BOUTIQUE HOTEL | GUEST HOUSE IN PRIME CATHEDRAL QUARTER LOCATION

55a Steep Hill, Lincoln, LN2 1LR lsh.co.uk

THE REST Business Summary

• A leading boutique hotel/guest house in the City of Lincoln

• Excellently located in Cathedral and Castle quarter

• 10 en-suite bedrooms over 3 floors

• Imaginative and quality refurbishment of former Parish Hall

• Coffee House, Tea Bar and Terrace

• Profitable business with opportunities

• Scope for further expansion of facilities

• High occupancy levels

THE REST, 55a Steep Hill, Lincoln, LN2 1LR

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Location – Lincoln

Lincoln is one of the main Cathedral Cities in the East Midlands and is the County town of Lincolnshire – one of the UKs largest counties.

The City is

• 40 miles north-east of Nottingham • 48 miles south-east of Sheffield • 50 miles north of Peterborough • 70 miles south of York • 90 miles east of Birmingham • 150 miles north of London

Further details on Lincoln’s main attractions can be found on www.visitlincoln.com

The City has dual carriageway access to the A1 via the recently dualled A46. From the north and north-west the M180 connects the A15 providing good access from all parts of the country.

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There are main rail services into the City from London and 3 Airports within a 50 mile radius.

Lincoln – A Regional City with a Local Feel

The City offers numerous attractions along with countywide offerings.

With the regional importance of the City of Lincoln along with its planned growth in the surrounding area (over 40,000 homes during the next 25 years) it is considered that there is significant opportunity for growth of the business.

There have been significant highway improvement schemes within the City centre over recent years which included the construction of a new transport interchange adjacent to the railway station. Construction work has started on the new Eastern Bypass.

In particular, the Hotel/Guest House is very well located for visiting:-

• Lincoln Cathedral • Lincoln Castle with Magna Carta and Charter of the Forest • The Collection Museum • Museum of Lincolnshire Life • World War II Bomber Memorial • Home of Red Arrows • Strong private School offering through Lincoln Minster School • University of Lincoln, Bishop Grosseteste University and 2 Further Education Colleges bringing a total of over 29,000 students within the City. • Historic “up-hill” Bailgate Retail Area and also Prime High Street retailing as well as leisure, cinema and restaurant offering.

THE REST, 55a Steep Hill, Lincoln, LN2 1LR

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The Rest Hotel/Guest House – Location

Set in the middle of Steep Hill, one of Lincoln’s most famous cobbled streets, leading to the Castle Square and Bailgate area. The Rest is less than 5 minutes walk from Lincoln Cathedral and the recently restored Lincoln Castle facility which houses both the City’s copy of the original Magna Carta and the Charter of the Forest.

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Description

The property is set slightly above the narrow Steep Hill and is a Redbrick early 20th century Parish Hall previously associated with the next door Church of St Michaels. The property has 10 individual bedrooms along with a well-established Coffee Shop facility.

Accommodation

An imaginative conversion of the building has created a Net Internal Floor Area in excess of 3,000 sq ft (285 m²). Accommodation is currently laid out as follows:-

Ground Floor - 2 En-suite Bedrooms

Retail Area – Used as Coffee House and Breakfast facility comprising a kitchen area and fully-fitted Coffee House/Restaurant facility.

First Floor - 7 En-suite Bedrooms

Second Floor - 1 En-suite Bedroom Suite with additional loft area

Outside

Front elevation – Terraced area facing onto Steep Hill with outside seating and complimenting catering facility. Side elevation – Side terrace area and access.

All rooms are accessed from individual external entrances.

Car Parking

The Hotel offers 24 hour and overnight parking passes to access multiple public car parking facilities close by.

Opportunities

Subject to a satisfactory planning consent being obtained it is the agents view that there is an opportunity for extending the retail and kitchen offering to provide a more extensive catering restaurant and café facility.

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The Business

The business established over 4 years ago by the current owner.

During this period from the creation of the facility, the Rest Hotel/Guest House has become of the leading boutique hotels and guest Houses in the City. With a high actual occupancy rate the average stay time is 1.7 days with the customer base being predominantly visitors to the City.

The premises are currently licensed through to 9.00 pm daily offering scope for further expansion of the catering facility along with potential restaurant facilities.

The business, with an annual gross turnover in excess of £435,000 per annum, provides an excellent opportunity for either an owner run enterprise or as an owner-managed facility. Currently run by the owners the Rest Hotel/Guest House employs 3 equivalent full-time staff via part-time staff arrangements who are all on formal Contracts of Employment.

Full details are available to genuinely interested parties of the operational activities of the Hotel/Guest House.

The full Hotel/Guest House facilities and current marketing can currently be viewed via its website at www.theresthotellincoln.co.uk

Proposal

Offers are invited for the leasehold business along with a new lease of the premises on a Full Insuring basis. Terms to be agreed by negotiation.

The sale of the freehold of the premises would be considered by the owner.

Further details available from the sole agents.

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EPC Rating

The property has an EPC rating of B and a score of 50. A copy of the Recommended Report is available upon request.

VAT

VAT will be applicable to the sale of the business.

Contacts

Lambert Smith Hampton 1 Oakwood Road Doddington Road Sam Elkington or Matt Johnson Lincoln 01522 814696 01522 814680 LN6 3LH selkington@lsh.co.uk mjohnson@lsh.co.uk

© Lambert Smith Hampton (LSH) (and their Joint Agents where applicable) for themselves and for the Vendors or Lessors of the property whose agents they are given notice that; i) these particulars are given without responsibility of LSH or the Vendors or Lessors as a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; ii) LSH cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; iii) no employee of LSH has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; iv) VAT may be payable on the purchase price and/or rent, all figures are quoted exclusive of VAT, intending purchasers or lesser must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; v) LSH will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars.

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