Market Hotel 3 Market Sq 5 Room Hotel Alton GU34 1HD £675,000 (£135,000/Room) 7.92% Net Initial Yield

The property comprises the basement, ground, first and second floor of a three storey mid-terrace building with painted rendered elevations beneath a pitched roof.
We are instructed to invite offers in excess of £675,000 (7.92% NIY) assuming the usual purchasers costs.
Tenancy
Entire property let to Smartstay Hotels Limited on a 20 year lease from 23 October 2023 at a current rent of £56,296 per annum which is subject to five yearly open market rent reviews and annual RPI increases with a collar of 2% and a cap of 5% (except in the open market review year). A rent deposit of £13,610 is held by the landlord.
Planning
The property is not listed but is situated within the Alton Conservation Area.
Fixtures & Fittings
The fixtures and fittings are currently owned by the occupational tenant.
Description
The property comprises the basement, ground, first and second floor of a three storey mid-terrace building with painted rendered elevations beneath a pitched roof.
Accommodation
Basement:
The basement provides cellar and stores.
Ground Floor:
The ground floor provides two trading areas with a central bar servery, DJ booth and seating on loose tables, chairs, benches and stools for 80 customers. Ancillary areas include customer WC's and a trade kitchen.
First Floor:
The first floor provides five double en-suite bedrooms and stores.
Second Floor:
The second floor provides additional accommodation comprising two rooms and stores.
Outbuilding:
The outbuilding provides a function room with separate bar servery and seating for 40 customers along with two stores.
Externally:
There is a beer garden to the rear with loose tables and chairs providing seating for 60 covers. To the front elevation is additional seating on wooden benches for a further 40 customers which is held by way of a pavement licence.