The popular hotel near Duthie Park will be featured in an upcoming auction after failing to meet seller expectations.
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A well-known hotel near Duthie Park in Aberdeen, the Inn at the Park, is set to return to auction after failing to meet the owner’s price expectations. Initially believed to have been sold, the property received a highest bid of £502,000 during a live online auction.
However, the sellers were not satisfied with this offer, prompting the hotel to remain on the market.
Details of the auction and property features
Eight bidders participated in the auction for the 11-bedroom hotel located on Deemount Terrace. According to Future Property Auctions, the hotel is still available and will be featured in an upcoming auction scheduled for May 29.
A representative from the auction house stated, “I think the sellers are looking for a wee bit more. It’s just not met the price that they’re looking for, which is why it’s still available.”
A unique investment opportunity
Described as a “rare investment opportunity,” the Inn at the Park is marketed as an “amazing lifestyle business opportunity” for potential buyers. The hotel boasts a turnover of £1 million and includes a bar, lounge, restaurant, and a function room capable of accommodating up to 100 guests. Additionally, the property features a large rear beer garden and a smaller front garden, enhancing its appeal for social gatherings and events.
Historical context and previous sales
The Inn at the Park was last put up for sale in late 2016, when offers exceeding £550,000 were sought. At that time, the hotel faced challenges, including a decline in bookings attributed to the downturn in the oil and gas industry, leading to the appointment of administrators. Since then, the property has been repositioned in the market, highlighting its potential as a lucrative investment.
As the upcoming auction approaches, interest in the Inn at the Park is expected to grow, particularly among investors looking for a profitable venture in the hospitality sector. With its prime location near the picturesque Duthie Park, the hotel presents a compelling opportunity for those seeking to enter the hospitality market or expand their existing portfolio.
