Mannings Hotel & Apartments

Introduction:
Mannings Hotel, built in 1799, is the epitome of Georgian style in the heart of the city of Truro. Serving locals, corporate and leisure guests for 125 years it provides excellent restaurant facilities, hotel rooms and self-catering apartments in contemporary surroundings. The property has been extensively refurbished and remodelled during our client's 30 year ownership and presents a well invested, independent hotel with consistent trading performance and development upside.

History:
The principal hotel dates from 1799, with the apartments formed from the original stables nearby. Initially Pearce's hotel and noted as a busy coaching Inn on the Penzance to London route, In 1846 it became the Royal Hotel after a visit from Prince Albert and remained under that name until our client purchased the site in 1993. The hotel at that time had been under group ownership and neglected for many years, with our client undertaking a root and branch refurbishment to create the venue that it is today. In addition to restyling and creating the 34 en suite bedrooms this included the development in 2003 of the former stable block and warehouses into 9 self-contained 4*apartments.

The Business:
The hotel has an established customer base and trades between £2-2.5M per annum, maintaining a strong income during COVID to service loyal customers and protect jobs. Income comes from the hotel rooms, self catering apartments, restaurant sales and car parking revenue. The general split of income is 50/50 between restaurant and accommodation sales, although more recent operational changes have been made to save costs the restaurant element which are having a positive impact. Full trading information provided subject to purchaser ability, experience and agreement to non-disclosure terms.

Mannings is the landmark centre of Truro at the head of Lemon Quay, which provides the open event space for the city to compliment the Hall for Cornwall Theatre. The Hotel is Grade II Listed and has dominant street frontage, the separate apartment building and car park provided is much sought after. It is in an excellent trading position within the city.

Truro is Cornwall's only city and the centre for administration, leisure, retail and Royal Cornwall Hospital Trust. It is located in central Cornwall and it is a busy hub with a resident population of over 21,000 and significant catchment area. Truro railway station offers a mainline rail link to London Paddington (and Waterloo), as well as a branch line to Falmouth.

Truro is well known for its Cathedral, cobbled streets, open spaces and Georgian architecture and it offers various chain stores, specialty shops and markets that reflect its history as a market town. The city is popular for its bars, cafés, bistros, clubs and restaurants.

Hotel:
Basement providing extensive storage rooms, boiler room, beer cellar and staff breakout areas.

Ground floor with Bar (20 covers) and restaurant (70 covers), kitchen and reception. Please note that part of the ground and basement floors are in separate ownership on long leasehold terms (peppercorn rent).

First floor with 12 en suite bedrooms and resident lounge.
Second floor with 15 en suite bedrooms.
Third floor with 7 superior en suite rooms (full air conditioning).
Apartments with 9 one bedroom self-contained units.

Car park with 28 spaces from which there is potential for additional revenue. Note - during the Summer months our client has previously created an al fresco dining area known as a secret garden with the loss of only three parking spaces and which has proved popular. There is a useful secondary access point to Lemon Mews Road and Walsingham Place.

Fixture and Fittings:
Commercial trading equipment will be included and an inventory listing and valuation shared between parties at the point of sale.

Mannings Hotel - RV £85,500
Mannings Apartments - RV £47,775

The hotel standard multiplier for 2024/5 is 54.6p in the pound. The small business multiplier is £49.9p. Hospitality venues also receive 40% reduction on rates payable until March 2027.

It is understood that the property is connected to mains electric, gas, water and drainage. These services have not been tested by the agents.

To be confirmed.

Each party to be responsible for their own legal fees in relation to this transaction.

The property has not been elected for VAT and therefore VAT will not be charged on the price.