Acting on behalf of Tom MacLennan of FRP Advisory, the Trustee in Sequestration, global real estate advisor, Colliers International, has sold Moffat House Hotel, a well-known hotel close to the M74 motorway, in Moffat, Dumfrieshire to a private buyer off a guide price of £700,000.
The Grade A Georgian manor house hotel has been sold to Mr Keith Parr, the former owner of Auchen Castle Hotel who now plans to restore the hotel back to its former glory.
Moffat House Hotel is based in a prominent location in the heritage town of Moffat, only a mile from the M74 motorway on a main arterial route into Edinburgh. The property benefits from 21 letting bedrooms and a good range of public areas as well as a two- bedroom cottage which is ideal for letting.
Robert Smithson, senior surveyor at Colliers International, commented: “Following the cessation of trading in December 2019, the sale on behalf of the Trustee in Sequestration provides Mr Parr with an excellent opportunity to restore the hotel to its former glory and take advantage of the current surge in “Staycations”.
“The completion of yet another deal proves the uplift in activity we are seeing since the prospect of the re-opening of the hotels sector was announced. Buyers and sellers started to make a move and come out of their shells in readiness for re-opening during July 2020.
“During the past month, a clear change of mood has ensued. There has been a marked pickup in activity. In the last month alone we have witnessed a 200 per cent plus increase in formal viewings whilst the volume of buyer enquiries has increased exponentially from a wide variety of domestic and international enquirers.”