Description***SUPERB INVESTMENT OPPORTUNITY***OUTSTANDING INVESTMENT RETURNS***
Byrne Malone Estate Agents are proud to present to the market Portree House. This magnificent investment property occupies 2 conjoined Georgian buildings totaling 8400 SqFt/ 780 sqmtr. in area plus. Currently trading jointly as a Guesthouse and Backpacker hostel, the business has enjoyed exceptional and improving profits over a number of years.
Portree is excellently located on Mary Street in the centre of Waterford city, 7 minutes walk from both the train and bus stations. As well as being the closest trading guesthouse to all transport options, the property is located 200 metres from the start of the Waterford to Dungarvan Greenway and has benefited hugely from the tens of thousands of cyclists and walkers who use the Greenway weekly.
It also enjoys the benefit of being located on a very quiet street within Waterford's Cultural Quarter, close to many of Waterford's newest bars and restaurants and next door to Waterford Distillery which has the potential to become a major tourism attraction for the city in years to come.
A beautiful period property dating from the 1790s and retaining many of its original features, Portree House is set out over 4 floors (3 stories over basement) and stretches to 8400 SqFt/ 780 sqmtr. including undeveloped and basement areas. It consists 22 bedrooms & bathrooms, 2 kitchens, lounge, dining room, office, linen room, garden, car park as well as a substantial undeveloped area with the potential to add a further 8 bedrooms, or to be converted into a bar or any other function (subject to planning permission).
Listed positively in all major guidebooks, the business enjoys a long trading history having been a guesthouse for over 60 years with repeat guests who have been visiting for generations. Waterford's tourism industry has seen exceptional growth in recent years and Portree House enjoys occupancy rates far in excess of industry standards catering to a broad range of clientele through the 2 businesses it houses. In its currently layout, Portree can sleep up to 64 people per night (converting the existing rooms to hostel style accommodation would provide sleeping space for 102 people, excluding the undeveloped area which can accommodate an additional 8 bedrooms or 44 people).
Portree has the benefit of a beautiful walled garden highly appreciated by guests during the Summer and throughout the year.
The 2750 SqFt- 255sqmtr car park can accommodate up to 11 cars. Given the property's proximity to Bus and Train links this proves more than adequate for all guests who stay throughout the year.
Business is being sold as a going concern and includes trading contents.
With almost 25% of the property currently entirely undeveloped, there is substantial potential to further grow the profitability of the business or to convert these areas into some other ancillary use. Also, with investment rates into Waterford at an all-time high, there is exceptional potential for huge market growth into the medium to long term.
This offering promises an exceptional return on investment for any potential investor / owner occupier.
Waterford is located one and three quarter hours drive from both Dublin and Cork with regular rail and bus links to both.
Tourist destinations of Tramore and Dunmore East are both 16km away and act as major attractions to guests throughout the summer months.
Waterford enjoys a steady stream of festivals and events throughout the year, each attracting large numbers to the city.
Extensions to the runway at Waterford Airport are under proposal.
Waterford itself is a small city and all major tourist attractions (Viking triangle / Waterford Crystal etc.) are within minutes walking distance from Portree Guesthouse.
Annual visitors to Waterford are projected to reach two million by 2025, before paying reference to the €350million investment in the north quays development, a new city-centre skyline to be developed for Waterford city centre
with €500m total estimated investment in both North Quays & Michael Street, delivering nearly 2,900 full time jobs by 2023 – and 4,500 indirect jobs.
SALE METHOD: By Private Treaty
FIXTURES & FITTINGS:
The property is being sold with all remaining fixtures, fittings and furniture
SERVICES & FEATURES:
Mains electricity, oil fired central heating in one building and electrical heating in the other.
CCTV camera system.
For Sale Freehold.
Laundry room (3 washers & dryer)
Linen Room (Substantial stock of bed linens and towels)
Commercial kitchen (Gas cooker / dishwasher / fridge freezer)
Guest kitchen & social area (Cooker / kitchen units / dishwasher / fridge freezer / couches)
CCTV (6 cameras covering main entrances, reception, car park, kitchen, social areas)
Lounge (Couches / large screen tv / Guest computer terminal)
Dining Area (Custom made wooden tables and chairs)
Car Park (11 Parking Spaces)
Master key systems throughout
FeaturesEasily Managed Business
Very Little owner Involvment
Great Bottom Line
Full of Character