Hotel and bar up for auction
PUBLISHED: 13:00 02 September 2012
TWO major Weston buildings - a hotel and one containing a town centre sports bar - will go under the auctioneer's hammer next month.
The Balmoral Hotel, on the corner of Clevedon Road and Walliscote Road, and the Schofield Building, currently home to the Green Baize Sports Club in North Street, will be available to bidders on September 14.
Property auctioneer Clive Emson says it expects interest from investors looking to ‘rejuvenate’ the hotel, while the pool and snooker business at the Schofield Building will make it an attractive proposition.
However, the firm also admits both sites may appeal to housing developers too.
The Balmoral, which closed in April, is being offered at a freehold guide price of £225-275,000, is located near to the seafront and boasts bar, dining facilities, function room, skittle alley and a manager’s flat.
Auctioneer Graham Barton, featured on the BBC1’s Homes Under The Hammer, said: “We expect interest in the Balmoral from those looking to rejuvenate the hotel and make it a thriving hub for visitors.
“Alternatively, bidders may be looking at a residential redevelopment, subject to all the necessary consents being obtainable.”
The Schofield Building freehold is being offered at £50-80,000. Within the building, the Green Baize club has a 15-year lease yielding £11,500-a-year income, and its ongoing business will be unaffected by the sale.
The auction brief says: “There have been many recent uses of the component parts to the property including office, retail, night club and gymnasium, with the first floor currently hosting the Green Baize Sports Club for snooker and pool enthusiasts.
“The property is likely to attract the attention of commercial investors, as well as owner-occupiers who would see the opportunity to utilise the majority of the building, while, if they wished, still deriving a not insubstantial income from the Green Baize Sports Club.
“Interest is also anticipated from the development community who might envisage the potential for the creation of a number of residential units, subject to all the necessary consents being obtainable.”