A hotel in Reading which is being operated under the globally recognised Ibis Styles brand has been brought to the market for £4.5 million.
The purpose-built Ibis Styles Reading Oxford Road hotel is located on a 0.74-acre site in a prominent roadside position, and is being marketed on a current or potential use basis by global real estate advisor Colliers International on behalf of a private owner.
A limited service hotel, it comprises 97 en suite bedrooms, an open plan bar, lounge, restaurant and reception area, plus a meeting room with space for 30 people. There is access to underground and surface parking totalling 76 spaces.
Paul Barrasford, director in the Hotels Agency team, said: “This is a well-established hotel operated under management by Interstate and franchise agreement with Accor. Its existing use credentials are very strong yet it also benefits from positive pre-application with Reading Borough Council for redevelopment to 73 residential apartments.
“As such, we are receiving notable buyer interest from both those looking to continue the hotel business and developers looking to build out the residential scheme. The property is available for sale due to the owner’s focus on other business interests.”
James Burke, associate director in the Residential Development team at Colliers International, said Reading benefitted from a strong economy and is well connected to London by train, with the new Crossrail scheme scheduled to open in 2022 connecting Reading to the new Elizabeth Line, and linking the regional railway network to the east and west of London.
He said: “The Reading residential sales market has seen strong price growth over the last five years. Properties in the RG30 postcode, in which this hotel is located, have seen price growth of over 20 per cent for all properties and more than 16 per cent for apartments.
“All of these factors mean that the opportunity to create apartments in this location is likely to prove attractive to developers.”
