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£1,400,000
Bedrooms
Bathrooms
A rare opportunity to purchase this CHARMING SEA FRONT HOTEL which sits on the corner of THIRD AVENUE & THE ESPLANADE in FRINTON-ON-SEA offering picturesque greensward and sea views along with excellent access to the sandy beach. 'The Rock Hotel' was constructed approx 1900 of 'Arts & Craft' architecture and retains many original features including extensive hand oak panelling. It comprises a light and characterful three storey building with grand entrance hall, lounge, bar, dining room with 30 covers, full commercial kitchen and laundry area. A wonderful feature staircase leads to the first and second floors which house 10 guest bedrooms, the majority of which have Ensuite bathrooms. Externally, the property benefits from ample parking/garden space both to the front and rear, as well as a garage. Frinton-on-Sea is an affluent seaside resort on the Essex coast, about 14 miles from Colchester and 18 miles from Ipswich. Frinton-on-Sea train station is a short distance away offering services to Colchester, Chelmsford and Central London (90 mins). It has a thriving holiday business with lots of returning customers who are able to enjoy the local attractions which include the shops and restaurants in Connaught Avenue, Frinton Summer Theatre and the towns many popular sporting clubs including the cricket club, golf club and tennis club. Call Paveys to arrange your appointment to view.
Ground Floor Accommodation - Entrance Hallway
Lounge & Bar
Dining Room
Commercial Kitchen
Office
Two Cloakrooms
Additional Accommodation Overlooking the Garden
First Floor Accommodation - Spacious Landing
Six Bedrooms
Ensuite Bathrooms
Bathroom
Cloakroom
Second Floor Accommodation - Four Bedrooms
Two EnSuite Bathrooms
Bathroom
Outside -
Terms - The freehold premises are available for sale at a guide price of 1,400,000.
Business Rates - We are advised that the premises have a rateable value, with effect from the 1st April 2023, of 6,700.
For rateable values below 12,000, 100% small business rate relief may be available, subject to eligibility.
We recommend all parties make their own direct enquiries with the local rating authority.
Energy Performance Certificate - We have been advised that the premises fall within class D (89) of the energy performance assessment scale.
Vat - We are advise that VAT will not be applicable on this transaction.
Interested parties are advised to consul their professional advisors as to their liabilities, if any, in this direction.
Anti-Money Laundering Regulations - Anti-Money Laundering Regulations require Paveys to formally verify prospective purchasers identity, residence and source of funds prior to instructing solicitors.
Planning - We are advised that the premises benefits from longstanding use as a hotel (C1).
Full Planning Permission was granted by Tendring District Council (21/00534/FUL) in June 2023 permitting change of use to 7 holiday let self-catered tourist apartments, 1 new build apartment and separate managers accommodation.
We are advised that the premises is still currently trading as a hotel.
Legal Costs - Each part will be responsible for their own legal costs.
Agents Notes - The property has a valid Liquor Licence.
Important Information - Council Tax Band: TBC
Tenure: Freehold
Energy Performance Certificate (EPC) rating: TBC
The property is connected to electric, gas, mains water and sewerage.
Disclaimer - These particulars are intended to give a fair description of the property and are in no way guaranteed, nor do they form part of any contract. All room measurements are approximate and a laser measurer has been used. Paveys Estate Agents have not tested any apparatus, equipment, fixtures & fittings or all services, so we can not verify if they are in working order or fit for purpose. Any potential buyer is advised to obtain verification via their solicitor or surveyor. Please Note: the floor plans are not to scale and are for illustration purposes only.
Money Laundering Regulations 2017 - Paveys Estate Agents will require all potential purchasers to provide photographic identification, alongside proof of residence when entering into negotiations regarding one of our properties. This is in order for Paveys Estate Agents to comply with current Legislation.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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