The Priory Bay Hotel Priory Drive, Seaview, Isle of Wight, PO34 5BU Country house hotel and leisure estate in 48 acres with its own beach
The Priory Bay Hotel Priory Drive, Seaview, Isle of Wight PO34 5BU On the instructions of James William Stares & Rupert Graham Mullins, Joint Administrators of Peartime Limited, trading as the Priory Bay Hotel Freehold for sale Rare freehold hotel estate opportunity 18 stylish suites/bedrooms within the Grade II listed country house, majority with sea views Converted barn and cottage terrace accommodation 43 bedrooms in total Set in approximately 48 acres Private beach with access to the Solent Existing planning consent for additional 8 self-catering units to be constructed Development potential for a variety of uses (subject to planning) Various outbuildings, mixture of operational and storage
Executive Summary An unusual estate combining a small luxury country house hotel with significant letting accommodation in extensive grounds. The self-contained nature of the estate overlooking the sea, extensive grounds (capable of landing a helicopter close to the main house) and private beach sets it apart from other hotels and estates on the Isle of Wight. There are additional real estate plays - improve turnover and profitability of the hotel, refurbishment / redevelopment of various components and possible additional planning gain, subject to securing the necessary consents. Location Ryde 3.5 miles Newport 10 miles East Cowes 11.5 miles Cowes 12.5 miles Yarmouth 20 miles Note - All distances are approximate Cowes to Southampton passenger service 23 minutes Ryde to Southsea passenger service 10 minutes Seaview sits to the eastern end of the town of Ryde on the Isle of Wight, and is a unique village with extensive views across the sea and Solent. The village has become a mecca for second homeowners and as such residential values are strong. The hotel is located on the east coast of the island immediately south of Seaview overlooking Priory Bay.
The Property The property comprises of an elegant Grade II Listed country house hotel with letting accommodation and various outbuildings set on a circa 48 acre site with stunning views across the Solent. The principal building commands an elevated position and is constructed of traditional stone, arranged over three storeys, with mixed glazing under a pitched tiled roof. The outbuildings are primarily of a stone construction also with either pitched thatched roofing or clay tiled. Within the main hotel building there are 18 bedrooms, all of which are en suite and are beautifully decorated in unique styles with an uncluttered country-house feel; dressed in floral or seaside colours, with tongue-and-groove or 15th century panelling: from Shaker style to Elizabethan. The communal public areas at ground floor level comprises of a hotel bar area and lounge adjacent, two restaurants, namely, The Island Room, which is an intimate dining room with approximately 50 covers and The Priory Oyster Restaurant, a more relaxed brasserie restaurant with internal seating for circa 70. This also benefits from an attractive al-fresco terrace overlooking the hotel grounds and Solent. In addition to the rooms within the principal hotel building there are two 1970 s cottage buildings containing 15 letting apartments. These are one and two storey with the premium apartments overlooking the Solent. Closer to the main building lie two thatched cottages. One of these cottages comprises two letting apartments, whilst the other is currently used for storage. Also located in the substantial grounds is a telecommunication mast, a dilapidated barn shell and two yurts, providing additional accommodation for parties of two during the summer months. The grounds also provide a large car park, heated outdoor pool, tennis courts, 6 hole golf course and a helipad. There is also access provided to a private beach with a circa 350m frontage to the Solent. The constituent parts of the estate are as follows: a) Main listed hotel 18 beds b) Family Room block 2 apartments totalling 6 beds c) Storage barn (potential for conversion to letting rooms STP) d) Dilapidated barn shell e) Cottage Terraces - 9 apartments totalling 19 beds f) Site with extant consent around a Clock Tower for 8 self-catering units Grounds and beach The Business The hotel operates as a country house hotel, as well as offering 2 restaurants, wedding and conference facilities, beauty treatments and RIB hire packages. The hotel can be considered a top tier hotel, appealing to a large target audience, but primarily families and couples looking for short breaks. The hotel is clearly a seasonal business and the tariff reflect this. A standard room costs 160 or 200 per night in low and high season respectively. A premium room costs 200 or 240 per night in low and high season respectively. The hotel, for the last financial year ending June 2016, had a net revenue in the order of 1,000,000. It is however currently loss-making, but we believe that there is significant opportunity for the right operator to improve occupancy, turnover and conversion to profit. More extensive financial information will be made available with genuine interest, subject to a formal inspection. Inventory & Stock Fixtures, fittings and equipment are included in the sale with general stock at valuation on completion. Rating The property is Listed in the 2010 Rating List with a rateable value of 72,500. The National Multiplier in England for 2016/2017 is 0.497. TUPE All staff to transfer under TUPE regulations. Services The property is served by mains water, gas and electricity. Wi-Fi is provided throughout. Planning The property is Grade II Listed, but does not sit in a conservation area. Planning permission was granted on 26 February 1983 under reference TCP/3424/B for 17 self catering units under two single blocks. The east block of the Clock Tower comprising 9 units was subsequently constructed, however the west block of 8 units was not (see figure F on photo plan above). We do however believe that the planning permission is extant and therefore would enable any purchaser the ability to continue with the remainder of these building works as described by the 1983 permission as it currently has not been completed.
