A budget hotel in Liverpool’s world famous Mathew Street, located in the former building of iconic retailer Wade Smith, is on the market with a price tag of £4.5m after suffering annual losses of more than £620,000. Tony McDonough reports
A 216-bed budget hotel in Liverpool city centre is on the market with a price tag of £4.5m.
Kabannas Liverpool is available either on its own or as a package with another hotel, Kabannas Newcastle, which is available for £3m. Agents at property firm Christie & Co have been instructed to find buyers for both properties.
It is located in Kansas Buildings in Liverpool’s world famous Mathew Street which was once the home of iconic local fashion retailer Wade Smith, a brand that was for a time popular with celebrities and sports stars.
Plans for a budget hostel-style hotel in the building were first unveiled in 2013. That development went ahead and the hotel later became a Euro Hostel following a six-figure makeover.
Currently owner of the Liverpool and Newcastle sites is a London-based business called Whitevent Holdco. It also operates hotels under the Kabannas brand in London and Edinburgh.
It runs Kabannas Liverpool through a wholly-owned subsidiary called LV Propco which in its most recent accounts, for the 12 months to December 31, 2024, reported pre-tax losses of £627,897 from revenues of £1.14m.
According to Christie & Co Kabannas Liverpool is “a stylish 48-bedroom hybrid hotel which has recently undergone a significant refurbishment, upgrading its rooms as well as food and beverage zones”.
It added: “The property combines accommodation with a dynamic food and beverage offering, as well as offering social activities such as a private karaoke room, interactive darts and retro arcade machines.”
Christie is seeking a buyer for the freehold interest of Kabannas Liverpool while the Newcastle site is being sold as a leasehold.
READ MORE: Brake disc maker admits defeat in search for buyer
READ MORE: Four Cunard Queens coming to Liverpool
David Lee, regional director – hotels at Christie & Co, added: “We are delighted to be instructed to market two superb hotel properties in Liverpool and Newcastle city centres, they are very well established businesses and are for sale as going concerns.
“They do however offer alternative uses should that be of interest to a potential purchaser. The opportunity to purchase a good-sized property in either Liverpool or Newcastle city centre rarely becomes available so we are anticipating significant demand”.