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Auction Property For Sale

Auction ended at 8pm on Monday 26th November 2007

Address:THE GRAPEVINE HOTEL 28
LOWER HOLYHEAD ROAD
COVENTRY
WEST MIDLANDS
CV1 3AU
UNITED KINGDOM
Property type:Terrace
Location Map:CV1 3AU
Number of bedrooms:6+
Tenure:Freehold
Seller's 1st Phone #:02476555654
Seller's 2nd Phone #:07774909101
Seller's E-mail Address:4FQ.RGS4KFU@Mv33S4_UKGPHZ@
Seller's Fax Number:02476555654
Total number of Floors:4
Purpose Built/Converted:Converted
Start price:£450,000
Auction date:26/11/2007
Description:The Grapevine Hotel/Restaurant is situated with in the inner ring road; five minutes walk to shopping precinct, and local amities.
At present the takings are only based on Bed & Breakfast income, which could greatly increase with the 50-60 seater restaurant open, also adding a take away business too. The Hotel has a fully licensed bar which would also increase potential and profits.
The premises, which is approximately 100 years old with lots of character is actually one and half properties, as we own the rear half of the adjoining property. There are 10 letting bedrooms and a very large existing basement flat.
The sale would include all fixtures and fittings. The premises consists of the following.
BASEMENT-Large self contained flat, complete with lounge, bedroom, kitchen and bathroom. There is also a room that could be used as another bedroom or as an office. This basement is the largest in the row of properties.
FIRST FLOOR-Very large commercial kitchen, fully licensed bar, and 50-60 seater restaurant. There is also another room behind the bar area, which could be another bedroom or cloakroom, as a toilet and washbasin are fitted. Outside is a very large patio area, complete with solid pub style garden bench tables. There is room for a conservatory, which would increase the seating area for the restaurant. Also there is rear access to the premises via a locked gate.
SECOND FLOOR-Consists of six rooms,which two are ensuite (2 triple. 2twin,2 singles). There are also two communal showers and a ladies and gentleman's toile on this floor.
THIRD FLOOR-Comprises of four rooms, (1 single, 2 twins, and 1 triple). One toilet is situated on this floor.
The third floor also has a very large attic, which is partly boarded. This would make an excellent loft conversion, which would be another increase in profit.
The structure of the building has been well maintained. The pointing has been done outside as well as in the attic. The roof is approximately twelve years old.
So from the description you can imagine how large this three-storey property is (approximately 4100sqft), and what potential the business has to improve. The premises also has another selling point, which consists of Planning Application which has been approved for conversion to six very large contained flats plus the basement flat which already exists.
Viewing is strongly recommended to appreciate the size and potential of this property.Sale is due to retirement/ill health.
Please contact us directly to arrange viewings or if you have any question, regarding this opportunity to purchase what could be a goldmine of a business. Only genuine interested buyers only.No time wasters.
Additional Notes:This property also has small business rate relief (1102.50 payable per annum) and the property has an offical chartered surveyors valuation of 600,000 Completion date 4th January 2008
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Please note that all the above information has been supplied by the seller. AuctionYourProperty.com has not inspected the property nor verified that the description is accurate. Interested parties should carry out all necessary precautions to satisfy themselves as to exactly what is being offered.