New tenant found for Chester pub through Christie & Co
Specialist business property adviser, Christie & Co has facilitated the granting of a new 15-year lease for the Commercial Hotel, situated in the city centre of Chester, Cheshire, to a local publican.
The hotel, which closed at the beginning of 2018, was leased with vacant possession on a free of tie basis and is ideally located on St Peter’s Courtyard in the heart of the city, among the main leisure and retail circuits. As a hub for Roman history, shopping, and architecture, plus the popular Chester Racecourse, the city draws a high volume of both domestic and international visitors.
Occupying a substantial double-fronted brick building, the property comprises a lounge, dining space and snug accommodating 120 covers on the ground floor, a first floor function suite for 80 additional covers, and four recently refurbished en suite guest bedrooms across the first and second floors.
Rory Lea, Chairman of Chester City Club Proprietors Ltd, which owns the freehold of the Commercial Hotel comments, “We are pleased that the City Club’s neighbours at The Victoria have taken the lease of The Commercial and are confident that Mark Farragher will revive this historic pub.”
New owner, Mark Farragher runs the popular pub The Victoria, also located in Chester, and is widely credited with turning around its fortunes since taking over the business in 2002. Mr Farragher comments, “"We at The Victoria are over the moon about taking over The Commercial Hotel, we have always had a good relationship with Chester City Club. Having use of the beautiful courtyard means we can utilise it to its full potential whilst keeping in with tradition and make it the social centre in the heart of Chester."
Keith Stringer, Director at Christie & Co, comments, “Unsurprisingly, we received a significant number of enquiries for this leasehold opportunity and we are delighted to bring in an experienced local operator to revitalise The Commercial, no doubt for years to come. Businesses located in such an ideal, central location in a bustling city like Chester are always prime opportunities when brought to the market and particularly hotels and hospitality venues continue to enjoy strong levels of trade.”
The Commercial Hotel was tenanted on a new leasehold basis through Christie & Co, off an asking price of £15,000.