Castle Mona, The Promenade, Douglas, Isle Of Man, IM1 1AD

Lot Image

Auction sale - Monday 17th July 2017

Result:

Withdrawn Prior, please refer to Auctioneer

  • Freehold with vacant possession
  • Prominent seafront location
  • Historic former 98 bed hotel with two nightclubs
  • Low tax jurisdiction
  • Development opportunity

Details

Location

The Isle of Man with a population of some 85,000 lies in the Irish Sea midway between England, Scotland and Ireland. The island enjoys frequent flights to London, Manchester, Liverpool, Newcastle, Birmingham, Bristol, Dublin and Belfast and sea ferry and freight connections to Liverpool, Heysham, Belfast, Dublin and else where. The Island is famous for the TT Motorbike Races as well as being a low tax location and its beautiful coastal scenery makes it popular as a film location.
Douglas, the island capital and main ferry port, where some 27,000 live, lies on the east coast and enjoys a long frontage to Douglas Bay. Castle Mona occupies a prominent and elevated position set back from the Central Promenade at its junction with Castle Drive from which the property is accessed. The property enjoys extensive views out across the Promenade and wide sandy beach over the Bay of Douglas. The Promenade is today mainly fronted by blocks of apartments and hotels and is famous for its historic horse drawn tram service.
The property lies alongside the well known Palace Hotel, Casino and cinema, which together with Castle Mona creates an overall site of some 6 acres, occupying a lengthy stretch of this prime section of the sea front. This may offer an opportunity for a more substantial sea front redevelopment project.

Description

This substantial former stone mansion surmounted by a turret was constructed in 1804 for the fourth Duke of Atholl, who was a Governor of the Island. It was converted to a hotel in 1831 and traded until its closure in 2007. The property occupies a prominent corner site that gently slopes up away from the sea front and is arranged over lower ground, ground and two upper floors served by three lifts. There are later additions including a three storey wing protruding at the rear to the left side and later three storey wing on the right side, fronted by a two storey block. The main entrance is via a pillared portico and there is ample parking. The hotel provided 98 bedrooms with historic double height ballroom and dining/function rooms, as well as large and smaller night clubs, a double tier bowling alley with direct public access. There is a full sized lower ground floor with kitchens, stores and boiler house.

Tenure

Freehold

VAT

Refer to the legal documentation

Energy Performance Certificate

No EPC required

Planning

The property and site offer significant development potential. Informal discussions with the Islands Planners indicate a desire to see the historic landmark (Registered status) Castle Mona brought back into a beneficial use. This may potentially permit future development that involves some demolition of the later blocks whilst concentrating upon the retention and refurbishment of the main mansion house as a key part of a larger contemporary development. The site (coloured red) is currently owned in conjunction with the adjoining larger area (hatched in red) including the Palace Hotel, casino and cinema totaling approx 6 acres which may therefore allow for a much larger sea front scheme centered upon Castle Mona.

Note

The Isle of Man, a self governing Crown dependency is a popular and well established offshore financial centre famous for its low-tax economy with no capital gains tax, wealth tax, stamp duty, or inheritance tax and a top rate of income tax of 20%. The island is heavily involved in online gambling and financial services industries and numerous UK and international banks have offices there, In April 2009 it was included in an OECD "white list" of jurisdictions meeting international standards on taxation. Tourism is also a growing industry helped by the easy access to the Island, attracting around 300,000 visitors who spend over £100m a year.

Address Floor Use Accommodation
Castle Mona Site Basement Ground First Second Turret Kitchens, storage, boiler room Reception/function rooms/leisure Bedrooms Bedrooms Ballroom, Wedgewood Room, Regency Room, Bowling Alley, two nightclubs Approx 1.2 acres. When the adjoining site (hatched red) is included approx 6 acres

Contact

Seller's solicitor

Callin Wild

Beth Greenhalgh

01624 623195

bgreenhalgh@callinwild.com

* Guide price

An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

* Reserve price

The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

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