#BayViewHotel
#BayViewHotelNews
#BayViewHotelForSale
#BayViewHotelNamibiaForSale
The iconic Bay View Hotel in Luderitz is for sale. This is a once in a lifetime opportunity for individuals or business entities, who want to own a business in this well-kept secret of a historic town.
The hotel is as much a landmark and part of the history of Luderitz than the old town itself. Situated right in the middle of town, within walking distance from anything you may need and a stone's throw from the lagoon, this hotel has successfully catered to tourists, business travellers and overlanders for decades.
Asking Price: on request
Highlights
Situated in the centre of Luderitz.
Walking distance to shops, restaurants and the waterfront.
24 Spacious rooms.
Average of 41% occupancy throughout the year.
Comfortably owner operated.
Secure courtyard layout with sparkling pool.
Restaurant and fully equipped kitchen.
Cozy pub.
Regular client base consisting of business travellers and tour groups.
Strong growth opportunity.
Massive economy boosting project planned for Luderitz.
° Selling well under value!
° WSituated in the centre of Luderitz
° Walking distance to shops, restaurants and the waterfront.
° 24 Spacious rooms.
° Average of 41% occupancy throughout the year.
° Comfortably owner operated.
° Secure courtyard layout with sparkling pool.
Property Details
STREET ADDRESS
The subject property is situated in Diaz Street, Luderitz.
PROPERTY DETAIL
Deeds Registry: Windhoek
Property Type: Hotel
Erf Number: 680
Region: Karas
Town: Luderitz
Registration Division:
Local Authority: Luderitz Town Council
Title Deed No: To be Announced
Extent: 2 230m
Endorsements: To be Announced
Zoning: General Business
Free hereditary tenure: Yes
Servitudes: Standard as per title deed.
TOWN PLANNING CONDITIONS
Zoning: General Business
Coverage: 85%
Height: To be determined in terms of bulk
Bulk: 2
Building Lines: On rear, front and side boundary
MUNICIPAL VALUATION
As per the General Valuation Roll of Luderitz Town Council, the land and the improvements were separately valued as follows:
Land N$ 204 000.00
Improvements N$ 1 672 000.00
Total N$ 1 876 000.00
AVAILABILITY OF SERVICES
Fully serviced by the Luderitz Town Council with water, electricity, storm water drainage and refuse removal.
SITE AND LOCATION (DEMAND/CAPITAL GROWTH ETC.)
Classification (Rating out of 5)
1 Year 3
3 Years 3
5 Years 3
Macro and Micro Locality
The subject property is located on the western boundary of the CBD of Luderitz. Access to and from the property is obtained from Diaz Street, a semi-arterial route connecting various areas within Luderitz, accordingly enhancing the visibility and accessibility of the subject property.
The subject property has a beautiful view over the ocean/harbour.
The immediate area mainly comprises of business properties, commercial properties, restaurants, etc.
All applicable amenities such as medical facilities, schools, public transport, places of worship and restaurants are available in close proximity.
Situated in the centre of Luderitz.
Walking distance to shops, restaurants and the waterfront.
24 Spacious rooms.
Average of 41% occupancy throughout the year.
Comfortably owner operated.
Secure courtyard layout with sparkling pool.
Restaurant and fully equipped kitchen.
Cozy pub.
Regular client base consisting of business travellers and tour groups.
Strong growth opportunity.
Massive economy boosting project planned for Luderitz.
Valuation Details
DESCRIPTION OF THE PERMANENT STRUCTURES & IMPROVEMENTS
The subject property can best be described at hand of the following:
Structure: Conventional brick and mortar constructions over concrete foundations.
GBA m2 Main Building 320 m2
Guest Accommodation 499 m2
Outbuildings 102 m2
Storey: Single storey
External Walls: Plastered and painted brick
Internal Walls: Plastered and painted brick
Floors: Ceramic tiles, carpet
Ceilings: Celotex
Lighting: Standard i.e. boxed fluorescent lights, pendants, ball lights, etc.
