Windermere guest house changes hands
Glenville House has been sold from an asking price of £885,000 by the North West office of Colliers International.
The property on Lake Road between Windermere and Bowness was owned by married couple Craig and Lynn Wright who are retiring to move closer to their family in Huddersfield, Yorkshire.
It was acquired by Peter and Jayne Hellmann who are moving from Newton-by-the-Sea near Alnwick in Northumberland.
Glenville House has seven bedrooms, owners' accommodation with two bedrooms, a car park and private gardens.
Haydn Spedding, associate director of Colliers International in Manchester, said: "The sale of this iconic Lakeland guest house underlines the continuing interest in Lake District guest houses in one of the most sought after locations in the country."
Please can someone explain how you make a profit after paying all that money for a 7 bedroom guest house?
By Nick
Well you rent 7 rooms out per night at say £50 per room per night based on a couple sharing. Multiply that by say 300 days, taking into consideration all 7 rooms being empty for 65 days a year and hey presto you make a gross profit of £105,000 obviously less your costs, let’s say £25,000 giving you a net profit of £75,000. Plus you still have a house worth £885,000 always increasing. I should be on the Apprentice
By Anonymous
If only! you need to work on half your rooms being at half occupancy all year, plus your there 7 days a week, holidays = no income. and thats for two of you, you’d be lucky to make £25K each and then your taxed. Oh and you’ve a massive mortgage to pay off each month. It would be for me if it wasn’t for Sybil! PS Manuel is basically free!
By Basil F
Thanks Anon – with that level of optimism I think you’d be perfect for the apprentice. No doubt your previous career was as a specialist guest house property agent. When you go on can you explain to Lord Sugar if your £25k a year costs included financing the purchase price – or are are you making £75k a year net after having had the ready cash to buy outright? PS: Cheers Basil, you’re closer to my mindset
By Nick
At the sale price quoted and stringent nature of the banks at the moment, this would most likely be a cash sale, or at least a 70% equity stake. If a mortgage was acquired, an offset mortgage would have been the way forward. As such any payment becomes manageable. I’ll explain to Alan this evening.
By Anonymous
Thanks for that, so that I understand what you’re saying: you mean that in return for investing £550 – £600k cash and working 7 days a week after financing interest on the 30% loan you’ll earn £60-£65k net (or a full £75k net if it was bought outright)? Not sure Lord Sugar will be snatching that business plan out of your hand with glee.
By Nick
More shocking than the sums is the wholly unnecessary use of the word iconic
By Carol Vorderman