Coolin View Guest House 2 Bosville Terrace Portree Isle Of Skye Portree For Lease, IV51 9DG

Substantial 10-bedroom guest house with exceptional views over Portree Harbour located on the Isle of Skye for lease.

• Substantial property and stunning 3-Star (VisitScotland) guest house business with outstanding views over Portree harbour located on the ever-popular Isle of Skye.

• Highly successful operation with excellent adjusted Net Profit from an easy-to-operate business model.

• Trading mainly year-round, offering 10 comfortable en-suite letting bedrooms with excellent in room facilities; 8 rooms have iconic views over Portree Bay.

• Located in the centre of Portree close to other amenities and within a prominent trading location.

• Excellent signage and 7 dedicated off-road parking spaces.

DESCRIPTION

Coolin View Guest House is a most prominent property with a significant footprint, possessing an elevated position, in a stunning trading location in the centre of Portree. This highly attractive and substantial, 3-Star (VisitScotland), property dates from c1920 and has glorious views across the harbour. The business is configured to maximise the number of letting bedrooms, facilitating optimum income to suit the preferred trading pattern of the vendor. The property is ideally situated to meet the high demand for accommodation on Skye, trading to an exceptional level of occupancy during the main season. The business trades 11 months, closing historically in January for refurbishments. However, the lion-share of income is generated from April to October, utilising a simple operating model which is ideally suited to a hands-on owner operator. Where there is demand for a more traditional guest house, new owners could return some rooms back to personal use, thus providing a home and lifestyle business. However, the business would equally provide a return on investment for an owner who is wishing to stand back from the day to day operation.

The property boasts 10 well-appointed en-suite letting rooms with accommodation set over 3 floors. The business has a character and charm which is well received on review websites. There are 2 large utility rooms to the rear of the property which are used for servicing the rooms. These rooms could be developed and used as owner's accommodation. Likewise, new owners could utilise one or more of the letting rooms for their private use.

TRADE

Coolin View Guest House has a well-established trading history, operating to a high level of turnover and profitability; this is a strong performing business in a sustainable location. This 3-Star (VisitScotland) property within the centre of Portree benefits from exceptional occupancy during the main season from April to October with consistently sound activity during the low season. The business currently operates on a bed and breakfast basis, with breakfast being provided in the restaurant next door (no 1 Bosville Terrace) as required. However, in 2018 c22% of guests opted for the room only option. No 1 Bosville Terrace is also available for sale by separate negotiation. New owners could offer room only or a continental breakfast served in rooms if required.

Coolin View is popular with couples, groups, families and the lone traveller. The 10 bedrooms allow a mix of singles, doubles and twins which suits a wide variety of guests from generalist tourists to those looking for more adventurous holidays. The guest house utilises a range of portal websites to advertise its offerings plus has an effective website (www.coolinview.co.uk) which has a link to the 'freetobook' automated booking platform. The business has a fine reputation as reflected on TripAdvisor and other review sites.

STAFF

Staffing levels currently comprise of 1 full-time manager and 2 part-time staff. In addition, the present structure utilises a contractor to supply cleaning staff as required. The extant trading model allows the current owners to operate undertaking management functions only. New owners may wish to take a more hands-on approach to running the business which would negate the need for such a full staffing complement.

REASON FOR SALE

The current owners have operated the business since 2005 and now wish to focus on other properties and businesses within their portfolio, hence their decision to sell this highly profitable lifestyle opportunity.

LOCATION

The Isle of Skye, or in Scots Gaelic 'Eilean A Cheo' meaning Misty Isle, is located on the north western coast of Scotland and is a world-renowned holiday destination for a great number of reasons, appealing to a wide range of visitors. Portree is the cultural hub for Skye, and the largest settlement with a population of about 2500. During the season the town's population swells many times over with the influx of tourists etc. The name of the town comes from the Gaelic Port-an-Righ, which translates as "King's Port" and dates to a visit by King James V, plus a fleet of warships, in 1540, to persuade the island clans to support him. Portree is a bustling port and a thriving cultural centre, and was also the place where Bonnie Prince Charlie spent his last days in Scotland. Among the attractions of Portree is the award winning Aros Centre which incorporates an exhibition capturing the drama of Skye's history. The centre is also the access point for walks in Portree Forest. Portree has an abundance of interesting shops and is a must-see location for those visiting the Isle of Skye.

