A very well presented multi pupose hotel in expanding Fife town.
Location
The subjects enjoy a very prominent trading location at the southern edge of Markinch. Markinch is a popular town located approximately 1 mile east of the larger town of Glenrothes.
Glenrothes is the 3rd largest town in Fife and the administrative centre for the Fife region. One of the 5 designated Post war “new towns” in Scotland, established in 1948 Glenrothes has grown substantially and now home to over 40,000 residents.
Markinch has its own distinct identity with increased new buildings, the town is now part of Glenrothes as the new town has expanded east to meet Markinch. Glenrothes offers full facilities that you would expect for an important secondary town including, schooling, retail, employment and lifestyle.
Markinch is still a well regarded town with a population of circa 3000 residents, that has grown recently with continued housebuilding on the outskirts. The town was historically known as a paper making town as well for its large whisky bottling plant.
Banners House Hotel enjoys a prominent location at the southern end of the high street, directly opposite the train station. Markinch train station offers regular services to Edinburgh as well as being on the East Coast Mainline with daily connections to London and other English cities.
Accommodation
Property - The subjects are a two storey semi detached property, lying under a pitch and slate roof.
Main customer entry is at the front of the property leading into a bright and airy entrance vestibule. All public areas can be accessed from this point.
Public areas briefly comprise:
Ground Floor
Entrance Vestibule
Well appointed Bar area to accommodate circa 30 covers. The bar is very well presented with a separate pool area with large screen TV and access to an outside patio area. The bar also has a bar and gantry as well as comfortable seating by way of bar stools in addition to timber tables and chairs.
The Restaurant area is situated adjacent to the bar and comfortably cater for 24 covers. The restaurant is well furnished with a timber floor as well as light timber tables and chairs. This area is also ideal for small functions as well as private dining.
Ladies, gents and disabled toilets are well appointed off the public areas.
There is also a fully fitted commercial kitchen and additional service areas
First Floor
The first floor of the business houses all the letting rooms. The letting rooms are offered to an excellent standard with traditional furniture mixing with contemporary design and fittings. There are a total of 6 rooms, all rooms are double sized offering ensuite facilities.
One of the letting rooms is also a one bedroomed apartment with a bedroom, ensuite bathroom and kitchen.
Terms
Business - Our clients purchased the property in 2021 and began a refurbishment programme that has seen a sympathetic renovation of the public areas to today’s impressive levels. The property and business are now offered in walk in condition for new owners to exploit.
Our clients have a retail and property investment arm to their business and the day to day running of the hotel has been devolved to a management team. We believe there is enormous potential for hands on ownership in order to drive the business forward.
The business is well patronised as a food and beverage destination and the letting bedrooms and are well promoted on all room sales platforms.
The business trades well from all three revenues streams with real potential to develop further under new owners.
Licenses - The premises benefits from a premises licence as well as full class 3 cooking consent.
Services - We are advised that all mains services are connected.
Tenure - The business is offered for sale on a Freehold basis. Our clients may consider a sale of the business on a leasehold basis, more information can be obtained from the selling agents.
Price - A guide price of £395,000 is sought for the business. Stock will be additional at valuation.
Rateable Value - According to the Scottish Assessors website, the draft rateable value for April 2023 is £19,600 per annum.
EPC - A copy of the Energy Performance Certificate will be available upon request.
Specification
- Attractive and fully refurbished business, ideal for hands on ownership
- Well Presented Bar (30), attractively presented restaurant area (24)
- 6 well presented bedrooms (all ensuite)
- Hugely impressive letting rooms all double sized including 1 bedroomed apartment with kitchen
- Well equipped kitchen and service areas
- Prominent trading location close to train station in expanding Fife town
- Rateable value for April 2023 £19,600
- Outdoor seating area to front
- Leasehold Sale Considered