A boutique hotel in Durham has been sold through Christie + Co for the second time in the last two years.
The Town House Hotel in Durham enjoys a strong level of trade and is home to eight bedrooms within the Grade-II listed Georgian building. There are also three garden lodges with hot tubs and views of the river.
The hotel, which was sold off leasehold for £250k, has enjoyed healthy profits since its owners took over in 2014 and benefitted from significant investment over the years.
The purchase in 2014 of the property that was previously known as Gadds Town House was the first foray into the hotel industry for its previous owners.
Mark Worley, director at Christie & Co’s Newcastle office handled both sales and said: “We sold this business, previously known as Gadds Town House, to our current clients back in 2014 and although they were vastly experienced in the licensed sector, this was their first venture into the hotel industry. They have invested well and have created a very profitable and attractive business which attracted high levels of interest when it came to market earlier this year.
“The deal on this occasion was an assignment of an existing lease, which is often a good and relatively inexpensive way of entering the market and we are finding that freehold business owners will consider the option of creating a lease as an alternative to selling their freehold stake.”