Acting on behalf of retiring owner, Paul Chapman, Christie + Co has sold the freehold of Boringdon Hall Hotel, the historic Grade I-Listed Elizabethan Manor House, near Plymouth, Devon, to experienced hoteliers the Nettleton family, for an undisclosed sum, off an asking price of £2.25 million.
The imposing Manor House hotel is set within extensive gardens and grounds, covering some seven acres and has an established reputation as a popular wedding venue. The 41-bedroom hotel, which was extensively converted in the 1980s, includes spacious public areas with four banqueting suites, the 60-cover Gallery Restaurant, a residents’ bar and a 350-capacity marquee.
Located on the outskirts of Plymouth and close to Dartmoor National Park, the property also benefits from a gazebo courtyard, which is ideal for civil ceremonies, a health & beauty treatment suite and 200-space car park.
Under Paul Chapman’s ownership the hotel has established a reputation as a popular banqueting venue for weddings and corporate events, with the business averaging 80 functions per annum.
Christie + Co was instructed to market the hotel last September and following a dedicated and bespoke marketing campaign, a number of well funded purchasers were identified and multiple bids received. Heads of terms were then issued and the sale completed in less than 30 working days.
The new owners are the Nettleton family who are experienced hoteliers with two quality 4-Star hotels in Newquay on the North Cornish coast. Their intention is to build on the strong banqueting and function trade at the hotel but also look to create more of a “destination venue” with additional on-site facilities, including spa and beauty treatment, an area in which they already have experience.
Simon Harvey, Director at Christie + Co, commented: “We were delighted to achieve such a positive and speedy outcome for our client, and we wish James Nettleton and his family continued success for the future. The interest generated in this hotel and the speed at which a sale was agreed goes to show that quality opportunities when promoted correctly will still generate demand even in more challenging trading conditions.”
This is the second hotel of this nature that Christie + Co has sold in this area of Plymouth in the last six months, having completed the sale of St Elizabeth House Hotel in Plympton St Maurice, last summer. The sale of Boringdon Hall also follows the completion of The Novotel hotel at Marsh Mills which took place in November 2010.
