Property agents Savills are marketing a Liverpool city centre hotel which is up for sale with a price tag of £5m. Tony McDonough reports
A hotel in Castle Street in Liverpool city centre is on the market for £5m.
Agents at property firm Savills have been instructed to find a buyer for the Tune Hotel which opened in 2015. It is located in a Grade II-listed former bank building that dates back to the 1830s.
Savills describe it as a three-star boutique hotel, comprising 100 en-suite bedrooms across four upper floors. The sale also includes an additional retail unit currently let to bakery chain Greggs.
Offers are being invited for the long leasehold of the building with 150 years unexpired.
Castle Street has been transformed in recent years. Along with Water Street and Dale Street, it was one the heart of Liverpool’s commercial district and was home to multiple banks and professional firms.
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However, the commercial district has shifted towards Old Hall Street and St Paul’s Square. A number of properties in Water Street have been converted to residential while Castle Street has become a thriving hub of bars and restaurants.
Tom Cunningham, director in the hotel capital market team at Savills Manchester, said: “This is a prime hotel opportunity for an incoming buyer with the opportunity to rebrand and add value.
“Tune is in a fantastic location, with Liverpool city centre currently undergoing a huge amount of regeneration. We expect there to be a lot of interest coming forward.”