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Ibis Styles Reading Oxford Road sold

04 12 20 Ibis Reading hero

The Ibis Styles Reading Oxford Road hotel has been sold off a £4.5 million guide price to a private purchaser who intends to continue running it as a hotel.

The Ibis Styles Reading Oxford Road, which is prominently located on a 0.74 acre roadside site, attracted a number of offers above the asking price after commercial property specialist Colliers called for best bids in response to a high level of interest. The final price is undisclosed.

The purpose-built property was marketed on a current or alternative use basis, as a 97-bedroom hotel with a supportive pre-application for development into a six-storey apartment block with 73 residential units.

Paul Barrasford, director in the Hotels Agency team at Colliers, said: “This substantial and well-located property received interest from a range of potential purchasers, both domestically and from overseas.

“The fact that the new owner intends to continue running it as a hotel underlines the resilience of the UK hotels market to the unprecedented challenges of the pandemic, and the demand for substantial, branded hotel stock.”

As part of the process of marketing the Ibis Styles Reading Oxford Road, the Planning and Residential Development teams at Colliers undertook a pre-application for a 73-unit new-build scheme on behalf of the vendor with Reading Borough Council.

This work, by Planning senior surveyor Andrew McNab and Residential Development senior surveyor Matthew Earnshaw, was aimed at helping to demonstrate the residential development potential of the site.

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