Local family snap up hotel in Great Yarmouth through Christie & Co
Specialist business property advisor, Christie & Co has completed on the sale of The Nelson Hotel in Great Yarmouth to existing hotel operators in the town.
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Occupying a prime seafront location on Yarmouth’s Marine Parade, this Grade II listed property offers magnificent sea views and is ideally located for visiting the town’s key attractions, such as Great Yarmouth Pleasure Beach, Wellington Pier and the popular Sea Life aquarium.
The hotel is one of the most popular hospitality businesses in town, drawing in year-round guests, primarily commercial and leisure coach tour based. It features 52 en suite bedrooms and extensive bar, dining and meeting room areas, including a large, newly refurbished function room for 120.
The new owners, are experienced operators with an extensive business portfolio in India. This sale marks their second hotel purchase in the popular seaside resort town, having acquired the Waverly Hotel through Christie & Co back in 2010. They plan to undertake an extensive refurbishment programme, similar to that completed at The Waverly, which is now operating successfully.
Tim Gooding, Director in Christie & Co’s Hospitality team who handled the sale adds, “The Nelson Hotel is arguably one of the best located hotels in town, so we were able to generate very significant demand when the business launched to the market, culminating in multiple viewings and offers. The interest generated in this sale is also reflective of the increased demand for hospitality businesses across the region since the trade reopened in May, a trend we are likely to see continuing as businesses are reporting greater year on year sales, particularly in coastal locations which are seeing good levels of demand.
“It’s heartening to see the hotel sell to an existing operator, with an extensive refurbishment on the agenda to take it to the next level. We sold the family their other hotel, The Waverley, back in 2010, and I’m sure that a comparable level of investment is likely to be seen at The Nelson, which is one of the larger hotels in the town. We wish them the best of luck.”
The Nelson Hotel was sold on a freehold basis, off a guide price of £900,000.
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Executive
P: 020 7227 0794 or E: bronte.hughes@christie.com
Contact the agent:
Tim Gooding, Director – Hospitality
P: +44 (0) 7712 792 414
E: Tim.gooding@christie.com
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