Business Commercial Property

Tuesday 23 September 2014

Derry's Tower hotel goes on the market for €4.7m

Peter Flanagan Commercial Property Editor

Published 19/06/2014 | 02:30

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The Tower Hotel in Derry has been put on the market for €4.7m. It is the only hotel sited within the city’s historic walls
The Tower Hotel in Derry has been put on the market for €4.7m. It is the only hotel sited within the city’s historic walls

ONE of the top hotels in the North has been put on the market with an asking price of nearly €4m.

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CBRE Hotels have been instructed to offer the Tower Hotel in Derry for sale.

The sale offers an "excellent" opportunity to acquire an extensive 93-bedroom hotel located within the historic Derry City walls, claim the agents.

Offers in excess of £3.75m (€4.7m) are being invited for the property.

The Tower Hotel is a purpose-built hotel dating from 2004. It is the only hotel located within the historic city walls.

Well positioned, the hotel has 93 bedrooms, a bar, restaurant, conference/banqueting room and basement car parking.

The hotel provides a number of dining opportunities with the Lyric Bar and Grill, Walls Bar and Restaurant and The Tyrconnell Suite.

The Tyrconnell Suite function room has a capacity for 400 people and can be accessed from the reception area as well as the bar.

It is understood to be popular for meetings, functions and weddings. The function room is self-contained with its own bar and dance floor area.

The Lyric Bar and Grill was refurbished in 2013 and is licensed for 250 patrons. The Walls Bar and Restaurant is the hotel's main restaurant and overlooks the city's walls and butcher gate.

TASTEFUL

The bedrooms are "tastefully" decorated throughout. Each ensuite bedroom includes a flat screen TV, direct dial telephone and tea and coffee making facilities.

There are 28 car parking spaces in the basement of the hotel, accessed from Magazine Street. Staff facilities and offices are also situated at basement level.

The property has planning in place for an additional 52 bedrooms which allows scope to increase revenue further.

Derry is the second largest city in Northern Ireland and the fourth-largest in Ireland. It is the main economic and cultural hub of this region and within easy access of the scenic areas of the Donegal, Derry and Antrim coastline.

The old walled city lies on the west bank of the River Foyle, which has two road bridges and one footbridge across the river.

Derry has a rich and varied cultural heritage, including the city walls, museums, galleries and theatres, as well as a huge musical and literary scene. It was named the 2013 UK City of Culture and during the year hosted a number of events which attracted visitors.

The city has a population of 107,877 and its centre is a popular entertainment district with shops, bars, restaurants, nightlife and attractions. The Tower Hotel is strategically located just off the diamond in the heart of the city centre.

This is one of a small number of hotels to have come to the market in the North in recent months, and so it will be a closely watched sale process.

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