On the instructions of Joint Administrators from: For Sale Etrop Grange Hotel Thorley Lane Manchester Airport Manchester M90 4EG M90 4EG 08449 02 03 04 gva.co.uk/14054
Highlights Commercial hotel Airport location 64 En suite bedrooms Scope to further develop the business Long leasehold c.123 years remaining Car Park for approximately 74 vehicles 1 mile from the M56 Less than 10 miles from Manchester City Centre Conference & banqueting facilities for up to 170 For sale on the instructions of M Ingram and S Muncaster of Duff & Phelps Ltd, Joint Administrators of Manchester Terminal 2 Hotel Limited t/a Etrop Grange Hotel.
Introduction GVA is delighted to offer for sale, on an exclusive basis, the long leasehold interest in the Etrop Grange Hotel at Manchester Airport. With its domestic and international terminals, as well as Manchester Airport Railway Station, the hotel is well located for business and leisure guests, being approximately 1 mile from the M56 Motorway and less than 10 miles from Manchester City Centre. The full service hotel provides prospective purchasers with an excellent opportunity to acquire a profitable business with scope for further investment. Location The Hotel is situated in a prime trading position fronting Manchester Airport and just 1 mile away from the M56 Motorway. With a population of more than 7 million people, the North West region is the largest outside of London and the South East. Town Miles Manchester City Centre 10 Old Trafford Stadium 7 Manchester Arena 10 Etihad Stadium 8.5 Intu Trafford Centre 10 Etrop Grange Hotel benefits from its excellent trading location which has recently been further enhanced by the improvement to the approach roads and infrastructure surrounding the exciting growth of Manchester Airport. Description Etrop Grange is a Grade II listed Georgian Country House originally built around 1780 by school teacher William Moss. We understand that the hotel was originally known as Moss House and then renamed Etrop Grange in 1984 by the owners at that time after a local area called Etrop Green. It was around this time that the property was converted into a hotel. Etrop Grange currently trades as a full service 3 star hotel with a good range of income streams and the property still retains much of it's original Georgian character with its stately facade matched with many internal period features. Given the hotel s excellent location as well as the strong surrounding demographics, with areas such as Hale, Wilmslow and Alderley Edge close by, the hotel is popular with business and leisure guests alike. The business currently provides complimentary transfers to and from the airport and airport railway station as well as park, stay and fly packages. Area: 1.289 acres (0.522 ha)
The original three story building is of traditional brick construction beneath a pitched slate tiled roof with a number of extensions, which have been added over the years including one, two and three storey extensions of more modern construction. Accommodation Public Areas The hotel is accessed via an impressive entrance leading to an open plan traditional reception and guest lounge area. Lounge Bar area with comfortable seating and feature bar servery. Grange Restaurant with up to 50 covers connects with both the Conservatory and the Library. Conservatory with up to 20 covers. The Library with up to 16 covers can be used for private dining, functions and as a boardroom for meetings. Meeting and Function Facilities The hotel has a good range of meeting and function facilities as follows: The Etrop Suite is the hotel s main conference and banqueting facility with a capacity for around 200 guests. This suite can also be subdivided into the Coach House and Drawing Room suites, which can cater for up to 100 and 50 guests respectively. In addition to the Etrop Suite, the hotel also provides an excellent range of break out rooms and board rooms for meetings and conference guests comprising: Meeting and Function Facilities Letting Accommodation The hotel offers a good range of letting bedrooms all of which include en suite facilities and have the benefit of a flat screen television, tea and coffee making facilities, WiFi and direct dial telephones. We understand that 15 of the bedrooms have been refurbished in the last three years and these rooms are let as premium club rooms. The 40 standard double bedrooms are of a similar size and design, with the remainder of the bedrooms comprising twin bedrooms, suites, a disability accessible bedroom and only one single bedroom. The bedrooms comprise: Maximum Capacity Etrop Suite 200 Coach House 100 Drawing Room 50 Conservatory 18 Library 16 William Moss Suite 40 Little Leigh Meeting Room 8 Hatchmere Meeting Room 8 Elsworth Meeting Room 8 Bedroom category Ancillary areas Number of rooms Refurbished Club Doubles 15 Standard Doubles 40 Twin Rooms 5 Suites 2 Single Room 1 Disabled Room 1 Total 64 Commercial catering kitchen, wash up area, still area, preparation area, storage, dry store, cold store, beer cellar, bottle store, boiler house, ladies, gents and disabled WCs.
