The property is prominently situated North side of Wood Street at its junction with King's Walk. Neighbouring commercial occupiers include Co-Op, Earl Shilton Building Society Headquarters, Premier Convenience Store and Domino's.
Tenure
Freehold.
Location
Miles
8 miles South-west of Leicester. 3 miles North East of Hinckley
The property is prominently situated North side of Wood Street at its junction with King's Walk. Neighbouring commercial occupiers include Co-Op, Earl Shilton Building Society Headquarters, Premier Convenience Store and Domino's.
Tenure
Freehold.
Description
The Property comprises a 38 room hotel with a wine bar and a restaurant.
VAT
VAT is applicable to this lot.
Completion Period
6 Week Completion
EPC
Band C
Description
The Property comprises a 38 room hotel with a wine bar and a restaurant.
VAT
VAT is applicable to this lot.
Completion Period
6 Week Completion
EPC
Band C
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Occupier
Term
Income (1)
Reversion
Ground and First
34 Room Hotel and Banqueting Suite
-
-
Oyo Technology and Hospitality (UK) Limited (crn 11202796) (1)
5 years from 17th July 2024 (3)
£107,805 (1)
16th July 2029
Ground
Restaurant
-
-
Individual
3 years from November 2024 (3)
£28,600 (3)
November 2027
Ground
Wine Bar
-
-
Individual
3 years from November 2024 (4)
£16,900 (4)
November 2027
Total
£153,305 (1)
(1) The property is not subject to a lease and therefore figure stated above anticipated Freeholder profits and not rent, as the property is subject to a Management Agreement operated by Oyo Technology and Hospitality (UK) Limited (crn 11202796). The figure of £107,805 per annum shown above are the anticipated profits to the Freeholder based on an occupancy rate of 55% and an Accounting Revenue of £405,425 and after deductions of cost pursuant to the Management Agreement. (2) For the year ending 31st March 2023 Oyo Technology and Hospitality (UK) Limited reported Revenue of £82,389,000 (Source: Financial Statements for the years ending 31st March 2023 as publishes at Companies House) (3) As to the Restaurant the lease provides for a Landlord option to determine the lease on 90 days written notice and the rents reserved under the terms of the lease to be £375 per week inclusive. (4) As to the Wine Bar the lease provides for a Mutual option to determine the lease on 90 days written notice and the rents reserved under the terms of the lease to be £550 per week inclusive.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
