A Reading hotel, currently operating under the Ibis Styles brand, has been brought to the market for £4.5m.
The purpose-built site is located on a 0.74-acre site in a prominent roadside position, and is being marketed on a current or potential use basis.
Ibis Styles Reading Oxford Road features 97 en-suite bedrooms, an open plan bar, lounge, restaurant and reception area, as well as 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.”
He added: “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, who is leading the sale, said the location benefits from a strong economy and good London connections, as well as the new Crossrail scheme scheduled to open in 2022.
Burke 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% 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.”