Blackburn’s Cathedral Quarter Premier Inn and restaurant sold for £4.8m

Lancashire firm Maple Grove Developments has sold the Premier Inn hotel in Blackburn’s Cathedral Quarter, along with a 3,500 sq ft restaurant, to Knight Frank Investment Management for £4.8m.

Preston-based Maple Grove, which is part of construction services provider Eric Wright Group, sold the 60-bedroom hotel and restaurant on behalf of Lancashire County Pension Fund.

A town centre regeneration programme, worth £16m and pioneered by Maple Grove Developments together with Darwen Borough Council, will see a new mixed-used commercial quarter established in the area surrounding Blackburn’s cathedral, along with a new bus interchange.

Graham Pilkington, a senior development surveyor with Maple Grove Developments, said: “We’re delighted to have secured a deal with Lancashire County Council for the new Premier Inn and ground floor restaurant, which shows the local authority’s confidence in the scheme and its role in regenerating Blackburn town centre.”

The scheme, which is being built by Eric Wright Construction, is due for completion at the end of the month, while the Premier Inn is scheduled to open November 9.

Ben Ward, an investment manager for Knight Frank Investment Management, commented: “We are very pleased to be able to add this asset to the Lancashire County Pension Fund’s County of Lancashire property portfolio.

“As well as offering attractive inflation-linked returns for the fund, this property development supports regeneration within the county.”