The Mount Batten Hotel, a landmark Plymouth waterside hotel is on the market for £1.25 million.
The Mount Batten Hotel is on the market with Fleurets, the largest firm of chartered surveyors in the UK exclusively specialising in the sale and valuation of hotels, restaurants, pubs and leisure property.
Hotel Mount Batten is a substantial two-storey restaurant, bar and hotel occupying a highly prominent position adjacent to the Mount Batten ferry pier.
Elysia Wilson-Gunn, divisional director at Fleurets said:
“We have been instructed to seek offers of £1,250,000 for our client’s interest. The in situ tenant pays £100,000 a year on a lease ending in November 2028. A purchase at this level would reflect a net initial yield of 7.55%.”
Nick Fisher, senior associate at Fleurets added:
“The property is held on a 125 year lease from 5th March 1999, with an unexpired term of approximately 100 years and an annual peppercorn rent payable. The site has obvious potential for further development and may suit alternative uses, subject to the necessary consents.”
Currently, the bar and restaurant trades throughout the week from lunchtime onwards and is popular with locals and visitors to the Mount Batten peninsula. The hotel’s 16 bedrooms offer competitively priced letting rooms and given the position overlooking the Cattewater, there is potential to elevate the offer in both the restaurant and letting accommodation to create more of a destination venue for this unique position in Plymouth.
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At present, the rooms are configured to provide 12 letting rooms and four bedrooms for staff accommodation. However, these could be repurposed to add further letting rooms.
In addition to potential reconfiguration works there is also possibility of development potential as the plot extends to 3,186 square metres or just over three quarters of an acre.
