BOUTIQUE SALFORD HOTEL GOES ON THE MARKET FOR £8.5M

The 87 bedroom boutique four-star Ainscow Hotel has been put on the market for £8.5m after its owners called in administrators.

The building which previously seen life as a jam factory and a brewery was bought in 2003 and extensively remodelled before opening in 2014 following a capital expenditure plan in the area.

Situated along Salford's Trinity Way the hotel was within the heart of the Chapel Street regeneration area.

Kroll Advisory was appointed as administrator of four subsidiaries of the Manchester development group, with the fall-out of the Grenfell disaster named as a contributing factor in the companies demise.

Sole selling agent Knight Frank say they are seeking offers in excess of £8,500,000 for the property.

Matthew Smith, Partner in Knight Frank’s Hotels team, said:

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“We are delighted to be acting on behalf of the Joint Administrators.

"Given the lack of hotels available for sale in the current market, we expect The Ainscow Hotel will be well received from an array of buyer profiles. The hotel benefits from several value-add opportunities to include the potential to create an additional 57 guest bedrooms and 99 residential apartments, subject to planning permission.

“The North West of England recorded over £300m of hotel transactions in 2021 and was ranked as the third most liquid region in the UK (excluding London). Manchester accounted for 73% of this regional activity, which highlights the attractiveness of the region for hotel investment.”

 

Photos: Knight Frank