Commercial mortgage news: Highways Hotel up for sale

01 February 2011

Written by Steve Olejnik

Commercial mortgage holders may be interested to know the asking price for property in Ireland and one hotel's sale could offer some insight.

Larne's Highways Hotel has been put on the market by KPMG, following the collapse of operators Sonah in October, according to the Belfast Telegraph.

The 36-bedroomed, three-storey property is on sale for £800,000, with most fixtures and fittings removed.

Sonah, which was controlled by Network Trading Group founder Adrian Nicholl, also owns buildings in Belfast, Danmurry, Culcavy, Lisburn and Portadown.

The hotel has a restaurant kitchen, two conference rooms, a bar and a 400-person function room and a spokesperson for commercial property agents Osborne King said it was in "good condition, requiring only some redecoration," the news provider stated.

Commercial mortgage holders in the UK may be worried about the forthcoming abandonment on business rate exemptions for properties with a rateable value of up to £18,000, with the threshold being lowered to £2,600 in April.

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