Glazing: Wooden frames
Condition: Average to Good
Accommodation Including:
a) Main Building: Entrance, 2 offices, bar, men's & ladies ablution, store room/kitchen, pantry, kitchen, scullery, dining hall, conference room.
b) Outbuildings: Reception office, store room, cold room, laundry, separate shower/wc/basin, 2 courtyards, covered patio, bath/wc/basin, guard house, etc.
c) 24 Guest Rooms: Each Guest Room including a bedroom & bathroom.
d) Minor Improvements: Walling, paving, fencing, patios, courtyards, swimming pool, carport, etc.
HIGHEST & BEST USE
The highest and best use refers to the highest potential in terms of value that the property can achieve with due cognisance being taken of the local authority rights, restrictions and regulations, if applicable, as well as the general use of properties in the surrounding area.
The highest best use of the subject property is that of a guest accommodation facility/restaurant, etc.
Capitalization
The Capitalization rate is best determined by referring to market transactions of comparable properties as it is based on information derived from market analysis. The Capitalization rate must take the prevailing interest rate into consideration. The higher the interest rate, the better the return an investor will require. Similar risk is another factor that will influence the Capitalization rate. The higher the risk factor, the better the return an investor will require. The risk inherent to income producing properties is the degree of certainty that the income stream will be realized despite the uncertainty of the future.
A Capitalization rate of 16% is considered to be the market norm for the type of space offered by the subject property, located in a low risk lending area with excellent exposure.
This in turn is equivalent to a price earning index of 6,25 which is in line with what the market should offer for a property of this nature under current market conditions.
Summary
In view of the following:
Numerous international tourists visiting Luderitz
Spacious layout of guest accommodation
Owner managed
Quality of improvements
Operational going concern
I am of the opinion that there are not many indicators that would suggest that the standard lending policy for properties of this nature cannot be followed if the subject property is to be bonded.
#BayViewHotelNews
#BayViewHotelForSale
#BayViewHotelNamibiaForSale
The iconic Bay View Hotel in Luderitz is for sale. This is a once in a lifetime opportunity for individuals or business entities, who want to own a business in this well-kept secret of a historic town.
The hotel is as much a landmark and part of the history of Luderitz than the old town itself. Situated right in the middle of town, within walking distance from anything you may need and a stone's throw from the lagoon, this hotel has successfully catered to tourists, business travellers and overlanders for decades.
Asking Price: on request
Highlights
Situated in the centre of Luderitz.
Walking distance to shops, restaurants and the waterfront.
24 Spacious rooms.
Average of 41% occupancy throughout the year.
Comfortably owner operated.
Secure courtyard layout with sparkling pool.
Restaurant and fully equipped kitchen.
Cozy pub.
Regular client base consisting of business travellers and tour groups.
Strong growth opportunity.
Massive economy boosting project planned for Luderitz.
° Selling well under value!
° WSituated in the centre of Luderitz
° Walking distance to shops, restaurants and the waterfront.
° 24 Spacious rooms.
° Average of 41% occupancy throughout the year.
° Comfortably owner operated.
° Secure courtyard layout with sparkling pool.
Property Details
STREET ADDRESS
The subject property is situated in Diaz Street, Luderitz.
PROPERTY DETAIL
Deeds Registry: Windhoek
Property Type: Hotel
Erf Number: 680
Region: Karas
Town: Luderitz
Registration Division:
Local Authority: Luderitz Town Council
Title Deed No: To be Announced
Extent: 2 230m
Endorsements: To be Announced
Zoning: General Business
Free hereditary tenure: Yes
Servitudes: Standard as per title deed.
TOWN PLANNING CONDITIONS
Zoning: General Business
Coverage: 85%
Height: To be determined in terms of bulk
Bulk: 2
Building Lines: On rear, front and side boundary
MUNICIPAL VALUATION
As per the General Valuation Roll of Luderitz Town Council, the land and the improvements were separately valued as follows:
Land N$ 204 000.00
Improvements N$ 1 672 000.00
Total N$ 1 876 000.00
AVAILABILITY OF SERVICES
Fully serviced by the Luderitz Town Council with water, electricity, storm water drainage and refuse removal.
