Christie & Co provides valuation of Rise Hall wedding venue ahead of its sale to Leeds-based entrepreneurs
Specialist business property adviser, Christie & Co provided valuation support in the sale of Rise Hall, a historic wedding venue near Beverley, East Yorkshire, which was previously owned and renovated by property developer and TV personality Sarah Beeny and her husband Graham Swift, to two award-winning hospitality entrepreneurs.
The comprehensive renovation of the Grade II* listed property as a family home and wedding venue was the subject of a Channel 4 documentary, Beeny's Restoration Nightmare in 2010.
After being instructed by Barclays, Christie & Co’s Valuation Hospitality team conducted a full valuation of the 29-bedroom venue ahead of its purchase by Dan and Helen Gill, founders of Leeds-based event and hospitality management business, Dine.
Dan and Helen will continue to operate the prestigious property as a luxury wedding and events venue.
The couple are well-respected in the hospitality industry, having successfully built Dine into a £3m turnover business operating at luxury venues from Leeds to Liverpool, including its flagship venue, The Mansion at Roundhay Park.
Dine will work alongside the existing team at Rise Hall, including manager Stuart Ward, who remains with the business.
Dan Gill comments, “We are thrilled to acquire this prestigious venue. Rise Hall is a stunning building with a rich history which will now begin a new chapter in its life under our guardianship. We have two decades of experience in luxury weddings and events, so our couples and clients are in good hands. It’s very much business as usual.
“While Dine operates at a range of venues throughout the UK, this is the first venue that Helen and I have directly purchased. Rise Hall has tremendous potential and we’re keen to build on its reputation and create one of the UK’s most luxurious venues.”
Rise Hall is recorded in the Domesday Book and the estate was once owned by Richard III. More recently, the house was used as a convent school and fell into disrepair.
Graham and Sarah bought Rise Hall back in 2001 and, with a huge passion for British Heritage, relished the opportunity to not only rescue an important ‘at risk’ building but to also create a sustainable future for it.
Sarah Beeny comments, "Historic England list 705 historic buildings that are currently 'at risk' in England. Many of these buildings aren’t appealing to investors because they won’t turn a quick profit. The only way to ensure the survival of important buildings such as these is to give them a different purpose for the way in which we live today.”
“Rise Hall has been a big part of our lives for the last 18 years and we are extremely proud of the work that we, together with an incredible team, have achieved to date, but it's time to move on. The fully restored Grade II* listed Hall will now begin a new chapter in its life. We are thrilled to be passing it onto Dan and Helen who we feel are the perfect fit for such a very special place."
Jamie Keith, Associate Director at Christie & Co who led the valuation, comments, “We were delighted to be involved in valuing this historic property. Wedding venue led businesses are quite different to room led hotels or food and beverage led inns when it comes to valuing, as the various proportions of income streams often dictate the approach to the valuation. Fortunately, we have an abundance of in-house comparable evidence which allowed us to benchmark and value the trading business with a high degree of certainty. Dan and Helen operate an established multi operator business and know their market well. We wish them all the best in driving the business forward.”