One of the thatched barns which is currently used for storage has potential to be converted to additional bedroom accommodation, subject to obtaining the necessary consent. Adjacent to this barn lies a ruin which, in our opinion, could also be converted into another use for the hotel, for example a spa or function room, subject again to securing the necessary consents. We also understand that the owner has submitted a scheme for pre-application advice on the 26 August 2016 for the following:- New Orangey to existing Priory Bay Hotel Upgrade existing parking facilities to Priory Bay Hotel Upgrade existing 1960 s accommodation blocks Upgrade the Long Barn and West Tithe Barn Build the permitted third barn, which was never built Seek outline approval for 12 detached dwellings at southern end of the site adjacent to Nodes Point. More details regarding the above will be provided upon request. All other enquiries regarding planning please contact the Isle of Wight Council on 01983 821000.
20 2 25 Sea Echo Quercus ED Bdy 3 27 40 1 FW FF Wayleaves, Easements and Rights of Way The property is offered for sale subject to and with the benefit of all rights of way either public or private, all easements, wayleaves and other rights of way whether they are specifically referred to or not. Tenure and Price Freehold. Offers in excess of 3,000,000 are invited for the freehold business as per the red line delineated on the OS plan comprising Lots 1, 2 and 3. Separate bids for individual Lots will be considered. Priory Nursery 67 High 16 38 Venture Glenton Garsdon 59 19 18 PRIORY DRIVE Oakdene Trevaylor 45 51 10 35 33 41 GLYNN CLOSE Gas Governor 32.3m 1 23 37 Issues 31 19 Stonecroft Nayland Avocet Cottage Bramblecross Red Roofs LB Seasons St Chads Iona Westridge 9 13 11 Pippins 4 The Brackens El Sub Sta 1 12 3 Squirrels Hollow HORESTONE Sunnyhurst 1 RISE 5 Ingena 2 The Willows HORESTONE 7 Laurel Lodge 11 15 DRIVE 12 13 25 22 17 28 Priory Cottage South 36 36 Bay Cottage 44 40.8m Horestone Point The Stone House Priory Croft Coach House Tennis Courts Horestone Cottage Swimming Pool The Priory (Hotel) Tank Tank Sand and Shingle Mean High Water Shingle Mean Low Water Sand Energy Performance Certificate An EPC is not required for the Grade II Listed buildings but EPC s for the unlisted outbuildings has been commissioned and will be available upon request. 43.4m 18 24 26 46.3m Cluniac Cottages Clock Tower Lot 1-40.709 acres Issues Coastal Slope Spreads Boulders, Sand and Shingle Ponds Lot 3-1.149 acres TBC Mast Und Path Priory Woods Path (um) ED Bdy Coastal Slope Und Eddington House Path (um) Lot 2-5.839 acres GP CH ED Bdy Und FF 46.1m FF CR Golf Course 38.6m CP Path (um) Path (um) Issues 36.3m El Sub Sta Chalets Nodes Point Holiday Centre Coastal Slope TCBs Tamarix 0m 100mLotting boundaries 200mare approximate 300m and to be agreed on site. GP Priory Woods Ordnance Survey Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:5898 32.5m
Existing Ground Floor Existing Basement, First and Mezzanine The floor plans above are for the principal hotel. Additional floor plans for the cottages and outbuildings can be provided to interested parties upon request
Contact Savills Southampton 2 Charlotte Place, Southampton SO14 0TB 023 8071 3900 Adam Bullas abullas@savills.com James Greenlees jgreenlees@savills.com Savills London 33 Margaret Street, London W1G 0JD 020 7409 9902 Gary Witham gwitham@savills.com Martin Rogers - mrogers@savills.com Important Notice Savills, their clients and any joint agents give notice that: 1. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.