SITE AND LOCATION (DEMAND/CAPITAL GROWTH ETC.)
Classification (Rating out of 5)
1 Year 3
3 Years 3
5 Years 3
Macro and Micro Locality
The subject property is located on the western boundary of the CBD of Luderitz. Access to and from the property is obtained from Diaz Street, a semi-arterial route connecting various areas within Luderitz, accordingly enhancing the visibility and accessibility of the subject property.
The subject property has a beautiful view over the ocean/harbour.
The immediate area mainly comprises of business properties, commercial properties, restaurants, etc.
All applicable amenities such as medical facilities, schools, public transport, places of worship and restaurants are available in close proximity.
Situated in the centre of Luderitz.
Walking distance to shops, restaurants and the waterfront.
24 Spacious rooms.
Average of 41% occupancy throughout the year.
Comfortably owner operated.
Secure courtyard layout with sparkling pool.
Restaurant and fully equipped kitchen.
Cozy pub.
Regular client base consisting of business travellers and tour groups.
Strong growth opportunity.
Massive economy boosting project planned for Luderitz.
Valuation Details
DESCRIPTION OF THE PERMANENT STRUCTURES & IMPROVEMENTS
The subject property can best be described at hand of the following:
Structure: Conventional brick and mortar constructions over concrete foundations.
GBA m2 Main Building 320 m2
Guest Accommodation 499 m2
Outbuildings 102 m2
Storey: Single storey
External Walls: Plastered and painted brick
Internal Walls: Plastered and painted brick
Floors: Ceramic tiles, carpet
Ceilings: Celotex
Lighting: Standard i.e. boxed fluorescent lights, pendants, ball lights, etc.
Glazing: Wooden frames
Condition: Average to Good
Accommodation Including:
a) Main Building: Entrance, 2 offices, bar, men's & ladies ablution, store room/kitchen, pantry, kitchen, scullery, dining hall, conference room.
b) Outbuildings: Reception office, store room, cold room, laundry, separate shower/wc/basin, 2 courtyards, covered patio, bath/wc/basin, guard house, etc.
c) 24 Guest Rooms: Each Guest Room including a bedroom & bathroom.
d) Minor Improvements: Walling, paving, fencing, patios, courtyards, swimming pool, carport, etc.
HIGHEST & BEST USE
The highest and best use refers to the highest potential in terms of value that the property can achieve with due cognisance being taken of the local authority rights, restrictions and regulations, if applicable, as well as the general use of properties in the surrounding area.
The highest best use of the subject property is that of a guest accommodation facility/restaurant, etc.
Capitalization
The Capitalization rate is best determined by referring to market transactions of comparable properties as it is based on information derived from market analysis. The Capitalization rate must take the prevailing interest rate into consideration. The higher the interest rate, the better the return an investor will require. Similar risk is another factor that will influence the Capitalization rate. The higher the risk factor, the better the return an investor will require. The risk inherent to income producing properties is the degree of certainty that the income stream will be realized despite the uncertainty of the future.
A Capitalization rate of 16% is considered to be the market norm for the type of space offered by the subject property, located in a low risk lending area with excellent exposure.
This in turn is equivalent to a price earning index of 6,25 which is in line with what the market should offer for a property of this nature under current market conditions.
Summary
In view of the following:
Numerous international tourists visiting Luderitz
Spacious layout of guest accommodation
Owner managed
Quality of improvements
Operational going concern
I am of the opinion that there are not many indicators that would suggest that the standard lending policy for properties of this nature cannot be followed if the subject property is to be bonded.
Photos: Bay View Hotel
YouTube channel: Exploring Namibia
Aerial photo/video service contact: info@traveltonamibia.com
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