ON THE INSTRUCTIONS OF STAR PUBS & BARS
Description
The Caledonian Hotel is closed. The premises require refurbishment both internally and externally. However, the premises are arranged over three storeys, directly fronting the main harbour and ferry terminal, and provide an excellent canvas for re-development.
Location
Stornoway is the main town serving the Hebrides. The town has a catchment population of around 10,000 persons, and is home to the main administrative services of the Hebrides, including the Western Isles Council and a variety of educational, sporting an civic bases, together with providing the main airport.
Visitor numbers swell during the main summer months. Tourist numbers have now returned to pre-pandemic levels in Summer 2022, at approximately 240,000. In addition, a new deep water port is close to being completed, which will accommodate the larger cruise ships. This has been created with a £45 million investment and is due to open in 2024.
Stornoway is projecting an increase in tourist numbers. In our opinion, there is a general lack of suitable letting accommodation or apartments for let within the town and the Caledonian Hotel would be ideal for a re-development to cater for the increased tourist and business markets.
Specific Location
Specifically, the Caledonian Hotel is situated on South Beach, in the centre of the town. The premises have an excellent trading location overlooking the harbour and main ferry terminal.
Travelling to Stornoway
Regular flights are available from mainland Scotland (Edinburgh, Glasgow and Inverness) to Stornoway Airport, with a flight time up to 1 hour.
In addition, there are ferries from Ullapool and Sky, with the average crossing being approximately 2 hours 45 minutes.
Accommodation
The current accommodation is outlined as follows:
GROUND FLOOR
Public Bar
Separate access from the front reception. Attractive, traditional public bar, with semi-circular windows to the front. There is a timber bar servery and seating for approximately 30 persons.
Lounge Bar
With separate access from the front of the premises. The lounge bar has capacity for approximately 50 persons, and a raised area to the rear. There is a timber bar servery.
Service Areas
Stores, cellar, food hoist to first floor kitchen, reception and customer toilets.
FIRST FLOOR
Restaurant
Large main restaurant with scenic views to the front. The restaurant has seating for approximately 60 persons and a timber bar servery.
Kitchen
Fully fitted commercial kitchen situated to the rear of the restaurant.
Service Areas
Stores and customer toilets
Letting Bedrooms
There are 3 ensuite letting bedrooms over the first floor.
SECOND FLOOR
Letting Bedrooms
There are 7 ensuite letting bedrooms arranged over the second floor.
Breakfast Room
Bright breakfast room with scenic views to the front.
Owner’s Accommodation
With 3 bedrooms, living room, laundry, bathroom and small kitchen.
Terms
The Price
The Caledonian Hotel has been placed on the market at offers over £500,000 plus VAT, for the benefit of the heritable interest.
Specification
The Property & Redevelopment Potential
The Caledonian Hotel has been closed for a number of years and requires both internal and external redecoration.
Whilst the premises would be suitable to continue with the existing use and accommodation, the premises also provide a superb redevelopment opportunity. The location is first class, situated within the core town centre, and directly overlooking the harbour and ferry terminal. In our opinion, the premises could be converted to reconfigure the bar/restaurant over the ground floor and create 14 ensuite letting bedrooms over the upper floors.
In addition, a more comprehensive refurbishment could be undertaken to provide apartments available for let. In our opinion, approximately 14 apartments could be created within the premises, ranging in size from approximately 25 sq. m. to 65 sq. m.
There would be a superb demand for apartments/letting accommodation as well as a new refurbished licensed premises, particularly given the creation of the new harbour and the projected increase in visitors to the town, estimated at, at least 100,000.
Services
We understand that the premises are connected to all mains services, including water, electricity and gas.
EPC
The property has an EPC rating of G.
Viewing & Further Information
Strictly no approaches to be made to the property direct. For further information please contact CDLH on 0141 331 0650.
Anti Money Laundering
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on the 26th June 2017. This now requires us to conduct due diligence not only on our client but also on any purchasers or occupiers. Once an offer has been accepted, the prospective purchaser(s)/occupier(s) will need to provide, as a minimum, proof of identity and residence and proof of funds for the purchase before the transaction can proceed.