Partner Article

Hotel sold for £1.5m

A TYNESIDE hotel has been snapped up by a North East private investor for £1.5m.

The City Aparthotel, in Jackson House on Northumberland, has been sold on behalf of BDO LLP, joint receivers of Lynnmac Limited, by Jones Lang LaSalle’s (JLL) licensed leisure and hotels team in Leeds.

JLL’s Harry Hawksby said: “This attractive stone fronted property located in the heart of Newcastle’s vibrant city centre generated a high level of interest, not only from the local area but also on a national level.

“We are very pleased with the sale result, and believe that this property will certainly benefit from its close proximity to the city’s central business district, it’s proximity to two Metro stations, Newcastle’s two universities and the management style of the new owner.

“This transaction shows that there is a market for well priced quality assets, particularly in the sub £10m category.”

The hotel encompasses 20 en-suite apartments, 30 beds, with room sizes typically ranging from between 452 sq ft and 804 sq ft.

Its annual turnover is around £432,000.

This was posted in Bdaily's Members' News section by Ruth Mitchell .