Hostel for sale in Nottingham

This property is marketed by:
Colliers

Description:

The Igloo Hybrid Hostel in Nottingham is an independent and unique city accommodation option that blends the comfort of quirky hotel-style en-suite rooms with versatile private room quarters, pods, family and shared rooms, all set within a social environment with communal facilities and a garden.

Location:

Located in a prime position in Nottingham city centre, the premises are environmentally conscious with a strong “support small and local business and charities” ethos and is proud to provide a unique budget offering that is highly adaptable to suit the varying needs of its domestic and overseas guests, from large countrywide school groups, international educational teams, independent travellers, students, hybrid workers, business professionals as well as sports and culture seekers. As such, it has always been popular and continues to be an increasingly sought out place for visiting city guests to stay.

Property:

Situated at 4-6 Eldon Chambers, the property spans the ground, first, and second floors. In 2015, our client purchased No. 4-5 to relocate the Igloo brand from its previous location in the northern part of the city and converted it into a hostel. The business celebrated 30 years of strong trade last year.

It was first started in 1994 and later expanded into other vacant office buildings renovated by our client, doubling in size in both 2010 and 2013. This building was also derelict, originally built as a bank or jewellers, but most recently used as office space by a firm of solicitors. Due to the continued success of the business, in 2019 our client also acquired No.6 to expand the accommodation facilities.

The property is in excellent condition and does not require any immediate capital expenditure. The premises also has planning consent for an extension above no. 6 to add 2 further bedrooms with private bathrooms to the boutique Shed wing. The business has always had higher than average occupancy rates, with excellent repeat visitor numbers and regular weekly business professional guests.

Communal Areas:

The ground floor features a shared communal kitchen and dining area where residents can meet and relax. There is a cosy, bright lounge on the ground floor with comfortable seating and work areas which lead out to a charming enclosed, secluded garden situated at the rear.

Accommodation:

The property offers a range of both shared and private accommodation options, from dormitory style rooms and quirky Japanese inspired sleep boxes with communal bathrooms, to more private single, double and twin rooms with en-suite facilities. There are 23 units (and an additional staff bedroom on the ground floor) in total with a combined capacity of 68 (including sofa beds). All bedrooms and 16 bathrooms have been refurbished to a good standard and are complete with modern furnishings throughout.