External areas The property is situated on a large level plot with an extensive car park providing space for approximately 74 vehicles, with 5 spaces and a hut being leased to a car park operator for 1,000 plus VAT per month. There is a wedding garden area for photographs and an alfresco seating area to the front of the Grange Restaurant, the Conservatory and the Etrop Suite. Tenure Long Leasehold interest. We are advised that the lease commenced on the 5 October 2016 for a term of 125 years. The passing rent is 79,000 per annum subject to 5 yearly upward only rent reviews. We have been advised that the rent provision is by reference to the compounded annual RPI, subject to collar and cap increases of 1% - 5% per annum. We recommend that interested parties confirm the Tenure and leasehold information with their solicitor before proceeding. Energy Performance Certificate The hotel has an Energy Performance Certificate (EPC) rating grade C. A copy of the EPC certificate and recommendation report is available on request. Business Commentary Given the hotel s excellent location and wide range of income streams, the business generates trade from a wide range of sources such as mid week trade from the many surrounding businesses and, of course, as a result of the hotel s close proximity to the UK s third busiest airport. During the airport infrastructure works that took place in front of the hotel last year, the business was affected and only 29 weddings and events were held. However, now that these works are almost complete we have been told that the business already has in the region of 39 weddings and events confirmed for the remainder of 2018, and a further 18 weddings booked for 2019. Given the facilities available and excellent demographic areas surrounding the hotel, it is considered that there is the opportunity to further grow and enhance this aspect of the business. Trading information We are informed that the turnover for the business for the 12 months to 31 March 2018 is in the region of 1,925,500 excluding VAT. Further trading information will be made available to seriously interested parties. Fixtures, fittings and equipment We are advised that all fixtures, fittings and other items associated with the running of the business will be included within the sale. However, this will be confirmed at a later date. All appliances are untested and the purchaser should satisfy themselves that all equipment is in full working order.
Fire risk assessment We have assumed that a suitable and sufficient Fire Risk Assessment has been carried out under the Regulatory Reform (Fire Safety Order 2005). This assessment needs to be recorded in writing where there are five or more employees. Services We understand that the property has the benefit of mains water, mains drainage, gas and electricity. (All services are untested). Business Rates The business rates are payable to Manchester City Council. We understand that the rateable value for the year commencing 1 April 2017 is 152,500. The stock and trade is to be purchased in addition at cost and at valuation upon the day of completion. Viewing arrangements Viewing arrangements are strictly by appointment only through the vendor s sole agent, GVA. Under no circumstances should any party make an indirect approach to the business, the staff or management at the hotel. Note The affairs, business and property of the Company are being managed by the Joint Administrators Matthew Ingram and Steven Muncaster who act as agents for the Company without person liability. They are both licensed by the Insolvency Practitioners Association. Planning We understand that the property has a valid consent for its current use. However we would advise interested parties to make their own enquiries of the Local Planning Authority in this regard. Asking price The hotel is to be sold by way of a going concern asset sale transaction and is offered for sale at an asking price of offers in the region of 2,500,000, to include goodwill and trade contents, excluding personal items.
For further information please contact: Martin Davis 0161 956 4034 07880 471 238 martin.davis@gva.co.uk James Williamson 0121 609 8239 07717 361 856 James.Williamson@gva.co.uk Property ref gva.co.uk/145054 Our offices: Birmingham Bristol Cardiff Dublin Edinburgh Glasgow Leeds Liverpool London Manchester Newcastle GVA 3 Brindleyplace, Birmingham, B1 2JB GVA is the trading name of GVA Grimley Limited an Apleona company. 2017 GVA April 2018 File number: xxx GVA hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent GVA is in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of GVA, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) GVA shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by GVA.