Substantial sea front hotel in iconic Whitley Bay on the market
Specialist business property adviser, Christie & Co has brought to the market The Royal Hotel in the iconic seaside town of Whitley Bay, in Tyne and Wear.
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Sitting on the promenade, the seafront hotel provides 40 guest bedrooms, a substantial bar and restaurant with capacity for up to 250 covers, plus a fully equipped catering kitchen, a breakfast room with an adjoining kitchen, and off road parking for guests. In addition to the hotel’s self contained restaurant, the ground floor is leased to an Italian restaurant, which generates additional rental income for the owner.
A popular coastal town, Whitley Bay is currently undergoing a £40 million transformation of its legendary seafront and surrounding areas in a scheme funded by the local council and private investors. With a number of developments, primarily in the food and leisure sectors, either nearing completion or already completed, this has seen a marked increase in visitor numbers and businesses flocking to the growing area.
Part of this investment programme is the £10 million refurbishment of the Spanish City leisure complex, a focal point and hub of the Whitley Bay leisure scene. Ideally located, The Royal Hotel is situated a few hundred yards from the Spanish City, offering tourists an ideal base to explore the area and its major attractions. A well-known venue for weddings, events, and conferences, the Spanish City also draws a variety of leisure and corporate visitors, which The Royal Hotel is well equipped to cater for.
After building up the business, generating strong profits approaching £200,000 per annum, owner Paul Johnstone has decided to sell the hotel to concentrate on his other business ventures. Mr Johnstone comments, “This is a great opportunity for someone to take over an already successful and easily run business and to also capitalise on the huge regeneration of Whitley Bay seafront.”
Mark Worley, Director at Christie & Co is handling the sale and comments, “There is currently huge demand for larger, profitable, urban hotels, especially those close to tourist and leisure attractions which are capable of providing footfall and trade. We therefore think that the upsurge of investment in Whitley Bay, added to the already excellent trade levels of the Royal, should make this a very popular hotel indeed.”
Christie & Co is marketing The Royal Hotel off an asking price of £1.5 million for the freehold interest.