Investment in the Lake District hotel market is continuing briskly, with the second sale this month being completed by real estate advisor Colliers International this week.
Private investor Stephen O’Sullivan has acquired the art deco style Haweswater Hotel in a deal worth just over £1 million. Lying on the banks of the Haweswater lake, the destination is ideal for those seeking to appreciate the stunning scenery of the Lake District whilst still enjoying a high degree of luxury.
Mr O’Sullivan, from East Sussex, has already indicated that he will invest further into the property to create what he describes as the “perfect wilderness retreat.”
He continues; “The Haweswater has 100 square miles of nature reserve all to itself – I have stayed there a few times and found the location so tranquil and beautiful, it’s like an antidote to the modern world.
“When you combine that with the wonderful architecture and history of the building, it’s unique.
“The Haweswater will become a destination for people who appreciate the Lake District as nature intended, but still want luxury and fine dining after a day’s hiking or mountain biking.”
Built in 1937, the property became the replacement for The Old Dunn Bull in Mardale Village following the area’s flooding to create a reservoir to serve the growing population of Manchester. Previous owner Oliver Cavaliere purchased the hotel in 2007 and has since invested a great deal into improving and extending it as a means of increasing annual turnover, which currently averages £362,994.
At present, the Haweswater comprises of 21 en suite bedrooms, six of which were added during Mr Cavaliere’s ownership of the property. There is also a restaurant, lounge and bar although the new owner may choose to invest in other leisure offerings to bring the hotel’s amenities level with competitors in the surrounding area.
Associate director of the hotels agency at the North West office of Colliers International, Neil Thomson, has noted a considerable uptick in the number of investors keen to acquire classic properties of this kind in the Lake District.
He says; “We are starting to see the market for these unique, characterful hotels heat up with interest from lifestyle buyers and investors in the UK, USA, mainland Europe and Asia, drawn to this area of natural beauty and the strong investment potential of the properties.”
This latest deal follows hot on the heels of the recent sale of the Wordsworth Hotel and Spa in Grasmere in a deal worth almost £5 million which was also handled by Colliers.
Story: Kirsten Kennedy
Photo: Bigstock
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