Grade Two former hotel comes to market

A Grade Two former hotel in Scarborough has been put on the market for £1.25m.

The Grade II listed building dates back to the 19th Century and currently features 31 self-catered apartments and four letting bedrooms. Space within the ground floor and basement is currently occupied by Mexican restaurant El Gringos and Ink Lounge Bar, generating a combined rental income of £40,000 per annum.

The former hotel space above the restaurant and bar is not trading and offers development opportunity, subject to the necessary planning consent. Located on Scarborough’s Esplanade, the property also offers extensive sea views across South Bay.

Real estate advisor Savills, on behalf of a private investor, has brought to market Villa Esplanade to market.

Tom Cunningham, hotels director at Savills, said: “This elegant former hotel offers an excellent investment or development opportunity in a highly desirable and prominent location. As such, we are anticipating strong market interest.”

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