A popular pub and hotel in Pembroke Dock will be going under the hammer in a multi-million pound online auction to be held by John Pye Property this week.

The chance for bidders to buy well-established 10-bedroom hotel, The Prince of Wales, situated in Laws Street will be available when it comes to auction on June 8 and 9 June.

Richard Reed MRICS, head of John Pye Property, said: “There is great potential to significantly increase the hotel’s turnover as well as develop it further, subject to planning consents.

“The property has a guide price of £195,000 and currently generates more than £200,000 per annum from its lodgings and wet sales alone.

“As a main ferry port, Pembroke Dock attracts many tourists to the town, which in turn attracts high levels of employment.

“The imminent completion of a new marina, providing additional housing and a new cinema/leisure complex, will also bring more people to the area making this a good investment for potential buyers.”

Based in the heart of the town, The Prince of Wales Hotel is a two minute drive to the ferry terminal and within 100 metres of the town’s railway station.

The hotel comprises of 10 letting bedrooms which have been comprehensively refurbished. Seven have an en-suite shower room/WC while the remaining three rooms on the top floor have wash hand basins and share a bathroom.

The bedrooms currently generate an annual income of £50,000, while the bar takes in excess of £150,000 per year on wet sales, due in part to the hotel’s central location.

There is a functions suite and fully-functional commercial kitchen, both of which are currently unused but could, if re-opened, provide investors with another valuable income stream. The premises have a current rateable value of £7,100 with rates payable for 2016/2017 approximately £3,450.60.

The Prince of Wales pub and hotel will feature in a £6 million online property auction formed of 35 lots nationwide.

Richard added: “Our online property auction has grown significantly over the past 12 months. We hold monthly auctions and have extended our 0 per cent seller fee and nil marketing costs meaning our sellers are experiencing great value for money.”

John Pye Property regularly features properties from London, Manchester, Liverpool, Birmingham and Nottingham.

John Pye’s online auction will go live on June 8 and finish on June 9. Visit www.johnpye.co.uk/property-auctions to bid or phone 0115 970 6060 for more information.