Freehold Price £745,000

Key Information

Reference
H35442E
Tenure
Freehold
Status
For Sale
Region
Norfolk
Sector
Guest Houses
Rent Payable
Not applicable.
Business Rates
£4,179 for the 22/23 financial period. This information has been provided to us by the vendor and any interested party is advised to enquire of the local authority to check the position with regards to business rates that will apply to a new owner.
Accommodation
Yes

Business Information

  • Attractive Substantial Freehold Property
  • Scope to Increase Turnover
  • 13 E/S Guest Rooms + Owners Quarters
  • Commercial Grade Kitchen
  • North West Norfolk Location
  • Thriving Business
  • Possible Redevelopment Opportunity
  • Highly Rated on Trip Advisor
  • Plenty of Parking & Nice Walled Gardens
  • Licensed Premises with Bar

AGENTS NOTE

This is a business for sale as a going concern, not an empty premises for sale or let.

PARTICULARS

What a fantastic opportunity to acquire this impressive looking and substantial freehold property currently operating, as it has for many years, as a successful guest house, but which could also offer development potential or even be used as a large family home, subject to any consents that may be required.

Situated in North West Norfolk in the busy town of King’s Lynn which attracts many tourists who come to the area to visit places such as Sandringham, Hunstanton and the North Norfolk coast. The town continues to grow with many large commercial developments in the area drawing people in and the guest house therefore enjoys a good mix of business and leisure clientele staying with them.

With scope to extend the offering further and to increase turnover if so desired, as well as flexibility on how the property can be used, this is an interesting proposition which would very much warrant viewing if you are a serious proceed-able buyer who thinks this may be the one for you.

THE BUSINESS ITSELF

As stated the business has been operating as a guest house for many years and has been run by the current owner for the past 9 years. In that time they have continued to build the reputation of the business and enjoy excellent online reviews and is, at the time of writing, ranked 6 out of 43 guest houses/hotels in the area on Trip Advisor.

Turnover for 2022 was in excess of £110k with the current financial year expected to be approaching £150k showing a good continued growth since coming out of the recent Covid pandemic. A newly refurbished guest room will soon be coming on line and this will increase revenue further. This is also the opportunity for a new owner to provide an evening food offering or to host dinner events in the dining room given the commercial grade kitchen that the property has the benefit of. The separate bar and lounge could also be further utilised to make full use of the premises licence that is currently held.

The owner operates bookings via the ‘Inn Style’ software programme and they are willing to provide full training on this and the other day to day operations of the business to a new owner should this be required.

PREMISES

ALL MEASUREMENTS ARE APPROXIMATE AND FOR GUIDANCE ONLY.

The imposing property is situated in the popular ‘Chase’ area just south east of the town centre, which is within easy walking distance. This is a predominantly residential area of similar larger style properties mainly of the early to late Victorian period. The property comprises a red brick and tiled three storey former private residence which was converted many years ago into a hotel/guest house with owner’s accommodation. Substantial extensions have been added to the side in more recent times to further increase the capacity of the business. It benefits from a large gravelled parking area, with space for 14 cars, to the front and delightful gardens to the front, side and rear.

As can be seen from the floorplans the property provides 12 ensuite guests rooms currently in operation and a further 13th soon to be completed. The good sized dining room leads through to a residents lounge which in turn leads through to the bar and to the outside terrace. There is an additional residents lounge and a further private lounge which has in the past been let out to other businesses as a consultation room and could again in the future provide a supplemental income.

The owners accommodation is over two floors and comprises of 2 ensuite bedrooms. This is next to a secondary kitchen area which could be made into a private kitchen if required. The layout of the building is such that it could lend itself to be reconfigured in different ways to suit the requirements of a new owner.

With approximately 650sqm gross internal floor area there is potential for alternative uses such as self-contained flats, a substantial private residence or other types of sub-division. It may also even be suitable for demolition and residential redevelopment. All such comments are subject to obtaining the necessary permissions that may be required for such changes and any interested parties should make their own enquiries of the relevant authorities if considering such works.

FURTHER INFORMATION

REFERENCE NUMBER

H35442E.

OPENING HOURS

Not applicable - Usual guest house operating hours.

TENURE

Freehold.

RENT PAYABLE

Not applicable.

RATES PAYABLE

£4,179 for the 22/23 financial period.

This information has been provided to us by the vendor and any interested party is advised to enquire of the local authority to check the position with regards to business rates that will apply to a new owner.

EPC

The premises shows a rating of ‘B/50’, full Energy Performance Certificate available on request.

PRICE

£745,000.

For the benefit of the freehold property, goodwill, fixtures, fittings & equipment. Any stock held as at completion will be included. This is a business for sale as a going concern.

VIEWING

Strictly by appointment only, please call our Norwich Office on (01603) 662 662 to make an appointment.

FINANCE

Finance may be available to suitable purchasers.

BUSINESS TO SELL?

Let us know as soon as possible! Just ask for a FREE NO OBLIGATION VALUATION and one of our valuers will carry out a detailed marketing appraisal of your business at a time of your choice.

PREMIER MARKETING

We take care to present our businesses to a standard like no other. Offering quality property particulars as well as detailed information on all of the online portals and our own website, make your business stand out from the crowd - call us today!

UNHAPPY?

Do you feel you are receiving the level of service promised by your agents? If not, we would be happy to carry out a FREE no obligation marketing appraisal of your business.

1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.

2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.

3. Measurements: These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.

4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.

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116 - 118 Prince of Wales Road
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Norfolk
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