Bruce & Co. are delighted to announce the sale of the Argus Hotel; a well established and renowned business based in Edinburgh.
The Argus Hotel had been under the care of Mr and Mrs Mallace for the past 16 years and had been run on a bed and breakfast basis only, with the addition of the lounge bar being popular amongst both the local clientele and the residents. Trade is derived successfully throughout the year with many tourists, working professionals and past customers. Mr and Mrs Mallace decided to bring the business to the market due to their wish to retire.
The Argus Hotel is a substantial Victorian property built in around 1870. It forms part of the last phase of the New Town located within the prestigious West End of the city centre. The hotel is amidst similar type businesses, luxury houses and various offices close by. The hotel is also situated very close to Haymarket Train Station and is less than 0.5 miles from Princes Street, the principal shopping street in Edinburgh, and is around 5 miles from Edinburgh Airport.
The business benefits from 11 letting bedrooms in total; all of which are well presented throughout. The property also comes with a breakfast/ dining room to meet 20 covers, a well fitted commercial kitchen and other service areas such as a laundry room, various storage cupboards and WC facilities.
The sale of the business also came with a fantastic owner’s accommodation; which has been excellently maintained throughout.
As expected with a property such as the Argus Hotel; the levels of interest were expected to be high, and after a very impressive 49 viewings, the business was sold to a corporate buyer ‘Corporate Holdings’. The business was sold on a freehold basis for £690,000, which was part financed through bank funding. The key features of the business that attracted the corporate buyer to the business was the size and location.
Sale completion took longer than usual due to awaiting planning permission, and the further issue of the property being a listed building. Jayne Adamson commented “We are very pleased to have come to a successful sale completion. It was a pleasure to deal with both the vendors and the buyer. We wish Mr and Mrs Mallace all the best for their retirement, and wish Portal Holdings all the best with their new investment.”