11/5/2018 | Hotel Mortgages

Chester pub bought and refurbished by experienced operator

Specialist commercial finance broker, Christie Finance has helped facilitate the refurbishment of a Commercial Hotel, situated in the city centre of Chester, Cheshire, sold to a local publican.

The hotel, which closed at the beginning of 2018, was leased with vacant possession on a free of tie basis and is ideally located on St Peter’s Courtyard in the heart of the city, among the main leisure and retail circuits. As a hub for Roman history, shopping, and architecture, plus the popular Chester Racecourse, the city draws a high volume of both domestic and international visitors.

Occupying a substantial double-fronted brick building, the property comprises a lounge, dining space and snug accommodating 120 covers on the ground floor, a first floor function suite for 80 additional covers, and four recently refurbished en suite guest bedrooms across the first and second floors.

Rory Lea, Chairman of Chester City Club Proprietors Ltd, which owns the freehold of the Commercial Hotel comments, “We are pleased that the City Club’s neighbours at The Victoria have taken the lease of The Commercial and are confident that Mark Farragher will revive this historic pub.”

New owner, Mark Farragher runs the popular pub The Victoria, also located in Chester, and is widely credited with turning around its fortunes since taking over the business in 2002. Mr Farragher comments, “"We at The Victoria are over the moon about taking over The Commercial Hotel, we have always had a good relationship with Chester City Club. Having use of the beautiful courtyard means we can utilise it to its full potential whilst keeping in with tradition and make it the social centre in the heart of Chester."

Christie Finance worked with Mark Farragher in sourcing a competitive unsecured loan to refurbish the property. Our unsecured finance solutions enable clients to obtain fast and flexible funding when time is of the essence. Shaun Watts, Finance Consultant at Christie Finance, worked with Mark on securing a refurbishment loan. He comments “It is great to be able to offer our clients competitive finance when looking to develop and grow their business. Acquiring an unsecured loan will enable Mark to refurbish and decorate the property to an excellent standard”.