DEADLINE FOR OFFERS Friday 23rd February 2018 at 5pm. Submit an Offer Now

Lot 1b

Guide Price: £255,000 - Bid Now

25-26 Crown Hotel, Castle Douglas, DG7 1AA


Key Features:

***NOW AVAILABLE FOR IMMEDIATE PURCHASE*** MASSIVE HOTEL with public bar, lounge bar, restaurant and 11 en-suite letting rooms + additional 3 bedroom owner's accommodation building. Leased currently at £35,000 pa stepping up to £45,000 in dec 2018.


  • The full property is let to Pubfen Ltd guaranteed by Derek Boyd, commencing 20/9/2016 for a 3-year period until 19/9/2019. Rent is currently at £35,000 pa stepping up to £45,000 in dec 2018. Moveables are leased at £120 per month plus vat.
  • The Crown Hotel is a mid-terrace 2 story plus attic and basement, stone construction under a slated roof with dormer windows and rear stone extensions. The property is included in the 2017 valuation roll as having a rateable value of £23,050. PRIME TOWN CENTRE LOCATION with excellent current return.
  • Castle Douglas is a town of around 4,200 persons approximately 18 miles south west from Dumfries in rural Dumfries and Galloway and benefits from an expanding tourist industry, tourists being attracted into the area because of the easy access to the Solway Coast and the Galloway hills.
  • NEW ENTRY - Let Hotel Investment £35k pa

Description:

MASSIVE HOTEL with public bar, lounge bar, restaurant and 11 en-suite letting rooms + additional 3 bedroom owner's accommodation building. Leased currently at £35,000 pa stepping up to £45,000 in dec 2018. The full property is let to Pubfen Ltd guaranteed by Derek Boyd, commencing 20/9/2016 for a 3-year period until 19/9/2019. Rent is currently at £35,000 pa stepping up to £45,000 in dec 2018. Moveables are leased at £120 per month plus vat. The Crown Hotel is a mid-terrace 2 story plus attic and basement, stone construction under a slated roof with dormer windows and rear stone extensions. The property is included in the 2017 valuation roll as having a rateable value of £23,050. PRIME TOWN CENTRE LOCATION with excellent current return.

Location:


Castle Douglas is a town of around 4,200 persons approximately 18 miles south west from Dumfries in rural Dumfries and Galloway and benefits from an expanding tourist industry, tourists being attracted into the area because of the easy access to the Solway Coast and the Galloway hills. It lies west of the town of Dalbeattie (6 miles) and east of Gatehouse of Fleet (14 miles). The hotel is situated at the corner of King Street and St Andrew Street opposite the clock tower in a secondary trading location in Castle Douglas town centre.

Rateable Value:


CLICK HERE to visit the Scottish Assessors Association Website & automatically search this property's postcode for values. The Scottish Assessors’ Portal provides details of Council Tax Bands and Rateable Values for all properties in Scotland.

Ownership & Occupation:


Ownership

Freehold

- Outright ownership of the property and land on which it stands.
Occupation

Tenanted

- Existing tenant in place with lease agreement to be assigned to the new purchaser at the time of completion.

Tenancy Details:


Type of Agreement Full Repairing & Insuring (FRI)
Length 3 Years
Rent £35,000 per year / £2,917 per month
Yield 13.7% (at guide price)
Tenant Private Individual
Notes: Leased currently at £35,000 pa stepping up to £45,000 in dec 2018.

Guide Price: £255,000 - Bid Now


Auction Guide Prices are displayed as an indication of each seller's approximate sale expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set no more than 10% above or below the advertised guide price.

Bid Now Explained:


You may submit an offer now on any of our live properties for the sellers to consider. If they are will are willing to sell you the property now then it is a matter of making the required deposit payment to secure the purchase. Complete our ONLINE OFFER FORM now to put your offer forward to the sellers.











Internal Open Viewings:


This property may be open for internal viewings at specified times which will be listed on this page when available. You do not need to register to attend these viewings, you can simply turn up as the property will be open during the scheduled times. Our viewing agent will be present to answer any of your questions and provide auction catalogues to viewers.

External Viewings Anytime:


You may view this property externally at any time. Please make sure that if the property is occupied or tenanted that you respect the privacy of the occupants. Additionally we advise that you print a copy of this schedule and take it with you in case of any neighbours questioning you at the property as to your intentions.


















Offer Now:

You may submit an offer now on any of our live properties for the sellers to consider. If they are will are willing to sell you the property now then it is a matter of making the 10% deposit payment to secure the purchase. Complete our ONLINE OFFER FORM now to put your offer forward to the sellers.

Bid Live in Person:

Easily the best method is to attend the auction in person. The Glasgow Radisson is conveniently located in the Glasgow City Centre, a short walk from the Central Train Station and easily accessed from the M8 Motorway. The Edinburgh Marriott Hotel is conveniently located just minutes from Edinburgh Airport and the city centre.

Bid by Phone Live:

If you cant make the auction in person you can still make a live bid by telephone for this property. You will give instruction live over the phone with one of our staff in the room who will bid on your behalf and relay activity in the auction room. To register simply print off, complete and return the below form by email prior to 5pm of the auction day...

Proxy & Phone bidders phone... Download the Telephone Bidders Form

Bid by Proxy: (Ebay Style Highest Bid)

This is another option if you cannot make the auction in person. A Proxy bid is where you will leave your highest maximum bid for the property and the auctioneer will bid on your behalf. You will only ever bid one increment higher than the previous bidder. Proxy bidding rules out any potential issues with telephone reception or nerves regarding bidding in person or by telephone. To register simply print off, complete and return the below form by email prior to 5pm of the auction day...

Proxy & Phone bidders phone... Download the Proxy Bidders Form







  • Auction Date:

    20 March 2018


  • Start Time:

    7.00pm


  • Auction Location:

  • Glasgow Radisson Hotel

  • 301 Argyle Street, G2 8DL


Directions:


View a Map & Directions to the Auction Venue.
Glasgow Radisson | Edinburgh Marriott


Registration:

You will need to be at the auction prior to the 7.00pm start time in order to register & make your way to the auction room. Bidding registration opens from 6:00pm. You will be required to present Photo ID and provide your contact and solicitor details in order to register.

Legal Packs:

All legal packs will be available for inspection at our offices on the day of the auction and at the auction hall from 6:00pm.

Deposits:

If you are a successful purchaser of a lot then a deposit of 10% (minimum £3,000 or lower if specified) will be required. The deposit is accepted by the following methods:

Deposit Method:

Switch, Debit Card, Credit Card, Cash or Bankers Draft accepted only. Next Day Bank Transfer by prior arrangement only.