A former hotel space in Scarborough, North Yorkshire, has been brought to market by Savills for a guide price of £1.25m.
The Grade-II listed Villa Esplanade, which is currently not trading, is situated above Mexican restaurant El Gringos and Ink Lounge Bar and comprises 31 self-catered apartments and four bedrooms.
The restaurant and bar generate a combined rental income of £40k per annum, while the hotel space offers ‘significant’ development opportunity subject to planning consent.
Tom Cunningham, hotels director at Savills in Manchester, comments: “This elegant former hotel offers an excellent investment or development opportunity in a highly desirable and prominent location. As such, we are anticipating strong market interest.”