Prospective buyers are scouring the Bath area for new Bed and Breakfast properties, as the city’s hospitality sector goes from strength to strength.
Sector specialists at Colliers International have signed off a number of deals during the past 12 months leaving a number of would-be owners disappointed – but still determined to find their foothold in the tourist hotspot.
Hotels Director Simon Wells said: “It’s all happening in the city at the moment and prospective buyers need to be primed and ready to go after properties as they come up – whether commercial or residential.”
Simon said news that NatWest will move out of its Milsom Street branch to make way for a new Ivy restaurant underlined the growing confidence in Bath’s leisure, food and drink offering.
“Everybody wants to be here now. The city centre is being re-developed everywhere you look and properties which aren’t keeping up with the change in pace are being replaced and refurbished.
“It all points to the most vibrant hospitality market in years, possibly decades.”
Bath has been listed among the Top Ten UK hotspots for hotel investment according to Colliers International’s UK Hotel Market Index.
Simon Wells said: “Over the last couple of seasons occupancy levels have been rising, reaching 81 per cent in 2015. So it’s not surprising demand for hotel and Bed and Breakfast property in Bath is reaching unprecedented levels.
“In fact, demand for hotels in the West has been good in 2016, we have around £16.5 million worth of businesses either sold, in solicitors hands or with prices agreed so far this year.”
Simon’s colleague Peter Brunt, who covers the Cotswolds, is similarly busy. He said: “Our biggest problem is having enough businesses to offer to buyers.
“Some owners suddenly find that they need to sell, others plan an exit within a year but most have a feeling for how much longer they would like to trade before selling.
“A universal truth seems to be that ‘everything is for sale at the right price’. So whether you could be tempted, want to plan or are just interested to know how the market affects you, it’s worth getting in on the action.
“Bath is buzzing at the moment and potential sellers need to be alive to what’s going on here.”
