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05 July 2016 | Hotels

Durham boutique hotel sold

Specialist business property adviser Christie & Co has completed the sale of the lease of the Town House Hotel in Durham, the second time that the leisure sector specialist firm has sold this business in the last two years.

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The attractive boutique hotel is conveniently positioned on Old Elvet in Durham city centre which attracts an excellent level of tourist business. With eight luxurious and individually themed ensuite rooms within an appealing Grade II listed Georgian building and three garden lodges with hot tubs and river views, the business has enjoyed excellent Tripadvisor reports and very healthy profits.
 
Mark Worley, Director at Christie & Co’s Newcastle office handled both sales and said, “We sold this business, previously known as Gadds Town House, to our current clients back in 2014 and although they were vastly experienced in the licensed sector, this was their first venture into the hotel industry. They have invested well and have created a very profitable and attractive business which attracted high levels of interest when it came to market earlier this year.
 
“The deal on this occasion was an assignment of an existing lease, which is often a good and relatively inexpensive way of entering the market and we are finding that freehold business owners will consider the option of creating a lease as an alternative to selling their freehold stake.”

The Town House was sold leasehold off an asking price of £250,000.