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11 Mary Street, Waterford City, Co. Waterford, X91 KF10

€1,125,000
Restaurant / Bar / Hotel For Sale | 5,400 sq. feet (502 sq. metres)
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Overview

Property Description:

SUPERB INVESTMENT OPPORTUNITY
EXCEPTIONAL OCCUPANCY & REPEAT BUSINESS RATES
SUBSTANTIAL TURNOVER

Portree House occupies 2 conjoined Georgian buildings totalling 5400 SqFt in area plus another 3000 SqFt of basement area in use and undeveloped areas. 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 benefitted 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 8300 SqFt. 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).

Exterior:
Portree has the benefit of a beautiful walled garden highly appreciated by guests during the Summer and throughout the year.
The 2750 SqFt 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.

Accommodation Summary:
22 Bedrooms with Bathrooms (Hotel suite beds / bedroom furniture / TVs)
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)
Undeveloped Areas
Car Park (11 Parking Spaces)
Walled Garden
Master key systems throughout
Office


Business is being sold as a going concern and includes trading contents.


Potential:
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:
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 20 minutes walking distance from Portree.

Annual visitors to Waterford are projected to reach two million by 2025, before paying reference to the €350million investment in the north quays development that is due to start in 2019 subject to funding approvals.


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.

TENURE:
For Sale Freehold.


Viewing is essential to understand the exceptional investment opportunity available with this sale (priced to reflect double digit annual return on investment).

Daft Property Shortcode:

https://www.daft.ie/5786277

Date Entered/Renewed:

24/9/2019 (23 days ago)

Property Views:

2,031
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Map Legend:

Exact Location Match Exact location match

Address:

11 Mary Street

Distance to City Centre:

1.6 km (1 miles), 15 minute walk
Negotiator Photo

Shane

Contact me about this property.

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