Former Hotel for Auction Shanklin PO37

Currently let at £28,640 per annum, plus two vacant rooms. In common with many similar buildings, the property now needs to be re-purposed and, accordingly, the current owners have obtained an HMO licence from the Isle of Wight Council. Six of the former hotel rooms are now let under the terms of Assured Shorthold Tenancy Agreements and are producing a worthwhile income. Additionally, there is planning permission for conversion into eight residential flats, which will be ideally suited for addition to an income producing letting portfolio or potentially for re-selling to the local marketplace. The new apartments will be a mix of one and two bedroom units.