Skye's rugged Cuillin Mountains are world renown to walkers and climbers. Visitors are drawn to the spectacular Trotternish Ridge to the north as this wild area is dominated by astonishing rock formations such as the Old Man of Storr, Kilt Rock and the truly extraordinary pinnacles of the Quaraing. Fishing, water sports and genealogy are constant attractions along with breath-taking scenery, castles, distilleries and a Highland welcome.

The influence of the sea is also never far away (you are never more than 11 miles from sea) with sea fishing and a wide range of other watersports available on Skye, (including diving and kayaking) Wildlife cruises sail from various locations from which you might be able to spot seals, lovable otters, great golden eagles or even rare and mighty sea eagle

Portree's active port is set around a natural harbour framed by high cliffs, is a centre of activity used by fishing boats and cruise ships, as well as pleasure craft. Portree benefits from excellent leisure facilities including a swimming pool, pony-trekking and boat cruises plus plenty of shopping opportunities in addition to the great variety of cafes and restaurants, all of which are in easy walking distance. There is primary and secondary schooling within the town.

THE PROPERTY

Of traditional stone construction, built in the 1920s, the property is a substantial semi-detached villa under a pitched slate roof. The guest house is deceptively spacious with accommodation being laid out across 3 floors. The property exudes a lovely charm, blending modern facilities with historic external character. The main entrance is accessed from street level leading through a vestibule into a reception hallway. All letting rooms are well-appointed and attractively furnished. There is a good level of in-room facilities within the letting rooms, plus rooms 4 to 9 all have superlative sea views across Portree Bay.

Ground Floor

From the reception hallway, a passageway leads to a kitchen which is used as a general store room. In addition, there is a further room utilised as an office / laundry. There is a staff WC off the laundry room. On this level are 2 letting bedrooms which afford excellent accessibility for less able guests and are configured as follows:

Room 1 - Family room (1 x double and bunk beds) with en-suite shower room

Room 10 - Family room (1 x double and bunk beds) with en-suite shower room

First Floor

On the first floor there are 5 rooms configured as follows:

Room 2 - Triple/Twin (a double bed and a single bed) room with en-suite shower room

Room 3 - Single room with en-suite shower room

Room 4 - Family room (1 x double and bunk beds) with en-suite shower room

Room 5 - Single room with en-suite shower room

Room 6 - Double room with en-suite shower room

Second Floor

On the second floor there are 3 further rooms set as follows:

Room 7 - Twin room with en-suite shower room

Room 8 - Double room with en-suite shower room

Room 9 - Double room with en-suite shower room

OWNERS / STAFF ACCOMMODATION

There is no dedicated owner's accommodation allocated within this property but new owners wishing to have living accommodation could utilise the 2 rooms to the rear aspects and / or use letting rooms as required.

EXTERNAL

Accessed via a side pathway, the property has a private garden area to the rear which is very steep and has limited amenity value. There are 7 dedicated parking slots to the front of the building plus there is public parking in the town.

SERVICES

The business benefits from mains electricity, water and drainage. Heating throughout is electric, there is no mains gas to the building. The property is fully double glazed and is fire safety compliant.

LEASE HEADS OF TERMS

Capital Premium: £75,000 (option to purchase with full reimbursement of capital premium if concluded within 3 years of lease commencement)

Rent: £60,000

Rent Payments: Quarterly in advance

Rent Reviews: Every 5 years in line with RPI

Lease Duration: 12 Years

Leaser Type: Full Repairing and Insuring; lessee bears the cost of Insurance. Landlord takes out insurance and tenant reimburse

Key Entry Details: Condition photographic survey to be carried out (by mutual Agreement and shared costs)

Stock at cost: Paid in full within 7 days.

Entry Date: As Agreed