The recent sale of a serviced apartment complex in Salisbury has prompted the growth of the concept across the hospitality sector in the south west, say market experts Colliers International.
The Peartree Serviced Apartments in Mill Road Salisbury was recently sold to hospitality newcomer Arron Howle for around £1.35m. The property was converted from a B&B to serviced apartments in 2010.
Colliers reports that there has been an increase in interest from pension potters and lifestyle owners looking to move on from the B&B into the serviced apartment sector.
Hotels director at Colliers International, Simon Wells says that while serviced apartments are the ‘fastest growing accommodation market segment in Europe’, already vastly popular in London and Manchester, the concept is still relatively new in the south west.
Hotels director Simon Wells said: “The economic downturn kept the sector in check for a few years but now investors have returned I believe the serviced apartment concept could catch on in the West where owners are keen to set themselves apart from competitors and offer something a little different.
“We could see small B&Bs evolving into self-catering serviced apartments – particularly as a result of some of the tax changes announced in the last budget.