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More details for 3 Market Sq, Alton - Hospitality for Sale

Market Hotel - 3 Market Sq

Alton, GU34 1HD

Hospitality for Sale
£675,000
4,827 sq ft

Restaurant

Alton Hospitality for Sale

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.